Landing a job as an analyst at Goldman Sachs is a golden ticket for a newcomer to Wall Street. Now 20 of those who pulled off that feat are being dismissed for cheating on an employee test, the company said on Friday.
The 20 worked in Goldman’s securities division, which houses its trading operations, in New York and in London, a person briefed on the matter said.
“This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm,” a Goldman spokesman, Michael DuVally, said in an e-mailed statement.
Like other investment banks, Goldman recruits annually from university and graduate school campuses, offering about 1,800 to 2,000 graduates spots in its analyst class, which is the entry-level position for those dreaming of moving up the corporate ranks.
Tens of thousands of applicants compete for the slots, with only about 3 to 4 percent accepted into the program in any given year.
On its Web site, Goldman says its analyst program is “ideally suited to those with little or no work experience,” and that an applicant’s school major is less important than a record of academic achievement and interest in financial markets.
Goldman even invites applicants to take an online test to see where they might fit in.
Lloyd Blankfein, Goldman’s chairman and chief executive, has called his company an “employer of choice” for bright graduates seeking a career in finance.
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