1. THIS WAS A MEMO FROM GOLDMAN SACHS:
For those who may be interested in working on Wall Street in an equity area, the
memo from Goldman gives a very good job description of the sales and
trading functions of a major Wall Street firm.
2. EQUITIES DIVISION
FULL~TIME ASSOCIATE POSITION
Goldman Sachs is a leading international investment banking and securities firm,
providing a full range of investing and financing services to corporations, governments,
institutions and individuals worldwide. Founded in 1869, Goldman Sachs among the
oldest and largest of the U.S. based investment banks. The firm is headquartered in New
York, and has 41 offices in 23 countries around the globe.
Goldman Sachs established its first Asian operation in 1974 with the opening of our
Tokyo office. Since then, our presence has grown to include ten offices in the Asia
Pacific region including Hong Kong, Singapore, Beijing, Seoul, Sydney and Taipei. The
expansion in the Asia Pacific region reflects our response to the growing needs of our
clients and their demand for a truly global presence.
For students with graduate degrees, the Equities Division of Goldman Sachs Asia offers
exciting opportunities to contribute to the firm's main link to financial institutions that
participate in the Asian equity markets. The Institutional Sales and Trading area is
divided into three primary functional areas: Research Sales, Sales Trading, and Trading
and span. a variety of individual products including international Shares, Derivatives and
Global Security Services.
Institutional Sales Overview
Institutional Salespeople sell the products of Goldman Sachs' Investment Research
Department to our institutional clients' analysts and portfolio managers. They are
responsible for maintaining close working relationships with these clients. They
recommend strategies regarding securities that are either owned by our clients or are of
particular investment interest to them.
The principal functions of the Institutional Salesperson include:
Selling the products of the firm's Investment Research Department to institutional clients
Keeping clients advised of changes in investment opinion or earnings estimates on
3. *Providing timely information on Goldman Sachs' recommended strategies, which are
based on the status of world economies, currency markets, asset allocations and industry
sectors ~ clients with a flow of new investment ideas
Marketing equity underwriting in conjunction with Equity Capital Markets
4. Serving as business agents for the firm's Research Analysts and economists, By marketing
the firm's Analysts and their work to clients, Research Salespeople help create a strong
Interpreting research data and ongoing market developments to provide insightful
investment information to clients
Responding to client requests for detailed earning models for specific stocks, new deal
prospectuses, and research reports.
Applicants interested in a career in Institutional Sales should have an interest in
investment analysis and be oriented towards working in a fast~paced, high~energy
environment. They should be adept at understanding the trends and factors driving
specific companies and industries and should be able to communicate complex concepts
in a concise and efficient manner. Strong interpersonal skills coupled with course work
in finance, accounting and economics provide a solid foundation for a career in
Institutional Sales. Demonstrated client management experience is an advantage.
Sales Trading professionals facilitate the execution of client orders by providing liquidity
through utilizing the firm's capital. and by providing order flow and trading expertise. The
Sales Trader is able to understand the client's portfolio strategies by staying up to date
with their portfolio strategies and stockholdings. Sales Traders seek to generate interest
and trading inquiries by supplying client traders and portfolio managers with relevant
information concerning markets, specific securities and the firm's trading activity and
Various responsibilities include
Providing information on broad market developments and stock~specific events
Staying abreast of client portfolio strategies and stockholdings and keeping clients
updated on relevant market information, trading activity, and investment opportunities
Creating new business and increasing account penetration by marketing the firm's trading
products including liquidity order flow and sophisticated trading strategies
Responding to customer-initiated inquiries
Representing the firm in sensitive trading negotiations, especially those involving capital
Engaging in cross~selling initiatives for a variety of equity products and portfolio
Coordinating the underwriting "book~building' and allocation process.
Applicants interested in a career in Sales Trading should be comfortable functioning in an
intensely fast~paced and high~energy environment and should be adept at understanding
and communicating information about the interaction of the world's financial markets.
Strong interpersonal and negotiation skills coupled with course work in economics,
accounting and finance are key elements for a career as a Sales Trader.
At Goldman Sachs Equities Traders operate at the center of transaction activity within the
Equities Division. They execute trades on an agency basis, take proprietary positions, and
6. provide liquidity to clients investing in the world's equity markets In certain
circumstances, Equities Traders take proprietary positions based on an understanding of
worldwide financial and economic trends as well as the mathematical probability of
Traders' responsibilities include
Understanding the mechanics of each cash and derivatives market in which they are
involved, including market-making practices, exchange rules, compliance, and liquidity
Monitoring price and volume trends for specific securities
Executing buy and sell orders
Bidding on, and offering blocks of, securities
Making markets in entire portfolios, sectors of portfolios or specific securities
Providing securities valuation expertise to other parts of the firm and to clients
Committing the firm’s capital to take advantage of inter-market spreads and other
Using creativity to meet clients' needs, investing the firm's capital, and helping structure
Traders should be highly motivated individuals with good market judgment, resilience,
analytical ability and communication skills The ability to make quick decisions and take
substantial risks white remaining focused under pressure is critical. Traders should be
able to understand the inter-relationships among global stock, bond and currency markets
In certain areas such as derivatives trading, strong quantitative skills are required.