Goldman to Hire 200 in Asset Management Unit

buy now or be priced out forever!

buddha, you took the words right out of my mouth!

This weekend I actually met a 2009 college grad who landed a job at a bank in the city this summer. Now while its only one person, using SteveF's logic its a sure sign that prices are headed back to above peak.

theyre always hiring in asset management...as are all bulge shops...these are retail brokers and more than half will be gone after a year or two...

why steve thinks this will help with his underwater property is confusing...tho he has a clear history of desperate news/cherry-picking to support the buy or be priced out state of mind

The problem is they are firing about 5 times as many M and A guys.

Two big M&A deals announced this morning by Xerox and Abbott Labs.

By Lynn Thomasson
Sept. 28 (Bloomberg) -- U.S. stocks rose, snapping a three-
day losing streak, as takeovers in the drug and technology
industries added to evidence that mergers and acquisitions are
rebounding from the slowest pace in six years.
Affiliated Computer Services Inc. jumped 16 percent after
Xerox Corp. made its biggest purchase by agreeing to buy the
company for $6.4 billion. Abbott Laboratories advanced 4.2
percent on plans to purchase Solvay SA’s pharmaceutical unit
and gain control of the TriCor cholesterol drug.
“We’ve seen a pickup in acquisitions and it’s a very big
plus,” said Hugh Johnson, who manages more than $1.6 billion as
chairman of Albany, New York-based Johnson Illington. “It’s
always good news when you see money come into the market.”

Goldman Sachs employees = future treaury secretaries

if each of those 200 kids buy a condo each, will barely make a dent in the rising inventory, steveF the ponzi guy

Are you kidding? The next will be an M&A goldmine. Big companies will be buying the small guys and mid size companies left and right as there are many deals out there. M&A units on wall street and at law firms will go gang busters

For Goldman the AIG & Lehman is a distant memory. And now they have access to low cost financing.

This is just the beginning.
There's going to be a mad scramble to hire talent in NYC in late 09 to early 2010.

the hiring effort has already began. Most companies aer trying to get the best talent at a 20-30% discount off previous earnings, however this will last only a few weeks until things heat up then we are back to clsoe to peak pay scales.

If we dont have another major stock market collapse this year (which I think should happen), then expect 2010 to be off to the races. Not sure for how long but 2010 could be a big year.

I think it just means that the funeral industry is expanding, it doesn't mean that the plague has ended.

These asset managers are probably people coming in to manage distressed assets that GS either already owns or will own shortly.

Goldman is taking full advantage of weakened competitors. They know the Fed has made saving a zero return proposition. And with financial reform all but killed, they'll make a ton of money..that is until the chickens really come home to roost. Does Goldmna still have that SEC VAR exception?

If last year was like the Panic of 1907, how long before the real crash?

I'm very disappointed to hear about this hiring binge ... it means I've already missed the opportunity to buy into the prime Manhattan residential real estate market.

That makes me sad.

:(

There are 400,000 people out of work in NYC and you guys want to talk about 200 people finding jobs. Get real.

i've probably missed out on my opportunity to buy in prime LIC.

jazzman - new media and avertising are picking up on hiring as well. other industries are starting to shake off the cob webs. Now a lot of companies have some bravo believing they jsut survived the worst in generations, they are all considering hiring again.

Once 100,000 have found work and we "ONLY" have 300,000 people looking for work then I'll start to listen. Until then you're just kidding yourselves.

Unemployment is traditionally a lagging indicator of economic recovery.

Prime LIC.

Clarence are you arguing that the levels of unemployment today aren't a good indicator of the state of our economy? If so, why.

Personally I feel employment is one of the best indicators of our economic state right now. The government is printing money like crazy; it has to end up somewhere. Personally I feel people are using it to buy US equities and the run up in the DOW is a function of more money in the system and not a sign that US companies are performing better. Sure their net income may be up, but that's a result of reduced costs (ie employee/labor expense is down) and not a result of increased sales and company growth.

Bloomberg News says that Americans are hoarding $3.5 trillion in cash, "giving money managers increasing confidence that the stock market rally under President Barack Obama will continue through the end of the year." One investor said, "There’s an enormous stockpile of liquidity on the sidelines. The reinvestment of cash could help fuel the market." And there's even smack-talking about some cautious investors, with one sniffing, "Many of the fund managers I talk to that have missed this rally or underplayed this rally are sitting with way too much cash."

Because of the crazy in-flux of new wealth that is resulting from all these new jobs, I think the best money is on the up-and-coming "fringe" neighborhoods just outside of prime LIC.

You mean like Roosevelt Island?

pertrzitz, I thought you hated bankers?

Bloomberg News says that Americans are hoarding $3.5 trillion in cash, "giving money managers increasing confidence that the stock market rally under President Barack Obama will continue through the end of the year." One investor said, "There’s an enormous stockpile of liquidity on the sidelines. The reinvestment of cash could help fuel the market." And there's even smack-talking about some cautious investors, with one sniffing, "Many of the fund managers I talk to that have missed this rally or underplayed this rally are sitting with way too much cash."

Probably why Marc Faber is short term bullish and long term bearish. He thinks the market will rally before self-destructing.

Unemployment will continue to rise until early next year and will peak at just over 10 percent -- and by that time recovery will be well underway.

Clarence... did you did you not comment on the pubic hair on the coke can? and what the hell are you smoking? I'd running out...... I needz the weeds...

Hey, Alan hope your are feeling better. Yeh missed the boat AGAIN... DAMN these bubbles..... I just need to time it just SO.... well I guess i need to hibernate for another 10 yrs.... c u guys when the next bubble pops.

this one won't take 10 years, w67th. who knew a bubble could have so many layers?

definitely the best time to get in the markets, when they've been lurching ahead drunkenly. when was the last time we saw an ascent this brisk?

I did comment on the Clarence Thomas confirmation hearings. You must have missed it.

Oh my bad. They are hiring 'ass' managers. That makes more sense, shuffling titles around and such. They pay like $15hrs, gonna do wonders for NYC re. One other thing this ain't like you father's recession, bc of the structural nature ( too many asses in re and over consumption based on re bubble) of this 'correction' the unemployed asses will be a coincident if not a leading indicator.

Clarence wasn't the equity mkt a leading indicator? How'd that work out for everyone in 3/08? Shouldn't it have seen the shitstorm in the horizon 6 months later. Like I said this ain't your father's oldsmobile

Housing prices are stabilizing in many markets after more than 24 months of consecutive declines and new construction numbers are also bottoming out. US GDP will show increases for Q3 and Q4 of this year compared with 2008. It takes a long time before companies begin to rehire and make significant capital expenditures, especially with consumer spending (70 percent of pre-crash US economy) not expected to gain steam any time soon. As for NYC real estate, who can predict, except to say that prices for Manhattan properties in good bldgs and reasonably sought-after neighborhoods are already starting to show some signs of flattening out -- interest rates and cost of capital remain low, NYC financial institutions will pay bonuses this year and this will help the local economy to slowly regain footing.

Note Structural aspect of this greatest of all bubbles. As to NYC re, 80% of 2005 to 2008 purchases were 'it only goes up' mentality and bigger penis buys. We are at 2004 pricing, momentary pause to 2001 to 2003 prices. Good luck w/ your macro economics books from 1980's. The textbooks regarding this one is yet to be written much less played out. ( hello aboutready ; ) )

did you also read how GS is going to be paying out a record amount of restricted stock as a percentage of total comp? ur gonna see alot of that across the street this year

http://money.cnn.com/2009/09/28/news/companies/wall_street_bonuses/index.htm

funny reading all this stuff. who are all these haters and where do they find the time. my two cents as a first time poster...

my bonus will be up ~80% this year, that gets me back to 2007 comp level - which was absurdly generous. fear of talent jumping ship and response to Congressional rhetoric will push my base salary up another $100k next year, but my 2010 bonus will be down by a similar amount all things being equal, all the while my % of stock pay-out will go down. i've hired two more people this year, although i did have to let go of one in the fall. the most senior of my reports is closing on his first apartment next month.

Conclusion? More cash at year end than i've ever received, bigger regular paychecks starting in the new year, less stock, and the stock i was given last year has more than doubled. all the real estate bears better get in their shots now, because year-end WSJ and NYT headlines that read "S&P Finishes 2009 up 20%" and "Wall St. Bonuses Surpass Record Levels" will do nothing but emobolden sellers to firm prices even further.

I don't own in NYC, likely never will even though I live here (value liquidity over all else), but those who didn't buy on the dip and really want to own are just going to choke on their own bile if they continue to believe the unsupportable proclimations like "Prices have another 30% to go" all the while comparing price psf on a nominal basis (read: unadjusted for inflation) with 1990 prices. Stock market is up 60% off it's lows. Disaster struck and we have largely recovered. Move on with your lives.

Yeah, the morons just don't read past the first line.

The second line says "M&A is down 40% this year". There might be some strategic buyers, but private equity is absolutely being DESTROYED by tight credit still.... per bloomberg radio this am.

tjc---what fab business do your "reports" work in?
what firm? your anecdotal presentation seems inconsistent what what i see all around me and what i read of elsewhere

tjc - it was only mildly funny until I read your post.

is tjc the lehman guy from last year? He swore business was up, too.
;-)

> jazzman - new media and avertising are picking up on hiring as well

So, we'll make that 2 industries perfitz knows nothing about and is still talking...

Then again, its the same accuracy rate as his RE predictions. At least he's consistent in his complete inaccuracy.

"Another report showed that employers in the private sector cut 254,000 jobs from their payrolls in September.... Economists expected 200,000 job cuts."

We'll do the math slow for SteveF, but thats one thousand (a 1 with three zeros) the number Steve noted...

this is a joke, right?
they fire this many people every day!

almost forgot:

steveF = idiot

you're preaching to the choir...

;-)