🔴Leaving One Opportunity for Another at Goldman Sachs (w/Peter Kraus)

TL;DR

A finance professional shares their career journey from accounting to working at Goldman Sachs and the opportunities and challenges they encountered along the way.

Transcript

My mother said to me something that stuck with me my entire career She said don't do something you would regret and I would regret not taking up a job. So I took the job And in 1974 Wall Street was not what it was today. It was a very different place I mean if you were talking about the bond trading business that meant actually Cutting out the coup... Read More

Key Insights

• ❓ The finance industry, particularly accounting, experienced significant growth in the 60s and 70s due to SEC regulations.
• ⚾ Goldman Sachs offered a unique working environment where individuals could specialize and be rewarded based on their skills.
• 🔇 The speaker witnessed and participated in the financial industry's innovation and growth, particularly in the area of financial institutions.
• 👋 They rode the wave of bank mergers, financial innovation, expense reduction, and capital market growth.
• ❓ Understanding the unique regulations and nomenclature of financial institutions became a valuable skill that Goldman Sachs capitalized on.
• 🤞 The speaker credits luck and timing for their successful career journey.
• 💦 The opportunity to work on the global stage presented itself as the financial industry expanded beyond the US.

Questions & Answers

Q: What was the speaker's initial motivation for getting into finance?

The speaker's interest in numbers, clients, and different aspects of accounting motivated them to enter the finance industry.

Q: How did the speaker end up working at Goldman Sachs?

The speaker proposed a new business idea at their previous firm, but when it didn't work out, Goldman Sachs offered them a job to help build their mortgage business.

Q: What was special about Goldman Sachs that made the speaker decide to take the job?

Goldman Sachs allowed individuals to specialize in their skill sets and provided consistent compensation, creating an effective and specialized workforce.

Q: How did the speaker establish themselves at Goldman Sachs?

The speaker initially focused on sales and building relationships, but over time, they developed technical, trading, and investing skills, becoming multi-dimensional.

Summary & Key Takeaways

• The speaker started their career in accounting during a period of growth in the industry due to SEC regulations.

• They transitioned to Goldman Sachs after proposing a new business idea and eventually focused on sales and building relationships.

• The speaker discusses how they witnessed the growth and innovation in the financial industry, particularly in the area of financial institutions.