Goldman Sachs Trading Training Manual

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The firm’s learning programs range from skills-based offerings and high-potential leadership programs to roundtable discussions and talks hosted by senior leaders. Through Goldman Sachs University (GSU), new hires receive resources to accelerate their integration including access to digital learning even before the first day and orientation programs with an emphasis on culture and networking. Junior employees have access to classes that focus on building foundational professional and technical skills. Additionally, we offer an expansive library of self-directed digital offerings, ranging from eLearnings on communicating with impact to a podcast series on understanding our businesses. At each career milestone, our people prepare for the next step through tailored training programs with an emphasis on leadership and firm culture.

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FINANCE
We're a team of specialists charged with managing the firm's liquidity, capital and risk, and providing the overall financial control and reporting functions. Whether assessing the creditworthiness of the firm's counterparties, monitoring market risks associated with trading activities, or offering analytical and regulatory compliance support, our work contributes directly to the firm's success. The division is ideal for collaborative individuals who have strong ethics and attention to detail.
RESPONSIBILITIES AND QUALIFICATIONS
Product Control and Funding Control is one of the largest departments within the Controllers group and supports the trading divisions across all asset classes: Fixed Income, Currencies and Commodities, and Equities. As a Product or Funding Controller you would be expected to become a key contact for the Federation and a broader set of stakeholders across the firm. Through this you would have the opportunity to develop a detailed understanding of Goldman Sachs businesses, products and sophisticated technology systems in depth. You will receive continuous training, both formal and informal, and the support of senior members of our team.
THE PRODUCT CONTROL MODEL AT GOLDMAN SACHS
We operate a 'complete ownership' model and see this as a 'mini-CFO' role with regards a trading desk, with responsibilities including [plus some of the teams controller liaise with]:

Goldman Sachs Trading Training Manual
  • P&L reconciliation [liaising with Operations, Technology and Strats]
  • P&L explain [Traders, Strats, Market Risk]
  • New trade analysis [Traders and Strats]
  • Balance sheet review [Legal Entity Controllers]
  • Capital requirements for new trades and ongoing business [Regulatory Capital controllers, Market Risk Controllers, Credit Risk Controllers]
  • Price verification [Traders and Controllers PV group]
  • Federal reporting. [Fed reporting teams]
  • Financial Reporting disclosures [Accounting Policy, Legal Entity Controllers]
  • More generally being the point of contact within the Federation for a trading desk [Tax, Compliance, Legal, etc]

We believe that our model supports integrated thinking across the control processes listed above, which we see as critical to ensuring the connectivity of key control processes. Our clear ownership of the full P&L process also leverages our access and interaction levels with the business and other stakeholders as there is no uncertainty or ambiguity around roles. Our model, supported by our philosophy of scalable processing and exception-based workflow, has driven investment in strong, standardised P&L systems over the years. This allows us to run with smaller teams, improving people's connectivity and ability to span product classes, and allows for less time to be spent on manual reconciliations or data manipulation allowing more time for analysis and value-add work. Our efficient use of headcount also provides good access to senior management at early levels. It also means Product Control as a function is based on the same floor as Legal Entity Controllers, Regulatory controllers, Financial Reporting, Accounting policy, Treasury and Market Risk which encourages and facilitates collaboration and information/knowledge sharing across these areas.
RESPONSIBILITIES
The primary responsibilities of Product and Funding Controllers are to produce and analyse the daily trading activities, to report the trading divisions' profits and losses and to verify the values of positions held by the trading desks, both securities and derivative. This role requires extensive liaison with the trading desks, the Risk Management Group and the Operations Teams, as well as with colleagues in Controllers. Product Controllers are expected to develop a good understanding of the products they monitor and of the strategies used by the trading desk to generate revenue for Goldman Sachs. The function has become increasingly technical in content and offers a challenging and interesting role, which would suit dynamic, bright and ambitious individuals with a drive to succeed.
  • Preparing the daily profit and loss account for trading desks, involving an assessment of the nature of revenue generated in the context of market moves and risk held as well as reconciliation between front office systems and sub-ledger as well as the firm's general ledger.
  • Producing and reviewing profit and loss attribution and commentary for the bank's trading, investing and new issuance businesses. - Intelligently reviewing trading activity to help assess the valuation of the portfolio and to highlight anything unusual or material to management.
  • Monthly price verification review and challenge of trader inputs into inventory pricing as well as incremental assessment of less observable inputs.
  • To interact effectively and pro-actively with traders and their management.
  • Assessing risk inherent in trading positions, whether market, compliance or reputational risk etc.
  • Developing an in depth knowledge of products and market awareness.
  • Understanding of the impact of Regulatory Capital rules on a trading desk's ongoing and new business.
  • Ensuring compliance with all the Firm's financial reporting requirements.
  • Account and monitor for the Firm's secured and unsecured financing activities.
  • Liaising with other Federation departments in a collaborative and problem-solving capacity.
  • To be fully informed of all department developments and issues in their trading areas.

SKILLS & QUALIFICATIONS
Our people come from a diverse set of backgrounds and experiences, if you're interested in working in the product control or funding controllers, you should be able to demonstrate the following:
  • Have a qualification as a Chartered Accountant, or other relevant professional financial qualification (e.g CFA). We will also consider part-qualified candidates currently on other bank ACA/or similar programmes.
  • That you are highly motivated, with commercial focus and strong analytical and communication skills.
  • You enjoy being challenged, are team orientated and have good attention to detail
  • You should have integrity, professional scepticism, a strong work ethic and a desire for excellence.
  • You have good interpersonal skills as complement to technical aptitude
  • A desire to learn and interest in financial markets and products
  • A track record of improving processes and adding value to clients/stakeholders

ABOUT GOLDMAN SACHS
ABOUT GOLDMAN SACHS
At Goldman Sachs, we commit our people, capital and ideas to help our clients, shareholders and the communities we serve to grow. Founded in 1869, we are a leading global investment banking, securities and investment management firm. Headquartered in New York, we maintain offices around the world.
We believe who you are makes you better at what you do. We're committed to fostering and advancing diversity and inclusion in our own workplace and beyond by ensuring every individual within our firm has a number of opportunities to grow professionally and personally, from our training and development opportunities and firmwide networks to benefits, wellness and personal finance offerings and mindfulness programs. Learn more about our culture, benefits, and people at GS.com/careers .
We're committed to finding reasonable accommodations for candidates with special needs or disabilities during our recruiting process. Learn more: https:// www.goldmansachs.com/careers/footer/disability-statement.html
© The Goldman Sachs Group, Inc., 2020. All rights reserved.

Goldman Sachs Trading Training Manual 2017


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