Reply to: Contracting at Goldman Sachs?

[jmo21]

I've never worked in an IB and just cannot imagine having to work those kind of hours. I simply couldn't do it.

I love the fact that with contracting I can earn twice what I would as a permie (certainly in the area I live and give or take some time off between contracts) and work pretty much 9-5pm in every contract I've had.

Thrown in the fact I have to worry a lot less about office politics (there will always be some of course) and not having appraisals, it's a great way of working.

[gemasp]

Very interesting

I would like to know

1) How many staff have come and gone in those 6 months

2) How much of your time is spent actually programming versus bullcrap like meetings and planning

3) Is any of the work outsourced and do you have to spend time with a team in India

4) Do you expect to get renewed?

1. Not many gone. I have seen 3 guys gone (out of 36) from GS to a pursue a different career prospectives.
2. Personally I am doing something like 90/10 but that because of my contractor position here: they hired me to do the job. Permies do lots of interviews (phone and face to face), a bit more meetings. Interview for permies here is a tough: 15 interviews for candidates.
3. No. Not on projects I have been involved. No third part companies involved at all. Everything is done in GS locations: NYC, LDN, TKO, HKG.
4. Not sure.

[Jason]

What?

You are telling us you got paid 8K for a 48 hour stint?

Theres no way I believe that

Let me put it this way, the normal rate was £500 for a day, 7 hours. 48 hours straight in the office supporting the go live, is above and beyond. So even if you believe I was paid £1000 for the normal hours in that 48 hours. That still leaves 34 hours at premium rate.

Even if you only think I got double the rate for those extra hours that still adds up to £7285.

Want to think again?

[Jason]

What?

You are telling us you got paid 8K for a 48 hour stint?

Theres no way I believe that

You can believe what you like, it makes no difference to me.

[DeludedAussie]

Oh, last bank I worked for was Alliance and Leicester, before Santander took over. The last go-live cutover I did with them I got a cool 8k as I was expected to be there for 48 hours straight. Damn but when you are tired, those sofas in the break out rooms are comfy.

What?

You are telling us you got paid 8K for a 48 hour stint?

Theres no way I believe that

[nomadd]

In your contract it will state the working hours you are expected to do, 99% of the time this is between 35-40. Regardless of wether this is Golman Ballsacks or Daves Whizzy Websites, thats the hours you need to do and the hours you will get paid for. If you are asked to do more then you must ask to be paid for each hour you work extra.

+100

[Jason]

Oh, last bank I worked for was Alliance and Leicester, before Santander took over. The last go-live cutover I did with them I got a cool 8k as I was expected to be there for 48 hours straight. Damn but when you are tired, those sofas in the break out rooms are comfy.

[Jason]

When I contracted on a day rate (permy now, but only for a few weeks more). I defined what a day was (usually a maximum of 8 hours working). Anything above that was deemed, enhanced requirements, and needed additional payment at a premium rate. I looked at it this way. If you are a contract for 9 - 5 support and need to talk to the person outside of that time, you have to pay, and pay a lot.

I once got a 5k one of payment for answering the phone at 3am and after negotiation, spending 20 minutes dialed in and fixing the issue.

[DeludedAussie]

Well, I wouldn't say it is much stress for me. Certainly not for me. :-) I am here 9 to 6 and I didn't have any stress so far. Bear in mind I've been here only for 6 months and there are still 6 months to go.

Permies as I said are working longer hours. Not sure how much longer because obviously I leave at 6pm. One teammate said he usually does 10 hours.

My problem is that I am the ONLY contractor among like 50+ strong team. Which is a bit unusual for me. Other banks I worked for had plenty contractors working along with me.
Permies here are not very friendly to contractors and I have not made any good friends so far. So not sure if they are interested in anything outside of work. May be work is their only hobby and interest in life.
I have a family and interests outside of work so long working hours certainly not for me.

Btw it is 6pm and I am going home. To be continued...

Very interesting

I would like to know

1) How many staff have come and gone in those 6 months

2) How much of your time is spent actually programming versus bullcrap like meetings and planning

3) Is any of the work outsourced and do you have to spend time with a team in India

4) Do you expect to get renewed?

[gemasp]

If you've worked in other IB's, how would you say GS differs if at all? Is it really all work and no play? Is the environment constant stress and long hours?

The reason I ask (and probably a lot of others too), is that as word goes around it becomes Chinese whispers, thus the truth often gets exagerated. There's always someone doing mad 70+ hour weeks, but if you kept it up you'll burn out; Goldman or no Goldman a lot of staff would leave.

Do you find a high turnover of staff there? Or do people seem to enjoy it and stay for a few years? I know if you're at the top you'll stay due to the mega bonus and it's worth it but for the little guys - what is it like?

In terms of other banks, would you say from working there it's a cut above the rest or pretty much like all the others but with longer hours? Are the staff work obsessed or are they normal and have lives in the outside world?

Would be good to hear on your views...

Well, I wouldn't say it is much stress for me. Certainly not for me. :-) I am here 9 to 6 and I didn't have any stress so far. Bear in mind I've been here only for 6 months and there are still 6 months to go.

Permies as I said are working longer hours. Not sure how much longer because obviously I leave at 6pm. One teammate said he usually does 10 hours.

My problem is that I am the ONLY contractor among like 50+ strong team. Which is a bit unusual for me. Other banks I worked for had plenty contractors working along with me.
Permies here are not very friendly to contractors and I have not made any good friends so far. So not sure if they are interested in anything outside of work. May be work is their only hobby and interest in life.
I have a family and interests outside of work so long working hours certainly not for me.

Btw it is 6pm and I am going home. To be continued...

[russell]

In your contract it will state the working hours you are expected to do, 99% of the time this is between 35-40. Regardless of wether this is Golman Ballsacks or Daves Whizzy Websites, thats the hours you need to do and the hours you will get paid for. If you are asked to do more then you must ask to be paid for each hour you work extra.

[Anubis]

gemasp; good to know someone there right now.

If you've worked in other IB's, how would you say GS differs if at all? Is it really all work and no play? Is the environment constant stress and long hours?

The reason I ask (and probably a lot of others too), is that as word goes around it becomes Chinese whispers, thus the truth often gets exagerated. There's always someone doing mad 70+ hour weeks, but if you kept it up you'll burn out; Goldman or no Goldman a lot of staff would leave.

Do you find a high turnover of staff there? Or do people seem to enjoy it and stay for a few years? I know if you're at the top you'll stay due to the mega bonus and it's worth it but for the little guys - what is it like?

In terms of other banks, would you say from working there it's a cut above the rest or pretty much like all the others but with longer hours? Are the staff work obsessed or are they normal and have lives in the outside world?

Would be good to hear on your views...

[gemasp]

Currently at GS

I am on contract at the moment with GS. So can answer on your questions in a real time.

I am working 9 to 6 as I have agreed with my manager at very beginning of my contract. Most of permies doing 8:30-9 till 6:30-7-8-9pm, depending on projects, deadlines etc.

I have stayed a couple of times till 7:30 max. Worked a couple of times from home in the evening during releases for 1 hour max.

Canteen is very good. I have gained 5kg because of that. They have internal gym but it is not allowed for contractors.

Any questions welcome.

[BlasterBates]

As long as there are some decoys to take the flak. Always good to bring along some duff programmers with you.

[PropertyCrashUK]

My IB experience has been better than yours and still is.

In around 7:45-8, before everyone else, and out at 5-5:15, once again before everyone else.

Out for a couple of smoke breaks, lunch min 30 mins.

Let the permies whinge. They are all fighting to get up the ladder quicker than everyone else, so glad I'm not part of that game.

Have to say that I worked for one pr*ck manager in a IB bank in the City. He had serious communication & control freak issues and was a bully.

Worse, he surrounded himself with a couple of 'supporters' and he used to bully the Brits of Indian descent permie coders terribly.

That was 12 years ago.

I hope he had changed for the better.