‘B
5
ay-gulls. That’s how you pronounce them, spelt b-a-g-e-l-s,’ Avinash said at the breakfast
counter on 85 Broad Street, worldwide headquarters of Goldman Sachs.
Avinash, a batchmate of mine from IIMA, had also made it to Goldman Sachs. He had worked
abroad before his MBA. He knew a lot more than me about the way things worked in America. He
picked up the doughnut-shaped bread, slit it horizontally with a black plastic knife and smeared it
with cheese.
‘Bagel and cream cheese, classic combo,’ he said.
‘Thanks, Avinash,’ I said, fumbling with my plate, my handbag, my umbrella and my senses. I
had worn a Western-style office suit for the first time in my life. Even for my Goldman Sachs
interview at IIMA campus I had worn a saree.
Is the skirt too tight? Is my ass looking too big? Is my hair in place? Mini-me was in
overdrive, the perfect day for her to knock me out.
Two hundred other fresh recruits had arrived from all over the world. For our ten-week
associate training, we had to report at 7.30 in the morning. Classes began after a quick breakfast, and
ended at 6.30 in the evening.
Partners and senior employees from various departments, such as Corporate Finance, Equities
and Distressed Debt, took sessions on what actually happened in their group. The partners, no more
than 200 in the entire firm of 20,000 people, held the senior-most positions in the firm. They held
equity in the bank and made the most money. Their annual compensation could reach tens of millions
of dollars every year.
‘Open the Goldman Sachs business principles,’ said Gary Colbert, a senior partner who
looked like a rich grandfather in his gold spectacles. Goldman took great pride in its fourteen
business principles.
‘Long-term greed,’ Gary said. ‘Read that line in the principles. That’s what we aim for here.’
Greed and investment banking went together. Goldman was honest enough to admit it. They
just didn’t mind delaying their greed, for it made the pay-off even better. Gary recounted his journey
from joining Goldman as an operations assistant thirty-five years ago.
‘Everyone works hard at Goldman, no exception. If you want an easy life, look elsewhere,’
Gary said. Well, it was too late for me to look elsewhere. I was already in New York. Trainees
circulated horror stories about new associates spending nights in the office and sleeping on office
couches.
Two weeks into our training Avinash came up to me.
‘I have a group of Indian friends in New York. We are meeting up for drinks tonight. You want