先说说国内的投行，优点很突出：[1]实践中，业务熟练，关系网密布，有“关系型”优势；[2]熟知政策/及变更方向，常常能够紧抓“新政前”时间差机遇，获得较高的制度“溢价”。不足也较为明显：[1]“制度红利”挖掘和利用较为充分和彻底，业务运行的制度型风险，以及业务受到宏观经济周期影响比较大；[2]总体上，无论是证券投资型还是股权投资型业务，多依靠估值技术和投机技术获利；风险较大；等等。

再说说对国际投行的浅薄认识：[1]个体方面，早期从美加日港等地进入中华市场的各类背景华人投资家/投资经理的“舶来型”个人风格十分突出，而且个人道德和个人信用的评价，见仁见智，多有负面评价；总体上，信用度不高，但职业薪酬水平偏高。后期，“舶来型”高端经理人与本土人才逐渐融合，不分轩轾；业务效率及综合水平评价，除风险管理等核心业务外，与国内/本土投行差距不大。[2]国际投行在大中华地区的业务框架，与其总部高度相关，多呈现“镜像”状态。由于我国金融市场及制度改革相对滞后，高端/最顶级/金融管理人力资源相对稀缺，“镜像”业务框架及职业评价系统，往往与国内金融机构高度接近。金融市场的规模收益倾向及效率渐趋平滑。[3]相应地，限制于业务特点和市场阶段性，核心人力资源和业务资源相对饱和。总体上，如金融市场相关改革如不深化，很难确保其活跃性和效率。

Goldman Sachs provides a wide range of financial services 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 all major financial centers around the world.

INVESTMENT BANKING

Goldman Sachs provides a broad range of investment banking services to a diverse group of corporations, financial institutions,investment funds and governments. Services include advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, risk management, restructurings and spin-offs, and debt and equity under writing of public offerings and private placements, as well as derivative transactions directly related to these activities.

INVESTING & LENDING

Goldman Sachs invests in and originate loans to provide financing to clients. These investments and loans are typically longer-term in nature. The company make investments, directly and indirectly through funds that we manage, in debt securities, loans, public and private equity securities, real estate, consolidated investment entities and power generation facilities.

INSTITUTIONAL CLIENT SERVICES

Goldman Sachs facilitates client transactions and makes markets in fixed income, equity, currency and commodity products, primarily with institutional clients such as corporates, financial institutions, investment funds and governments. The company also makes markets and clears client transactions on major stock, options and futures exchanges worldwide and provides financing, securities lending and prime brokerage services to institutional clients

INVESTMENT MANAGEMENT

Goldman Sachs provides investment management services and offer investment products (primarily through separately managed accounts and commingled vehicles, such as mutual funds and private investment funds) across all major asset classes to a diverse set of institutional and individual clients. The company also offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families.

Locations:
71 South Wacker Drive Suite 500
Chicago, IL, 60606
United States
Phone: 1-312-655-4600
555 California Street 45th Floor
San Francisco, CA, 94104
United States
Phone: 1-415-393-7500
Headquarters
200 West Street
New York, NY, 10282
United States
Phone: 1-212-902-1000

For anyone who wants to be an intern at GS, i can testify the following is indeed true.

15 things I wish I knew as a first year banking analyst
1) Your performance from day 1 matters. So, prepare as much as you can beforehand. Ask (politely) if your future colleagues can send you some pitches/other helpful materials and start working on your excel, formatting, attention to detail. Keep your Outlook box tidy and have a folder for every single deal - learn to back up your email box. Have a good system for knowing where each file is. Always carry a notebook and your HP12C, and learn to use that little calculator really really well. That thing can run a full DCF in seconds if you know what you are doing. Especially if you work in debt, know how to use the financial functions (I, PMT, PV, FV, n).

2) For your first 3 months you will be a burden - just try to be a small burden. Don't spin your wheels, ever - Associates hate when their analyst is sitting there fumbling and stymied. Don't ask questions that you haven't at least tried to think through yourself - but once you've thought them through, don't be afraid to ask. Write down everything so you remember what you learned and don't have to ask again.

Get close with a good Associate/Sr. Analyst - tell them you just really want to do well and look to them for areas to improve BEFORE your midyear/full year reviews. Your first midyear review will likely be pretty pointless, unless you've done something really bad, but keep the year-end review in mind and realize people's memories are much shorter than you think, so a good 3 months leading into the review can make up for quite a bit of mediocre performance. Bankers love to see when people have really "stepped it up" - it validates that their criticism did something and that you aren't afraid to improve and take advice well.

3) If you want to someday go to the buyside, think of that from day 1 as well. Start talking now with people who are where you want to be in 2-5 years time. Figure out where past analysts have gone and how. You can jump after 1 year, 2 yrs, or later - but realize it might get tougher later on. You will need to teach yourself how to model quick and dirty - prepping for HF/PE buyside interviews is serious, serious business. I could write a whole article just on that process.

4) Be thinking about whether you want to go to grad school, and where, and what experiences will help that cause. Keep detailed records of the things you do - because you're about to do so many things, that you will inevitably forget some of the best ones. 2 yrs at a non-incredibly-amazing firm is not likely to get you into HSW, even with a good GMAT - a better track is to target 4-6 years of work experience and have a non-banking role in between - PE, work for a startup, go do microfinance in Tunisia, whatever you like really - just something to distinguish you from all the other bankers - HSW will have plenty of BB IBD kids from target schools to fill their class. If you know you want to go for an MBA eventually, think about taking the GMAT before you are working 80 hours a week. I think the GMAT takes about 2 months of good work for most really to maximize your score (this is another good WIWIK possibility).

5) Before you present important work, ALWAYS print it - errors stick out like sore thumbs on paper and are much easier to find and correct. Take the 5 minutes and print the product before you put it on your boss' desk. Set the tone early that you are simply not a person who makes spelling or formatting errors.

6) On that note, set the print area right away and always run a spell check (yes, Excel has spell check too!)

7) Master your macros - if you have time or inclination before starting, maybe even take some Excel VBA classes online or something - if you are really good with Excel you will be a prized asset. Ask your future colleagues if there is a particular package they use and if they can send it, otherwise maybe use the WSP pack or any macro pack you can find. Remove your F1 key because it will only get in the way. People generally say don't touch your mouse - I mostly agree for Excel, but there are still the few odd things that are quicker with a mouse sometimes. Excel is another potential WIWIK topic.

8) Headhunters want: smart people, who can hold a good conversation, humble, good team players, sharp modeling, who can THINK LIKE INVESTORS - always be thinking like an investor - if you want to do PE/HF later on, this might be your single most important point. Many banking analysts go into PE/HF interviews and have never thought like an investor - they have no conviction in their ideas and their investment theses have little basis. Many BB kids think they are simply entitled to a HF/PE job. Don't be one of those. Do your work. And be a good person. Everyone will have decent technical skills, but if you can strike your headhunter as also being just a super nice and hardworking person, that counts big time.

9) If you want to practice for HFs, pick any public company that doesn't have nightmare financial statements (i.e. don't pick a FIG unless that's your thing), download the latest K and Q, and give yourself 2 hours to make a working 3 statement model with a DCF and a quick LBO analysis. You should be able to get the 3 statement model with 5 yr projections and a balancing balance sheet in 1 hour or less, then do the DCF and LBO in the next half hour, and leave a half hour to check your work.

9b) Be a good person. Don't be a finance 'dick.' Yes you work in investment banking and probably make good money doing it. No that doesn't automatically make you cool. You can be hugely successful and still be a nice guy and down to earth. Take note of the associates and VPs that you really like to work for, and aspire to someday be a person that you yourself would like to work for. Finance is full of jerks and egos - that makes people who are down to earth and really genuinely nice an asset. Find a style that works for you and is true to who you are - you'll have to be firm sometimes, but keep that blade sharp.

10) Adhere to the logic that you can't learn if you aren't listening, and you can't listen if you are talking. Be a good listener. Some bankers and even some analysts are so garrulous that they miss key points, and their words just lose weight over time - they're so eager to say what they know that they just blurt out whatever they know on a subject. You want it so when you speak, people know you have listened, and you're saying something of value. Keep your cards close.

11) Perhaps the most important - figure out who on the Admin end really runs the show. Admins are some of the most powerful people in terms of making your life better as an analyst. Treat your admins with respect and go out of your way to treat them well. Bring up some flowers every once in a while to brighten the reception desk. Pick up a few extra coffees when you run out, and take note which admins like which kinds of coffee. Being a banking admin can be really dreary work sometimes and those little things can brighten their day a lot.

12) Be neat about your reimbursements - I probably lost hundreds to low thousands just by not being prompt/organized about receipts and the like. Get the best possible credit card plan you can find for travel and hotels.

13) Take care of your body - watch the Thursday night cocktails and save it for Friday/Saturday. Oversleep one important call/meeting and you might never recover. Most analysts are vitamin deficient - take a good daily multivitamin and drink water, not red bull. Fish oil is good for keeping your skin/eyes/brain in good shape. Burt's Bees Serum for your face is a god-send - my girlfriend says it looks like I am glowing after I put it on.

14) If you do mess up badly at work - learn from it and get over it. Don't beat yourself up too much. Other people might have a little giggle now and then about your f-up but believe me nobody is thinking about the f-up as much as you think they are. Consider how many of your brainwaves you spend in a typical day thinking about other people. Now get back to work.

15) Many bosses will preach a work-life balance and say things like "This can totally wait until Monday." But they will still be more impressed if you did it over the weekend and give it to them Monday morning. Figure out who those bosses are.

学习

看看

看看

看看

当年建行本来打算和高盛一起组建合资投行，后来高盛要求绝对控制权，合作方就变成了摩根，诞生了中金。

高盛在中国做业务的特点就是，寻求绝对控制权。2000年初在国内几个做得不错的单子，是借助了一批国内会来事的土鳖，比如方风雷。现在在国内做的载体主要是高盛高华，高盛直接地在上海北京的分公司，招人很少很少，也逐步不直接承揽承做业务。高盛上海办公室，待遇应该基本年薪40-50，年终奖看行情。高盛高华的据说基本年薪30多万。

只于招聘，去年高盛在北清复交人大上财南开等7所吧，开了宣讲会（但实际上主要还是招前四所）。现在高盛在国内的业务比较少，因为过于依赖投行业务，其他牌照缺失，这点瑞银证券就强多了，全牌照。

https://bbs.pinggu.org/forum.php? ... =2609594&extra=
高盛投资银行业务_经验与借鉴

Very fantastic!

kankan

https://bbs.pinggu.org/forum.php? ... p;page=1&extra=

只知道高盛招聘要求奇高无比，大陆非北清复交基本简历关就被刷了，即便北清复交简历在里面也是垫底，因为有一大堆名校海归来竞争。。

臭名昭著的高盛

曾经拿到了GS国际投资研究部(Global Investment Research)ART项目（Analyst Research Training Program）的full time offer，base在新加坡，最后因为各种原因没去。。
讲一下整个的流程，希望对大家有用。

最早是参加了GS北京举办的宣讲，觉得这个工作的learning curve确实很陡，是个不错的工作，研究部的工作比较锻炼人，能学不少东西，将来的职业出口也还算不少，加上GS的牌子实在是过硬，向往已久，于是果断投之。

接下来的面试环节如下：

第一轮是两轮电话面试。第一个是GS北京研究部的研究员打电话，第二个是GS伦敦研究部的一个MD打电话，中间是隔了2周吧，应该是第一个过了才有第二个。。计划是两个电话各半小时，不过伦敦那个问了快1个小时。。问的都是教育背景、为啥GS，为啥做研究、行业了解（行业驱动因素、周期性、还有对中国经济的看法等等）、然后让推荐行业和股票并且说原因。伦敦那个MD说话速度极快，让我等土鳖情何以堪...而且略有点pushy，一个让我到现在还印象深刻的问题是：try to impress me by anything...囧

然后第二轮是到GS北京办公室里面去面试。第一个是和一个资深分析师，问了很多财务和估值模型的问题，相当细节...而且结合以前的实习经验问（我以前是IBD实习背景...所以做过估值，还好），面完之后让到办公室外面等了1小时左右就通知面第二个，是和新加坡一个女分析师视频，一上来就又让推荐股票。。。而且问推荐的逻辑时问得很细，还问了很多数字等细节。然后还问了职业规划和发展，why research, Why GS等等，看来这样的问题是会贯穿始终的...最后问我是否愿意提前过去实习，果断say no...当时毕业论文压力山大，不能实习啊...心里希望面试官能理解，果然她说，大意是GS还是不想和学校搞坏关系的，好好做论文吧~英文原话不记得了...

第三轮是两个电话，第一个是一个印度人，估计很senior了吧，简单问了问基本情况，三天以后第二个电话，是美国人，也是简单问了问基本情况，最后说希望在那个夏天见到我...估计有戏了吧，2周以后收到offer通知，再过了2周纸版offer寄到，还开了一个电话会议讲解这个offer，不过考虑再三之后，没有签。。

希望这经验对大家有用吧

学习下

受教

很高端的感觉。目前在国内投行实习，感觉国内与国外投行差异确实很大。仅就业务而言，国内投行将很大精力放在规范企业运营上，也就导致国内投行人员花费很长时间在拟上市企业现场办公。国内投行关注要点似乎就在历史沿革、收入费用真实性、业务与技术等方面，真正有估值、有定价方面不多。这似乎也应该是国内投行未来发展的方面之一，即增加定价权

世界一流投资银行——美林证券
Merrill Lynch是一个领导性的国际金融管理及咨询公司，总体客户资产超
过一万亿美元，在为个人与小型企业提供金融咨询与管理服务中处于领导地位。
作为一个投资银行，八年以来它已成为国际上最大的股票和债券承销人。也是企
业，ZF，机关，个人的战略性咨询者。通过 Merrill Lynch 资产管理，公司
运作着世界上最大的共同基金集团之一。
ML的经营原则是：“我们作为领导、同事、雇员和居民的行为基础。我们
承诺在经营原则的规范下进行我们个人及组织行为。这一承诺帮助我们成为世界
上一流的公司。随着ML越来越多元化、全球化，经营原则帮助我们更加确定我
们是什么样的公司，我们相信什么，我们期待我们能为自己、客户和股东提供哪
些服务。”
ML在世界负债市场中占主导地位。在过去的7 年中，公司在世界负债业务
中排名第一。我们在国际市场中拥有的权利与所处的姿态主要是对世界区域时常
的改革性研究：通过2000多个销售与贸易的专业人员的努力，研究能迎合客户
口味的产品，提供能满足客户需求的分析研究，以及分配与贸易中的国际力量。
ML在美国的市政债务市场中有很长的领导历史了，在机构贸易，零售分销，研
发，市政衍生品，以及债务保险领域中不断取得骄人的成绩。
自1980年以来，ML一直是免税证券的首席高级经理。1996年一年的时间，
长期债券的保险额达2200亿美元。通过ML发行证券的客户不但可与市政方面的
工业领导保持联系，还可以与跨越债务种类的领导保持联系。1996年，13亿美
元免税保险的突出成绩说明经验在一级、二级市场中占重要地位。几十年来ML
一直将资产投入到二级市场中。在过去的几年中，ML的机构贸易处赢得机构投
资者的最高票。
ML的主要业务：
．投资银行 MＬ是为企业，机关，ZF提供全球咨询与金融服务的市场主
导者。强大的关系网管理，创新，产品开发，持久而不可逾越的道德标准已推动
ＭＬ在投资银行产业中首屈一指。ML的国内与国际业务容量超过所有竞争对手。
．并购（Ｍ&A） 通过并购集团，ＭＬ是并购交易中的领导性咨询公司，是
在美国和全球完成并购的西方顶尖级顾问公司之一。自1995年以来，ML 已为
1100桩交易提供咨询服务，交易值超过1.2万亿美元。ML为客户提供各种不同
类型的战略性服务，其中包括预先反并购策略，销售，收购，剥离财产，使母公
司收回子公司全部股本使之脱离，以及合资企业的服务。ML的并购专家可根据
客户的战略性需要提供不同的专家建议。他们与ML的其他行业专家密切合作以
满足客户的需求。
．金融期货与选择权 ML金融期货与选择权部通过运用利率，股票和金融
衍生品帮助机关客户进行风险管理与投资决策。我们不断完善公司在世界范围的
资本市场资源以便为我们的客户提供综合策略。
．企业销售ＭＬ通过８５０多种行业组成的国际化销售力量，提供给机构
投资人广泛的产品与服务。机构客户部门负责ＭＬ与机构投资人的业务关系，其
中包括最大的企业，养老基金，金融机构，ZF机关以及在国际上持有主要投资
资产的商人。

Company Information
The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Goldman Sachs operates in four segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management. In May 2013, Goldman Sachs (Singapore) Pte Ltd, a unit of Goldman Sachs acquired a 6.712% stake in Keppel Reit. In May 2013, Goldman Sachs acquired a 5.032% stake in Echo Entertainment Group Ltd. In July 2013, Suncorp Group Ltd announced the completion of the Non-core portfolio sale to the Company. Effective August 6, 2013, Goldman Sachs Group Inc (Goldman) increased its interest by acquiring an 18.7% interest in Red de Carreteras de Occidente SAB de CV, a unit of Goldman's Goldman Sachs Infrastructure Partners fund, from Empresas ICA SAB de CV.
Goldman Sachs Group Inc.
200 West Street NEW YORK NY 10282
Phone: +1 (212) 902-1000
Fax: +1 (302) 655-5049

The website of the company: http://www.goldmansachs.com/
I hope these would be helpful for us.

提到高盛，不得不让人联想到阴谋论，尽管只是一家华尔街的私人投行，但其与美国财政部有着千丝万缕的关系，可以说是美国财政部的马前卒。仔细研究一下高盛在中国的投资范围，会发现他的投资领域基本涵盖了中国的经济支柱产业。高盛通过高华赚了咱们多少钱，但是我们又学到了多少呢？