Latest news with #DavidSolomon
Entrepreneur
15 hours ago
- Business
- Entrepreneur
Goldman Sachs Internship Acceptance Harder Than Harvard
Goldman Sachs' famed summer internship program began last week. The 10-week program allows college students to "spend the summer learning from the firm's leaders, working on the most consequential challenges in finance, and growing as professionals," according to the company. But you'll have an easier time getting accepted into Harvard University than becoming a Goldman Sachs summer intern. While Harvard boasted a low 3.6% acceptance rate for its undergraduate class of 2028, Goldman Sachs had an even lower acceptance rate for its 2025 summer internship: 0.7%. Related: Goldman Sachs Asks Some Managers to Move From Major Hubs Like New York City to Emerging Regions Like Dallas — Or Quit Over 360,000 global applicants applied for 2,600 seats in offices around the world, marking "the most competitive intern class" in the bank's history, the firm noted in a LinkedIn post. Over 500 schools were represented, with more than 85 languages spoken among the accepted batch. Since David Solomon took over as Goldman Sachs CEO in 2018, the number of applicants for the bank's coveted summer internship program has grown more than 300%, according to Fox Business. Compared to a year ago, the applicant pool has expanded by 15%. Goldman isn't the only bank with a less than 1% acceptance rate for its summer internship. JPMorgan reported receiving 493,000 applications last year for 4,000 seats, marking an acceptance rate of 0.8%. The interview process for Goldman internships involves two steps: First, a 30-minute video interview with HireVue, and second, a "superday" final round of interviews with two to five interviewers. Engineering candidates additionally have to pass an online skills assessment. According to Glassdoor, interns were asked questions like "Walk me through your resume," "Explain banking like you were five," and "Why Goldman Sachs?" Related: Goldman Sachs CIO Says Coders Should Take Philosophy Classes — Here's Why The application process for Goldman's intern program begins over a year in advance, in the spring of the previous year. Final round interviews are already underway for candidates for next year's internship class. Applicants have typically completed their junior year of college by the time the internship starts, making them sophomores at the time they apply. What's harder than landing an internship at JPMorgan or Goldman Sachs? Being a NASA astronaut, which only accepted 10 out of 12,000 applicants when it opened up selection in 2020, for an acceptance rate of 0.083%. Goldman Sachs stock was up over 20% year-to-date.
Reuters
4 days ago
- Business
- Reuters
Goldman CEO urges Europe to review 'overbearing' regulations in French opinion piece
June 24 (Reuters) - Goldman Sachs CEO David Solomon urged Europe to reconsider its "extensive" regulatory requirements through an opinion piece published in French newspaper Les Echos on Tuesday, as they place unnecessary burden on companies. "Europe remains an outlier in terms of the extensive – often overbearing, duplicative, and costly – obligations it places on firms," the chief of the world's second-largest investment bank wrote, as he plans to convene a board meeting in Paris this week. The region's financial system - often seen as a barrier to investment - has been criticized for its national-level regulations, overlapping reporting obligations and slow progress on capital markets and banking union reforms. Companies, analysts and investors have argued that the rules raise costs, complicate cross-border activity and put the bloc at a disadvantage to the U.S. and other major economies. Solomon said one of the EU's biggest challenges is that individual countries can veto reforms to protect narrow national interests, a dynamic that he argued has consistently weakened the bloc's economic, financial and geopolitical power. "Reducing or eliminating unwieldy and ineffective structures and processes will send a loud message that the EU is focused on efficiency, results and economic growth," Solomon said in his opinion piece, opens new tab. His comments come as initial public offerings in Europe trail the U.S. due to weaker valuations and patchy investor demand. "Member states need to play their part in building the pools of long-term capital needed to channel financing more forcefully into both public and private markets - where much of the economic activity in Europe is now happening," Solomon wrote. In the first quarter, Goldman earned the highest fees from advising clients on deals in Europe, the Middle East and Africa region, according to data from Dealogic. It was ranked second by revenue earned in the region's overall investment banking league tables. Goldman's London office, its largest in Europe, is the headquarters for its international operations.
Yahoo
4 days ago
- Business
- Yahoo
Goldman CEO urges Europe to review 'overbearing' regulations in French opinion piece
(Reuters) -Goldman Sachs CEO David Solomon urged Europe to reconsider its "extensive" regulatory requirements through an opinion piece published in French newspaper Les Echos on Tuesday, as they place unnecessary burden on companies. "Europe remains an outlier in terms of the extensive – often overbearing, duplicative, and costly – obligations it places on firms," the chief of the world's second-largest investment bank wrote, as he plans to convene a board meeting in Paris this week. The region's financial system - often seen as a barrier to investment - has been criticized for its national-level regulations, overlapping reporting obligations and slow progress on capital markets and banking union reforms. Companies, analysts and investors have argued that the rules raise costs, complicate cross-border activity and put the bloc at a disadvantage to the U.S. and other major economies. Solomon said one of the EU's biggest challenges is that individual countries can veto reforms to protect narrow national interests, a dynamic that he argued has consistently weakened the bloc's economic, financial and geopolitical power. "Reducing or eliminating unwieldy and ineffective structures and processes will send a loud message that the EU is focused on efficiency, results and economic growth," Solomon said in his opinion piece. His comments come as initial public offerings in Europe trail the U.S. due to weaker valuations and patchy investor demand. "Member states need to play their part in building the pools of long-term capital needed to channel financing more forcefully into both public and private markets - where much of the economic activity in Europe is now happening," Solomon wrote. In the first quarter, Goldman earned the highest fees from advising clients on deals in Europe, the Middle East and Africa region, according to data from Dealogic. It was ranked second by revenue earned in the region's overall investment banking league tables. Goldman's London office, its largest in Europe, is the headquarters for its international operations. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
15-06-2025
- Business
- The Guardian
‘Stay below the radar': corporate America goes quiet after Trump's return
From vast protests and all-caps social media posts to acrimonious legislative hearings and pugnacious White House statements, Washington has perhaps never been noisier. But since Donald Trump's return to office, one corner of civil society has been almost eerily quiet. Those leading corporate America rapidly turned down the volume after the president's re-election. Gone are the days of political and social interventions, highly publicized diversity initiatives and donations to important causes. For months, some of the most powerful firms in the world have nervously navigated a dangerous US political landscape, desperate to avoid the wrath of an administration as volatile as it is vocal. 'CEOs like two things. They like consistency and predictability,' said Bill George, former chairman and CEO of Medtronic and serial board director. 'They like to know where things are going. No one can figure out where this administration's really going, because everything is transactional.' 'Stay below the radar screen,' George has been advising senior executives across the US. 'Do not get in a fight with this president.' Industry leaders from David Solomon of Goldman Sachs to Dara Khosrowshahi of Uber extoled the benefits of 'Trump accounts' for babies this week. It was the latest example of knee-flexing that began on the patio of Mar-a-Lago in the aftermath of Trump's victory last November. The genuflections have been backed by big money, with millions of dollars thrown into the president's inaugural fund by companies and executives. That started to look like chump change before long. Amazon reportedly paid $40m for a documentary about Melania Trump. Apple announced plans to invest $500bn in the US. But those moves do not appear to have bought much favor. The White House accused Amazon of being 'hostile and political' following a report (upon which the company later poured cold water) that it would start disclosing the impact of Trump's tariffs on prices. And the president threatened Apple with vast tariffs. No CEO seemed closer to Trump than Elon Musk, the billionaire industrialist behind Tesla and SpaceX, who gave almost $300m to Republican campaigns last year, and worked in the administration for months. Their explosive fallout, days after Musk's exit, prompted the president to threaten the cancellation of federal contracts and tax subsidies for Musk's companies. The pair's rupture underlined why many executives are struggling to trust the president, according to Paul Argenti, professor of corporate communication at the Tuck School of Business at Dartmouth. 'The mercurial nature of this guy kind of just seeps in, and people start to realize they're dealing with something that's a bit more difficult.' His advice? 'Proceed with extreme caution.' 'Loyalty only goes one way with Trump,' said Dan Schwerin, co-founder of Evergreen Strategy Group, and former speechwriter for Hillary Clinton, who has previously worked with firms including Levi Strauss and Patagonia. 'This is like doing business with the mafia: you're not going to win, and you're not going to be safe.' The standard playbook is clear: 'You make a big splashy announcement: the details don't matter, you don't have to follow through, but you placate the White House,' said Schwerin. 'That maybe buys you a little time and a little goodwill. 'But history suggests that Trump will do whatever is best for Trump, and he will turn on you in an instant, if it's better for him. And that is true for his friends, so it will certainly be true for a company that he has no loyalty to.' Extreme caution has become the name of the game – anything to avoid your company getting drawn into the crosshairs of this administration. But companies can't just focus on the president: they have shareholders, customers and employees to answer to. 'You can't base everything on getting through the next four years,' said George. 'Yeah, it's going to be chaotic. Yes, it's going to be challenging. But you better hold firm to your purpose and your values.' He pointed to retailer Target, where he served on the board for 12 years. 'They were very, very big on differentiating themselves from Walmart, using diversity as the criteria – and particularly being, they called themselves, the most gay-friendly company in town. 'And then [Target CEO] Brian Cornell, six days after the inauguration, abandoned all that,' said George. The chain faced a backlash – and boycotts – for abruptly announcing the rollback of diversity, equity and inclusion (DEI) initiatives. Breaking his silence in an email to employees three months later, Cornell claimed: 'We are still the Target you know and believe in.' Contrast this with Costco, another retailer, which in January faced a shareholder proposal against DEI efforts from a conservative thinktank. The firm's board robustly defended its 'commitment to an enterprise rooted in respect and inclusion' before the proposal was put to its investors for a vote. 'They got a 98% vote to stay the course, to stay true to what they were,' said George. 'And their customer base is very conservative. This is not like they have some liberal customer base.' Argenti believes the period of strategic silence by many companies, and knee-flexing to the White House, might be coming to a close following Musk's messy exit. 'We're at an inflection point,' he said. 'There's going to period where people realize you're damned if you do and damned if you don't.' CEOs of companies counting the cost of Trump's policies are 'not going to suffer in silence', he said. 'You can't win. It's not like you can be secure in knowing if you follow this strategy, he'll leave you alone.' 'We are starting to see the pendulum swing back,' according to Schwerin, who claimed the administration's erratic execution of tariffs had 'opened some people's eyes' that its policies were bad for business. 'I think it's crucial that we start to see a little more pushback. Better to have a backbone than to just bend the knee.' On controversial issues at the heart of political discourse, however, George does not expect much of a shift from CEOs. 'It is radio silence, and I think you'll see that continuing. There's not much to be gained from speaking out today.' 'Stick to your lane,' he has been counseling executives. 'If you're a banker, you can talk about the economy. If you're an oil expert ... talk to the energy industry. But you can't speak ex-cathedra to everyone else.' 'Only a handful' of business figures are deemed able to stand up and make bold public statements on any issue, according to George, who points to Jamie Dimon, the veteran JPMorgan Chase boss, and Warren Buffett, the longtime head of Berkshire Hathaway. 'There are certain people who are really hard to take on. Jamie's one,' he said. 'If you were president of the United States, would you take on Warren Buffett?'
Economic Times
10-06-2025
- Business
- Economic Times
$1,000 for every baby? Trump rallies Dell, Uber & others to offer bonus — but only if his Beautiful Bill passes
Synopsis President Trump is advocating for his "One Big Beautiful Bill," proposing $1,000 investment accounts for newborns during his potential second term. Supported by executives from Dell, Uber, and Goldman Sachs, these "Trump accounts" aim to boost financial literacy and encourage larger families. If Congress passes his new "One Big Beautiful Bill", President Trump wants to give families $1,000 for every baby born during his second term. ADVERTISEMENT Executives from three of America's largest and most well-known corporations are supporting President Trump's plan to establish investment accounts for children born during his second term as a means of persuading Congress to approve his contentious One Big Beautiful Bill Act. Dell, Uber, and Goldman Sachs are just a few of the big companies that would be prepared to make contributions to accounts set up for their employees' children. Alongside Trump, Goldman Sachs CEO David Solomon, Uber CEO Dara Khosrowshahi, and Dell Computer founder Michael Dell attended an event at the White House on Monday to advocate for what the bill refers to as "Trump accounts" as a means of fostering financial literacy and enticing Americans to have more children, as quoted in a report by The Independent.A $1,000 one-time donation from the federal government would open the "Trump accounts", which would be tax-deferred. Money put into the accounts would be invested to follow the stock market as a whole and be available when the kids turn whole point of it seems to raise the number of births, the level of financial literacy, and the amount of support for families. Critics say it leaves some people out, while supporters say it gives families more power. ADVERTISEMENT Donald Trump called the business leaders "the greatest business minds we have today" and praised them for their involvement in the went on to say that this is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation, and they, especially if they get a little bit lucky with some of the numbers and the economies into the future, will really be getting a big jump on life, as per a report by The Independent. ADVERTISEMENT Besides GOP Representative Blake Moore of Utah and House Speaker Mike Johnson, who praised the proposed policy as "a bold, transformative policy that gives every eligible American child a financial head start from day one", the president credited Dell, a long-time Republican donor, with introducing him to the idea of a "Trump account". Republicans' plan, however, is based on one that has been used in states like California, Connecticut, and the District of Columbia, which have all introduced "baby bonds" that invest money for newborns that can be used for education and other purposes when they grow up. ADVERTISEMENT ALSO READ: LA protest 2025: Who's fueling the unrest, what they want, and why it matters right now The One Big Beautiful Bill, a proposal from the Trump administration, would prohibit the creation of accounts for children of certain immigrant categories by requiring at least one parent to provide a Social Security number with work authorisations. ADVERTISEMENT The "Trump account" program would be accessible to families of all income levels, in contrast to the District of Columbia's program and others like it that aim to alleviate poverty by focussing on underprivileged does the $1,000 baby bonus entail?If Trump's bill passes, each baby born during his second term will receive a $1,000 investment account. 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