So, Goldman Sachs is dismissing around 20 analysts in sales and trading in London and New York after discovering that they were cheating on internal tests. No one knows the names of those let go (yet), but after winning a place at Goldman, you can be sure they’re pretty peeved.
The revelation has prompted some fairly predictable responses:
But maybe it shouldn’t come as such a big surprise. After all, the dismissed Goldman analysts were reportedly just helping each other out with Goldman’s basic training and compliance tests. These can be very repetitive, and Goldman – like all banks – likes to hire people who are big on teamwork and efficiency.
More to the point, students at top schools in London say it’s standard practice for aspiring bankers at all firms to group together for trial runs of the numerical tests used by banks to screen out candidates.
“People will take tests under fake names with their friends to familiarize themselves with the format,” says one. The students who make it through the selection process at Goldman and elsewhere are therefore likely to be those who’ve pooled their knowledge to get through tests from the start. “I think banks accept that this goes on,” says the student. ” – Although they will usually retest you under controlled conditions during the assessment centre.”
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