Despite Negative Press, Goldman Sachs Tops New Ranking System As Best Banking Firm To Work For
New York, NY, (September 9, 2010) Vault.com, the source of ratings, rankings and insight for the banking industry, unveiled a new ranking – The Vault Banking 50 – that looks beyond prestige to determine the best banking firms to work for. In this inaugural year for the Vault Banking 50, Goldman Sachs took the top spot, followed by The Blackstone Group and J.P. Morgan Investment Bank.
As part of Vault’s annual Banking Survey, conducted this past April through June, over 1,300 banking professional of all levels were asked to assess their peer banking firms on a scale of 1 to 10 based on prestige (they were unable to rate their own firm, and were asked to rate only firms with which they were familiar). They were also asked to rank their own firm in various quality of life categories. A weighted formula was applied to the data culled from these ratings to determine the Vault Banking 50 for 2011.
“We asked banking professionals what matters most to them when choosing an employer. They told us – overwhelmingly - that firm culture is the most important determining factor,” noted Derek Loosvelt, Vault finance editor. “In fact, 38.6 percent of all banking professionals we surveyed told us that ‘firm culture’ was most important, while only 15.7 percent cited ‘prestige’ as most important. Vault took this feedback into consideration when creating the new ranking.”
The Top 10 firms based on Vault’s Annual Banking Survey are:
1. Goldman Sachs
2. The Blackstone Group
3. J. P. Morgan Investment Bank
4. Credit Suisse
5. Houlihan Lokey
6. Moelis & Company
7. UBS Investment Bank
8. Centerview Partners
9. Jefferies & Company
10. William Blair & Company
“Despite all the negative press Goldman Sachs received during the past year, including a highly-publicized SEC lawsuit, Goldman remains the most highly sought after banking firm, according to professionals in the industry,” added Mr. Loosvelt. “Employees at the firm also noted that, the media attacks aside, Goldman is still a great place to work, and that's reflected in its No. 1 ranking.”
According to banking professionals outside Goldman, the firm is still the “gold standard of banking,” and “a profit making machine,” which “makes the most money” and “brings in the best deals.” Some bankers go as far as to say the Goldman is the “only brand the matters anymore.”
Inside the firm, one employee spoke highly of his overall satisfaction for Goldman Sachs, saying, “Having come up through the ranks, from a junior trader to now an experienced one in fixed income products, I must say that I've been very pleased with the level of training, support and guidance that I've received over the years from the firm.”
Goldman Sachs did not run away with the top spot. Coming in at a close second was Blackstone, considered “lords of the universe,” by peers. In fact, Blackstone beat Goldman Sachs in overall satisfaction, compensation and business outlook. According to one Blackstone employee, the firm has experienced “excellent deal flow even during the recession. It has an unrivaled track record in terms of exit opportunities, and tends to be very supportive of personal issues. Given its small size, you form a strong camaraderie with your peers and superiors. Compensation is also top-notch.”
J.P. Morgan, considered by many to be the big winner of the credit crisis, also fared well, coming in at No. 3. Run by “the best CEO in the business,” according to survey respondents, J.P. Morgan beat Goldman in formal training and topped both Goldman and Blackstone when it came to firm culture. According to one insider, “J.P. Morgan is a fantastic place to work. Internal culture is extremely collegial and respectful. Incredibly smart and driven people truly focused on what is best for the client.”
“Blackstone still has a way to go to catch up to the larger and more experienced Goldman Sachs in terms of prestige, but insiders at Blackstone seem to enjoy an equally satisfying experience as their counterparts at No. 1 Goldman,” continued Mr. Loosvelt. “Much like Blackstone, J.P. Morgan is still a notch or two below Goldman in terms of prestige, but the firm has made the right moves internally, creating a teamwork-oriented, satisfied bunch of bankers, while managing to keep its burgeoning brand name away from negative headlines.”
The Banking 50 kicks off the roll-out of Vault’s finance rankings. Next week, Vault will release its 2011 Banking Prestige and Quality of Life Rankings.
View the entire Vault Banking 50 Rankings for 2011.
Vault.com is the source of employer and university rankings, ratings and insight for highly credentialed, in-demand candidates. Vault.com is organized by profession, industry, company and schools. Vault profiles, rankings and assessment tools deliver the insider perspective and career research candidates need to successfully match themselves to the best available job, employer and career opportunity. The Vault.com website features profiles on more than 4,500 employers, 4,000 universities and hundreds of industries and professions including the law, finance, accounting and consulting sectors. Founded in 1996, Vault.com is the only career resource of its kind and attracts more than 1000 employer and recruiter advertisers, more than 1200 school and institutional subscribers and millions of individual visitors and members.