Generally speaking, they have as many stars as other firms, but they are low-key about it, because that’s not the Goldman way, but their bench is a lot deeper. I think Goldman has as many A players, but more importantly they have fewer C players. And no firm, I have noticed, has the depth anywhere like that.
Having worked at four separate Wall Street firms, having seen a variety of talent at those places, and having competed against Goldman as a banker, one thing you have to be struck by is the power of their recruiting.
People are pretty simple: they do what they are rewarded for doing. If they get multimillion-dollar bonuses by taking huge risks with other people’s money – as they still do – then they will continue to take those huge risks, and not give it another thought.