"I'm a 30 year-old Goldman Sachs quant. I would never leave for a market making firm"
I'm a trader at Goldman Sachs. My bonus this year was good but not great. It's a perpetual reminder that I am making money for the machine.
Get Morning Coffee ☕ in your inbox. Sign up here.
Despite this, I have no intention of leaving. I see plenty of colleagues going to places like Jane Street, Optiver or Citadel Securities, but I think it's a significant risk. Market makers are a good bet when you're 22 years old, but when you're in your 30s, I think they're a mistake. It seems to me that the median age there is incredibly low, and it can be very difficult to survive. It's worth taking the risk if you're a fresh graduate, but dangerous beyond that.
I say this based only on personal observation. I've seen friends go to market makers, and they've either been paid terribly or have left quickly. Yes, you're working for the machine at Goldman, but in my opinion it's even worse at market making firms. You have very little ownership and in my opinion the culture can be ruthless, as it can be elsewhere. They also skew pay very highly towards top-performers and the median can be low. I've got friends who've joined these firms and then worked 15 hours a day just to learn the systems.
By comparison, my job at Goldman Sachs seems relatively safe. I'm in a management role and am well-respected. Working for Goldman Sachs seems a steady long-term career. The firm is a top market leader in my area and we have an edge. It makes far more sense for me to stay here than to jump to a trading firm for a high bonus that probably won't materialise and that - if it does - will simply increase the risk that I'm cut the next time there are layoffs.
Bruno Thaler is a pseudonym
ave a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently 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. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate.
