Friday, March 4, 2016
Goldman Sachs Expands Philanthropic Fund to Younger Workers
Wall Street has recently seen its share of young analysts leave their six-figure salary jobs to join the scrappier worlds of start-ups, nonprofits and even food trucks. To retain them, banks increased their compensation, gave them more time off and even did away with some of their more menial work.
But some millennials have still been having a hard time finding a sense of purpose underneath their pitch books and spreadsheets.
So Goldman Sachs is trying to create one.
The firm announced on Thursday that it had started a competition for young analysts to compete for donations to a charity of their choosing. As they would with a deal proposal, bankers and other employees at the firm can form teams and pitch their nonprofit. The winner, chosen by a committee, will receive a grant for their organization of $100,000; second place will receive $50,000, and third place, $25,000.
The pitches will be judged on “the nonprofit’s leadership, reach and potential for impact,” according to an internal memo reviewed by The New York Times. . .