| July 18, 2025 | businessinsider.com |
Michael M. Santiago / Getty Images
| Consider this: just 0.7% of the more than 300,000 people who applied for a summer internship at Goldman Sachs this year got accepted. That was a record low, and even tougher than getting into the Ivy League.Clearly, the competition is brutal. The interns who make it through the door are deemed to be extremely talented. And talent brings options. That’s why Wall Street’s most prestigious bank is finding new ways to keep its newest people around for as long as possible. BI’s Reed Alexander exclusively reported that on Thursday, summer interns got a memo announcing a new program that would selectively offer junior bankers the chance to work in Goldman’s asset management business at the end of their two-year analyst programs.The memo, obtained by BI, indicates that Goldman wants to offer some of its interns many pathways to long careers at the firm. |
Momo Takahashi for BI
| This initiative is significant for another key reason: Goldman needs to shield its rising stars from private equity firms that would scoop them up in a heartbeat.Goldman is joining other Wall Street banks in pushing back against PE’s aggressive recruiting tactics. As BI previously reported, PE’s “on-cycle” recruiting includes offers up to two years, with crazy-tight deadlines to accept or lose the offer.Goldman has reportedly asked interns to attest that they won’t accept future-dated offers. JPMorgan flat-out banned its underlings from accepting them, and CEO Jamie Dimon blasted “unethical” recruiting practices. The banks are collectively moving the needle toward what they may consider to be more measured recruiting tactics. Several large private equity firms have agreed not to poach incoming bankers until next year. For now, Goldman’s bet to keep its elite 0.7% from bolting? Create more — and clearer — paths to successful careers inside the firm. |
