Goldman Sachs CEO David Solomon, in a commencement address at New York University’s Stern School of Business last month, told graduates to “enjoy the ride” and not to worry “about where the journey will take you.”
In a memo sent this morning to Goldman’s incoming summer intern class, Solomon echoed the message. “At this time in your life, everyone is ambitious and in a hurry,” he wrote. “I’d tell my younger self, don’t rush to get it done—cherish every single moment. Slow down and enjoy the ride.”
It’s particularly sound advice in a year when the ultimate internship prize—a job offer at a top-tier employer in a field like banking or technology—may prove to be harder than ever to secure. Last year, companies including Meta rescinded job offers they had made to summer interns. This year, the job market remains on shaky ground, with some consulting firms, like McKinsey and Bain, pushing out new-hire start dates for some MBAs to 2024.
As for Goldman, it cut staff by 6%, representing roughly 3,200 positions, in January, plus another 250 last week. (Wall Street competitors have made similar moves.)
The 2,970 interns in Goldman’s 2023 class are drawn from more than 500 colleges and universities and speak 83 languages. Last year, a record 236,000 people applied for the coveted spots—a rejoinder to fears that Wall Street working conditions would dissuade Gen Z from entering the field.
As in years past, just over half of the class is majoring in business or economics. Another 40% are STEM majors, and 5% are liberal arts majors.
In addition to recommending that interns enjoy the ride, Solomon also advised them to “be present,” “stay curious” about the world, “speak up,” and “make connections.”
Interns are expected to work from Goldman’s offices five days a week, as they have since 2021.
Read the full memo from Solomon here:
Welcome to the Firm
Welcome to Goldman Sachs.
Every year, I look forward to the start of the internship program because all of you bring a new and invigorating energy to our campuses around the world.
While your internship will last only several weeks—and you will be keen to make your mark in this short period—remember, this program is only the very beginning of your career. By comparison, this is my 39th year in financial services and my 24th at Goldman Sachs. As you think about what’s ahead, keep in mind that what matters most is that you learn as much as possible.
With that in mind, I would like to share a few pieces of advice that I hope will help you make the most of your time at the firm:
- Be present. The best way to make the most of your summer—and to serve our clients and communities—is to get involved. Treat every day as an opportunity to learn more about the firm, our business and the people around you.
- Stay curious. Set aside five to 10 minutes a day to read and absorb information to help you understand what’s going on in the world around you. The best way to expand your horizons is to tap into diverse sources.
- Speak up. You’ll quickly learn that our people are eager to hear your insights. After all, you represent the future of our firm. Be on the lookout for any way you can contribute your ideas—big and small. Your voice is important to us.
- Make connections. Spend time getting to know new people and expanding your network. You never know who you’re going to meet and how your paths might cross again.
- Enjoy the journey. At this time in your life, everyone is ambitious and in a hurry. I’d tell my younger self, don’t rush to get it done—cherish every single moment. Slow down and enjoy the ride.
As you join the firm, our teams around the world are executing our strategy and continuing to invest in the strength of our global franchise. To me, this commitment from our people to pitching in as a group to advance shared objectives is part of what makes Goldman Sachs so special. It is a powerful representation of our culture and core values of partnership, client service, integrity and excellence. I am inspired every day by my colleagues, and it is my hope that you will be, too.
Have a great summer.
David
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