Graduating college seniors will now start at Goldman Sachs at $85,000 plus bonus (WSJ)

Yep, I believe those people are called Mexicans.

Oh please. NYC is one of the most racially diverse and ethnic places in the entire country. It’s not exactly a haven of white people.

Can we please nip the illegal thing in the bud? Yes, Texas is home to a sh*t ton of illegals. I pass them every day on my way to work. They are basically bridge people. The only differnce between them and the white bridge people is they are actually willing to work for money, while the leathery/bearded/etc white folk that hang at street corners just want money, despite the fact that there are multiple places with help wanted signs around. NYC probably has just as many per capita, they just blend in better,

I’m sensing an underlying base of jealousy from some folks.

This seems entirely to be the case.

I’m confused. Jealousy of what?

$80k sounds good to me but not for IB. You couldn’t pay me enough to sit around all day then bust out pitch books at all hours of the night.

I think the allure of NYC would wear off as you age if your income did not grow considerably. Yes, NYC seems sexy to recent grads with hopes and dreams. Sharing an appartment isn’t too far off from dorm-living, and there is always something to do or someplace to be or be seen. So being young with no money is doable here, as you’re with your friends in the same boat, and you have your whole future to make it big. Taking an admin job making 30-50k, or being a Barista while persuing your art/writing/acting career is reasonable and acceptable…

Now fast forward 10 years. Your’re 32 and looking to start a family. Having three roomates is out of the question, and you need a place of your own. Finding a good school for your kids is a concern, as is the general safety and quality of life you can provide for your kids depending on the building/neighborhood you can afford. Now even that 85k a year job with bonus doesn’t cut it, because you and your spouse both work and you need to pay day care because both of your families still live “back home” and can’t help out. Now with the family, having a car starts to become a nessesity, if only to get away from the city so your kids can experience the great outdoors outside of central park. So here you now have rent, car payment and insurance, Day care, food bill for 4 (at NYC prices, unless you want to waste the weekend to schlep to Jersey or out to LI)… without a boost in income this sounds like a “paycheck-to-paycheck” living situation.

…And this is why all of my neighbors here in NJ are NYC expats.

Texas sux. Manhattan Rox. wendy are you Asian?

from whom?

jealous of what?

you, because you’ve derailed a thread about a 20% pay increase to bankers to a pissing match between texas and nyc trying to prove how much better your lifestyle is.

That is relevant to a pay thread. Not a derailment at all. Also, why does Wendy share no blame? She took part

Agreed with Vandaley. Salary is meaningless unless COL and quality of life is compared.

Correct; once you’re married and have 2 kids, the cost of living calculators will become relevant. Suddenly $85k in NYC will be as inadequate as $35k is in the midwest. The original article though is about recent college grads, who will live quite well in NYC on $85k.

Goldman banking analysts are usually pretty employable. I’m sure they’ve considered their options.

Thanks. Yeah, salary is a relative number. It means nothing on its own without context

bringing up the lifestyle argument is useless, Sure one day you’ll grow old and wrinkly and won’t be able to keep up partying and clubbing and doing the deed until 3am anymore. yea no surprise there.

and no one goign into banking at goldman is so dumb to be short sighted enough to say “oh dear, my lifestyle is going to be rough, I should just go be an accountant in boringcrap Nebraska” It’s ALL about exit opps.

^ I’d be curious to see a sample of former GS banker salaries at 35 and 45 and compare their salaries to us in industry. Need to control for so many variables though.

This thread is about salary, not the merits of a job at GS. All I said was $85,000 in NYC does not seem like very good pay to me. Nothing else. I think that’s a perfectly reasonable comment.

I would never live in texas… i enjoy visiting, but could never live there. It would take an awful lot of damn money to get me to live there. Manhattan on the other hand… you couldn’t pay me enough to live up there. Too many people. I enjoy the midwest, all four seasons, being able to walk out my back door and piss off my deck without having to worry about cops being called, among othe redneck things like duck hunting, fishing, riding four wheelers, and blowing things up at long distances with rifles on the farm.