Goldman Sachs Trading Training Manual

by Sarah Butcher 18 November 2020

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Goldman Sachs partner is the sort of job title that speaks for itself. Once you've made partner, you're at the top of the tree. However, some Goldman partners are more impactful than others - and they're not necessarily the partners in the front office.

If there were an award for Goldman Sachs partner of the year in 2020 (there isn't) it might go to Orla Dunne, the little known head of 'Foundational Infrastructure' at the firm. London-based Dunne was only made partner last week, but has been instrumental in Goldman's ability to survive and thrive during the pandemic.

Speaking at the Women in Technology online festival today, Dunne outlined the scope of her job. 'I run the technology in our data centres, our buildings, for our voice networks and multimedia infrastructure,' said Dunne. She is all about the technology infrastructure that lets Goldman and its people function.

This has been a huge year for Dunne and her team. It was Dunne who, according to Business Insider, was one of the first at the firm to apprehend the dangers of the pandemic. In late February, when the world was still trying to process the implications of the virus, Dunne reportedly sent an email suggesting that the firm should start thinking about where it could find equipment for staff if a 'shelter in place' lockdown were imposed. Preparations were initiated.

Speaking today from a simple room somewhere in her home country of Ireland, Dunne recalled the significance of that period, describing it as a time of 'very interesting challenges' as 98% of Goldman's staff moved to working from home. Goldman already had virtual desktops, said Dunne, but it was necessary to rapidly add 'bespoke solutions to make internet and audio bridges the primary focus instead of buildings.' This unfolded at a time of 'unprecedented volatility' in the markets and coincided with 'peak volumes in market data update rates', with peak trading volumes and transactions. It also coincided with a pre-planned accelerated data centre migration in Hong Kong.

Goldman navigated the chaos. Net earnings in the markets division were up 63% year-on-year in the first nine months (before the 1MDB fine). Dunne had been a managing director at Goldman for 11 years before she was made partner last week, and her promotion surely had something to do with her quick thinking and competence in this COVID year.

Speaking today, Dunne said technologists at Goldman 'enable the business.' 'We partner with them from the moment we see an opportunity,' she said. Their role is about designing and executing a solution and then seeing it delivered. Technologists are not second class corporate citizens.

Dunne worked for Morgan Stanley and UBS before joining Goldman in 2000 as a vice president (VP) in the technology division. Today, she cautioned against presuming your career will progress in a graceful upwards arc, recommended embracing change and focusing on what you can rather than can't control. She advocated listening. 'You have two ears and one mouth and you should use them in that proportion,' said Dunne, noting too that, 'You are often judged more how you react to bad news than good news.'

If you want to get ahead in technology - or anywhere in banking, then Dunne advised against becoming the sort of irreplaceable subject matter expert that prevents you escaping from a silo; always be training your replacement. Go easy on yourself: 'When I reflect back on my early career, the person who put pressure on me was me,' said Dunne; 'I thought I had to be twice as good to be half as good.'

Dunne also had some advice for all the people in London who are about to be transplanted to Europe because of Brexit. Early in her career, she was asked to move to Paris to build a new data and telecoms network. When she arrived at Gard du Nord she was struck with panic: 'I didn't speak the language, I didn't know anyone in Paris, I wasn't ready for life on a trading desk.' It worked out: sometimes uncomfortable situations are an opportunity to evolve.

Lastly, Dunne said you need something beyond your career to thrive: you need a hobby. 'Find something you love,' she advised.

And then the camera turned off, and Dunne disappeared into her 1950s work-from-home backdrop in Ireland, a location made possible by the work of she and her team. Goldman bankers in home offices globally have Dunne to thank.

Have a confidential story, tip, or comment you'd like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it's offensive or libelous (in which case it won't.)

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Goldman Sachs partner is the sort of job title that speaks for itself. Once you've made partner, you're at the top of the tree. However, some Goldman partners are more impactful than others - and they're not necessarily the partners in the front office.

If there were an award for Goldman Sachs partner of the year in 2020 (there isn't) it might go to Orla Dunne, the little known head of 'Foundational Infrastructure' at the firm. London-based Dunne was only made partner last week, but has been instrumental in Goldman's ability to survive and thrive during the pandemic.

Speaking at the Women in Technology online festival today, Dunne outlined the scope of her job. 'I run the technology in our data centres, our buildings, for our voice networks and multimedia infrastructure,' said Dunne. She is all about the technology infrastructure that lets Goldman and its people function.

This has been a huge year for Dunne and her team. It was Dunne who, according to Business Insider, was one of the first at the firm to apprehend the dangers of the pandemic. In late February, when the world was still trying to process the implications of the virus, Dunne reportedly sent an email suggesting that the firm should start thinking about where it could find equipment for staff if a 'shelter in place' lockdown were imposed. Preparations were initiated.

Speaking today from a simple room somewhere in her home country of Ireland, Dunne recalled the significance of that period, describing it as a time of 'very interesting challenges' as 98% of Goldman's staff moved to working from home. Goldman already had virtual desktops, said Dunne, but it was necessary to rapidly add 'bespoke solutions to make internet and audio bridges the primary focus instead of buildings.' This unfolded at a time of 'unprecedented volatility' in the markets and coincided with 'peak volumes in market data update rates', with peak trading volumes and transactions. It also coincided with a pre-planned accelerated data centre migration in Hong Kong.

Goldman navigated the chaos. Net earnings in the markets division were up 63% year-on-year in the first nine months (before the 1MDB fine). Dunne had been a managing director at Goldman for 11 years before she was made partner last week, and her promotion surely had something to do with her quick thinking and competence in this COVID year.

Speaking today, Dunne said technologists at Goldman 'enable the business.' 'We partner with them from the moment we see an opportunity,' she said. Their role is about designing and executing a solution and then seeing it delivered. Technologists are not second class corporate citizens.

Dunne worked for Morgan Stanley and UBS before joining Goldman in 2000 as a vice president (VP) in the technology division. Today, she cautioned against presuming your career will progress in a graceful upwards arc, recommended embracing change and focusing on what you can rather than can't control. She advocated listening. 'You have two ears and one mouth and you should use them in that proportion,' said Dunne, noting too that, 'You are often judged more how you react to bad news than good news.'

If you want to get ahead in technology - or anywhere in banking, then Dunne advised against becoming the sort of irreplaceable subject matter expert that prevents you escaping from a silo; always be training your replacement. Go easy on yourself: 'When I reflect back on my early career, the person who put pressure on me was me,' said Dunne; 'I thought I had to be twice as good to be half as good.'

Dunne also had some advice for all the people in London who are about to be transplanted to Europe because of Brexit. Early in her career, she was asked to move to Paris to build a new data and telecoms network. When she arrived at Gard du Nord she was struck with panic: 'I didn't speak the language, I didn't know anyone in Paris, I wasn't ready for life on a trading desk.' It worked out: sometimes uncomfortable situations are an opportunity to evolve.

Lastly, Dunne said you need something beyond your career to thrive: you need a hobby. 'Find something you love,' she advised.

And then the camera turned off, and Dunne disappeared into her 1950s work-from-home backdrop in Ireland, a location made possible by the work of she and her team. Goldman bankers in home offices globally have Dunne to thank.

Have a confidential story, tip, or comment you'd like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it's offensive or libelous (in which case it won't.)

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Goldman Sachs Group Inc (NYSE:GS) reported its 1Q 2017 financial results, and it missed the consensus estimates. This was a 'rare' earnings miss for the financial services company. This caused the stock to fall nearly 5% on the day. Prior to its earnings report today, GS topped the Wall Street consensus estimates around 90% of the time. Let's get right into the company's 1Q 2017 financial results.

Goldman Sachs 1Q 2017 Financial Results

Goldman Sachs reported an EPS of $5.15 for the first quarter, while Thomson Reuters analysts were expecting the firm to report an EPS of $5.31. Additionally, GS missed on its revenue estimates. Thomson Reuters were looking for 1Q 2017 revenue of approximately $8.45M, but the firm's revenue came in lighter than expected, at around $8.03M.

Now, the potential cause for its underperformance may have been attributed to its equities trading revenue. Goldman Sachs' equities trading revenue fell by 6% year over. However, net revenues from its currency, commodities and bond trading was relatively unchanged, from the same period in the prior year. The firm's trading revenue underperformed some of its main competitors, such as Citigroup, JPMorgan Chase and Bank of America.

According to Goldman Sachs Chief Financial Officer Martin Chavez, 'We did underperform and the underperformance was driven by commodities and currencies…We could have done a better job navigating the markets and that's all I will say.'

Let's look at Goldman Sachs' statistics and valuation. How to edit youtube videos for free on mac.

GS Statistics and Valuation

Goldman Sachs Trading Desk

Heading into its earnings report, GS had a price-to-earnings ratio of 13.9. The Goldman Sachs Group, Inc. currently has a book value per share of 182.458, and consequently, it had a price-to-book ratio of around 1.2, as of today's close, which is below the industry average of 1.9. The Goldman Sachs Group, Inc. has a forward price-to-earnings ratio of approximately 11, based on next year's earnings estimates.

Goldman Sachs' 1Q 2017 total net revenues fell by 1.76%, quarter over quarter. However, the company's diluted earnings per common share grew by around 1% quarter over quarter. Now, GS also noted that its net interest income fell by over 40% year over year, while Bank of America, which also reported earnings this morning, stated that its net interest income grew by 5% over the same period.

GS traded in a range between $213.18 and $219.89 today. GS has a 52-week range between $138.20 and $255.15. Therefore, it is currently still over 50% above its 52-week low, but it's over 10% below its 52-week high. GS is trading slightly below its 200 day SMA. Ableton live 9 crack kickass torrents. Moreover, the stock is trading below its 50-day simple moving average.

Here's a look at the stock's performance on the daily chart:

Source: Investing.com

If you take a look at the chart above, GS actually had a 'bearish' pattern, as its 20-day moving average crossed below its 50-day SMA. Moreover, the stock failed to form a double-bottom pattern.

Final Thoughts

Goldman Sachs Trading Training Manuals

Goldman Sachs reported earnings, and it missed Wall Street estimates. Now, in comparison to other banks, GS had weak performance in trading, and consequently, the stock sold off and hit four-and-a-half month lows.