Sept 13 Goldman Sachs Group Inc (GS.N) has ended
a two-year training program for recent college graduates after
running it for a quarter century as the U.S. investment bank
found it was not meeting its aim of retaining new talent.
Goldman's decision came after the New York bank fired a
handful of analysts over the past year for signing on to work at
other financial companies in violation of their contracts.
"We think the historic two-year program is no longer the
best approach for hiring and developing the careers of analysts
in our banking and investment management divisions," Goldman
Sachs spokesman David Wells told Reuters.
Wells said that making this change will allow Goldman "to
emphasize the longer-term career opportunities available at the
He added that Goldman will continue to provide the skills
and time needed to understand the company's businesses.
By doing away with the two-year program, Goldman will not
have to commit to keeping analysts and paying them for a set
period of time. That gives the firm flexibility to cut analysts
sooner if their work is not up to par, or if it has to cut
Likewise, analysts can leave to take another role at a
competitor whenever they choose if they decide Goldman is not
the right place for them.
Analysts who start work in 2013, will no longer be eligible
for the two-year program, Wells said.
The changes in Goldman's analyst program was first reported
by the Wall Street Journal.
(Reporting by Lauren Tara LaCapra in New York and Sakthi Prasad
in Bangalore; Editing by Muralikumar Anantharaman)
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