Goldman’s Not-So-Golden Glow in the Summer of ’98
This article is for subscribers only.
Sept. 25 (Bloomberg) -- After it emerged this month thatGoldman Sachs was breaking with 25 years of tradition and nolonger extending two-year contracts to college-recruitedinvestment bankers, my mind was immediately transported to theheady summer of 1998.
On the bottom tip of Manhattan, where Goldman’s footprintsprawled across several buildings, I was one of hundreds ofnewly hired two-year analysts who roamed the concrete canyonswith company-issued ThinkPads and insignia satchels. We were thespawn of a booming stock-market and mergers-and-acquisitionsscene that stoked Goldman, then Wall Street’s last bigpartnership, to splurge on undergraduate hires.