Goldman Sachs
Summer Analyst - Finance Division
The Goldman Sachs Group is a bank holding company and a leading global investment banking, securities and investment management firm. Goldman Sachs provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
About the Finance Division
The Finance division is a critical area within Goldman Sachs, responsible for the firm's capital management and risk monitoring. By tracking and analyzing the capital flows of the firm, the Finance division is the principal adviser to senior management on essential areas such as controlling the firm's global risk exposure and the profitability and structure of the firm's various businesses. Because the Finance division has constant exposure to the full breadth of our business areas, it offers an exceptional opportunity to gain a broad and deep knowledge of Goldman Sachs as a whole.
The Goldman Sachs Finance divisional activities are organized into eight main areas:
The Bank Debt Portfolio Group (BDPG) is responsible for the ongoing management of non investment-grade loans arranged and/or agented by Goldman Sachs in several respects: (1) risk management, (2) relationship management, and (3) supporting sales and trading activities. In addition, the team leverages its loan product expertise and its relationships with portfolio companies to complement the firm's loan origination and execution efforts. BDPG's primary responsibilities include:
• Portfolio management and credit analysis
• Posting internal and external clients on borrower performance/developments
• Structuring and executing amendments, waivers and refinancing for portfolio credits
The Controllers group ensures that the firm meets the financial control and reporting obligations of a global, regulated, and public financial institution. Their main goals are to:
• Safeguard the assets of the firm
• Ensure the firm’s businesses are in compliance with the rules and regulations governing transactions in financial markets worldwide
• Measure the profitability of the firm’s increasingly complex products and services
Corporate Tax professionals work in offices around the world to ensure the firm's compliance with the tax laws of the countries in which it does business. Tax accountants need an extremely high level of expertise in each country's tax laws. Their chief responsibility is to:
• Advise the firm’s professionals on the tax implications of banking activities, including those related to new products and developments around the world
Corporate Treasury works closely with the CFO, Treasurer and other members of senior management to manage the firm's funding, liquidity, capital and relationships with creditors, rating agencies and regulators. Corporate Treasury has a global reach with teams in New York, London, Tokyo, Hong Kong and Beijing. Their primary functions include:
• Structuring and executing equity and debt offerings for Goldman Sachs
• Analyzing global liquidity risk and developing and implementing liquidity policies
• Determining the amount of equity capital the firm should hold on a consolidated and legal entity basis
Credit Risk Management and Advisory (CRMA) protects the firm's capital by analyzing the business and financial profile of all of the firm's counterparties in the financial markets in order to determine our risk appetite. We also act as a credit rating advisor, helping Investment Banking clients to anticipate the credit ratings impact of any transaction as well as assisting them in any aspect of their relationship with Rating Agencies. Key responsibilities are to:
• Conduct sector or regional based concentration analysis
• Coordinate with Risk Specialists and the Legal and Global Operations departments to manage the risk in a derivative transaction
• Structure a collateral arrangement to mitigate risk associated with a structured swaps trade
The Firmwide Strategy Group works with senior divisional management and the Executive Office to develop and execute the firm's long-term strategic plan. The group's primary activities include:
• Ongoing strategic assessment of existing business franchises and competitive positioning
• Development of new business opportunities
• Execution of acquisition, divestiture and joint venture transactions for the firm
Market Risk Management & Analysis (MRMA) measures, analyzes and controls the Market Risk of the Firm globally. Their chief responsibilities include:
• Playing a key role in the risk/reward decision making process of the Firmwide Risk Committee
• Measuring the losses that the Firm would experience under a variety of normal and extreme market conditions, across asset classes, for all our trading desks globally
• Verifying and approving pricing models and advise on the modeling of complex trades
The Operational Risk Department (ORD) focuses on the development and implementation of risk assessment frameworks designed to identify, measure, monitor, and manage risk exposures associated with systems, people, processes, and external events across the firm. The group’s primary activities include:
• Maintaining a close relationship and deep understanding of business/enterprise functions throughout the firm in order to identify business developments that could potentially impact its operational risk profile
• Interacting with other risk/control disciplines to share and evaluate information for a comprehensive assessment of the overall business environmental and internal control factors of the business lines;
• Performing operational risk due diligence on new products.
Examples of Responsibilities across the Finance Division
• Supporting other client service initiatives with portfolio companies, including advisory and financing assignments
• Participating in the scenario analysis process with senior business leaders in determining data elements to directly support a capital determination process
• Evaluating complex structured transactions and advising senior management on financial risks and other implications
• Participating in evaluating and introducing new products and business
• Analyzing financial data about the firm's key competitors
• Discuss the credit quality of the firm's counterparts with senior management and participate in or lead due diligence meetings with the firm's counterparts
• Evaluation/assessment of internal losses as well as trending analysis of industry peers
• Assess the credit and financial strength of the firm's trading counterparts to determine acceptable levels of credit exposure at the counterpart, sector and portfolio levels
• Provide in-depth analysis and judgments on the causes and effects of adverse credit events on the firm's counterparts
• Analyzing and directing the firm's share repurchase program and dividend policy
• Maintaining global relationships with creditors, rating agencies and regulators
• Participating in firmwide strategic projects, with a specific focus on financial analysis, capital and liquidity risk related issues
• Prepare internal and external financial information for the firm, including the annual report and press releases
• Responsible for analyzing and reporting of market risk, including monitoring adherence to limits
Location: New York, NY
Qualifications: Class of 2010. Minimum Cumulative GPA: 3.20
Information Session: Thursday, November 13, 2008, 5-8 pm EST at Boston University School of Management, 595 Commonwealth Avenue; Boston, MA
Deadline: Sunday, November 16, 2008
To apply: Candidates must submit their application via Goldman Sachs' website. Additionally, candidates should email their resume to the Summer Internship Program and indicate for which internship they are applying.
For more information, please visit http://www.gs.com/careers