Operations is at the core of Goldman Sachs.

For every trade agreed, every new product launched or market

entered, every transaction completed, it is Operations that enables business to flow.

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Operations is a dynamic, multi-faceted division that partners with all areas of the firm to deliver banking,
sales and trading and asset management capabilities to clients around the world. In addition, Operations
provides essential risk management and control, preserving and enhancing the firm’s assets and its
reputation.

The Operations division represents approximately 14% of the firm, with more than 4,500 employees across
the globe.

Individuals who succeed in Operations take a proactive approach to:

• Partnering with the business to ensure that all clients receive superior top-to-bottom service
• Striving for flawless execution of all the firm's transactions
• Enhancing productivity by designing and continually improving systems, tools and workflows to support
firm transactions
• Partnering with colleagues across Operations and other divisions in a unique and intense team work
environment
• Leading and motivating people to develop successful teams
• Serving as risk managers and the firm's "last line of defense"

5 different groups within Operations

1. Securities Operations
Securities Operations is organized around three core global functions: Trading Operations, Position
Management and Client Operations. It also consists of the Investment Banking Operations and Bank
Relations and Market Infrastructure teams.

Trading Operations is responsible for the processing and support of the trading businesses, syndicate
operations, the development of new businesses including new market access, as well as market structure and
capacity planning.

Position Management is responsible for asset servicing, settlement and stock loan.

Client Operations is responsible for the processing, support and control of the institutional and prime
brokerage client businesses, as well as helping to enhance the operations client experience.

Investment Banking Operations provides logistical support to the Investment Banking division. The team
works closely with bankers, coordinating the issuance of new financial products, controlling syndicate
expenses, maintaining client entities and delivering document management and client team coverage
services across the business.

The Bank Relations and Market Infrastructure team proactively manages, develops and leverages the
firm’s internal and external bank and market infrastructure vendor relationships to meet the increasing
demands of the firm’s global businesses. The team coordinates closely with business units within Operations
as well as with other areas of the firm to ensure a consistent approach to all BRMI related initiatives as well
as negotiates commercially competitive fees for services provided to the firm. The Bank Relations team
focuses on commercial banks, while the Market Infrastructure team focuses on post trade infrastructure,
mainly across affirmation, clearance and settlements.
 2. Clearing Operations
Clearing Operations is made up of three groups: GS Execution and Clearing (GSEC), Listed Derivatives,
and Prime Brokerage.

GSEC Operations is responsible for the processing and support for a variety of products across a diverse
client base. The product support includes equities, listed derivatives, fixed income and mutual funds on
behalf of hedge funds, floor traders and professional trading groups. There is also a self-directed execution
business via REDI on more than 50 global exchanges that utilizes the GSEC Ops infrastructure to process on
its behalf to books and records. As a whole, Clearing Operations works closely with the business units and
clients to enhance the overall client experience.

Listed Derivative Operations supports trading in over 70 global derivative exchanges including energy,
metal, agriculture, financial, and exotic products. Clients include governments, hedge funds, Fortune-500
companies, broker dealers, and Goldman Sachs proprietary traders. Listed Derivatives Operations provides
its clients with same day trade clearing and settlement, post-trade execution support, margin, collateral
management, client relationship services, and a customized suite of reporting options.

Prime Brokerage Operations is responsible for providing centralized securities clearing and settlement,
managing cash inflows and payments, and maintaining the accuracy of clients’ positions and transactions.
Services include securities borrowing, financing solutions, providing custody and safekeeping of assets, and
clearing and settlement of trades. Prime Brokerage clients are money managers, hedge funds, market
makers, arbitrageurs, specialists and other professional investors.

3. Derivatives Operations
Derivatives Operations is responsible for ensuring efficient and accurate transaction processing across a
broad range of products. Generally, the products supported are complex instruments that require close
alignment with the business. Due to this complexity, a key focus for the organization is establishing strong
risk management procedures and controls to ensure that the firm and our clients are properly protected.
Derivatives Operations is at the forefront of shaping and driving change in the industry with the ultimate aim
of delivering greater accuracy, control and efficiency for our clients and our business.

The organization is aligned by the following primary product areas:

• Equity Derivatives
• Credit Derivatives
• Interest Rate Products (Interest Rate Derivatives, Government Securities, Mortgages, Whole Loans)
• Foreign Exchange
• Commodities
• Loans
• Cross-Product (Collateral Management, Client Valuations, Product Data Quality, Margin Lending, Master
Agreement Risk Management, Treasury, Funding)

4. Investment Management Operations

Investment Management Operations consists of Asset Management Operations and Private Wealth
Management Operations.

Asset Management Operations supports Goldman Sachs Asset Management, which is responsible for
managing and administering the assets of major pension funds, endowments, foundations, financial
institutions, corporations and governments through customized portfolios. Asset Management Operations is
responsible for the development, service delivery and control of the investment vehicles including: equity
and fixed income securities, money market instruments and currencies, alternative investments and the
distribution of their mutual fund products.

Private Wealth Management Operations supports Private Wealth Management, which is responsible for
advising wealthy individuals on strategies to build and protect their financial assets through highly
customized advice and service. Private Wealth Management Operations is instrumental in meeting our
clients' needs and is responsible for the development, service delivery and control of global private banking;
proprietary and open architecture alternative investment vehicles; derivatives trading; bookkeeping,
accounting, performance measurement and reporting of Goldman-custodied assets and away-custodied
assets; multiple externally managed account platforms; and multiple custody services.

5. Central Teams
There are a number of central teams within Operations which perform roles that are essential to the
functioning of the division and the firm but are not directly aligned with one product or function.

Accounting Services is responsible for processing travel-related and syndicate-related expenses, facilitating
payments to outside vendors and monitoring receivables for our market-making business unit.

Brokerage, Clearing and Exchange Operations is responsible for the administration of all aspects of the
Securities Division’s Brokerage, Clearing and Exchange trading expenses (excluding Futures) including
Workflow, Accounting, and Reporting & Analytics. The team is also responsible for the continued
development of a framework to support these functions.

Global Control supports the firm by ensuring the integrity of its books and records by means of
reconciliation between the ledgers, the reporting of exceptions and collaboration with other groups on
resolution. The teams assist in the design and implementation of any new and re-engineered product flows
and compliance with regulatory rules concerning the safeguard of client assets.

GS Bank Operations is responsible for the oversight and risk management of all Bank-specific functions
within Operations including: managing service relationships through the Vendor Management Office,
monitoring and reporting of affiliate transactions, facilitating private client lending, as well as coordinating
the loan maintenance and collateral movements between lending clients and approved borrowers by GS
Agency Lending Operations.

Operations Management & Strategy works closely with senior leaders across Operations to facilitate
strategic initiatives, communications and reporting. The team is comprised of three groups: the Financial
Services group, the Leadership, Strategy & Communications group, and the Business Resilience group.

Operations Risk Management is comprised of the Business Unit Risk Management and a Divisional Risk
Assessment groups which work closely together to provide a risk management framework to ensure the
proactive identification, measurement and mitigation of operations risks. The Business Unit Risk
Management group works with line managers in implementing and maintaining departmental risk
management programs, and the Divisional Risk Assessment group coordinates the framework’s activities
across the division, with particular focus on cross-divisional risk reporting, remediation and governance.

Operations Technology Strategy solves problems where a cross-Operations technology strategy is required
and where it is advantageous to have a pan-Operations view to optimize solutions for the division as a
whole. This includes developing the approach to cross-Ops and business unit level technology strategy,
addressing high priority strategy gaps and building and risk-managing user developed applications

Operations Project Services acts as a center of project management excellence for Operations and
complements the strategy work being done in Operations Technology Strategy (OTS). OPS plans and
executes pan-Operations projects with significant risk and/or strategy implications in partnership with
project teams throughout Operations.

Regulatory & Tax Operations is responsible for working with all of the firm's businesses and other
operational groups to design and execute controls over processes, data and infrastructure for exchange, trade
and transaction, and position monitoring and reporting. Regulatory Operations is responsible for ensuring
that the firm is compliant with applicable laws and regulations and reporting accuracy for new and existing
business flows as well as implementing quality controls over data supporting these functions.

“Goldman Sachs Operations provides a unique opportunity for you to be at the center of our business
processes, working with a talented team to continuously identify ways to improve our operating efficiency
and enhance our controls. We look for bright, energetic and highly articulate individuals with a passion for
learning and teamwork. Come join a team of smart, creative people who are driven to find the best possible
solutions for the complex challenges faced in supporting our business activities around the world.”

Robin Vince, Managing Director, Head of Operations

We look for highly motivated graduates who can demonstrate outstanding achievements in academic and
extracurricular activities. A background in finance is not necessary. What we do require are creativity and
intellectual curiosity, a relentless commitment to quality and a team mindset. We look for diverse, driven
and innovative team players who have an interest in management, financial markets and business-process
design. You should be an idea generator with excellent organizational skills and a capacity for quantitative
thought and expression. You should be a problem solver, an articulate communicator and enjoy working
directly with clients.
 

What We Look For

Throughout the interviewing process, we look for several characteristics in all our candidates. We look for
individuals who can balance competition and teamwork, intensity and integrity, intellectual curiosity and
leadership potential. We’ve summarized some additional characteristics below.

 A passion for excellence: We share a determination to achieve excellence in every project we

undertake.
 Belief in the power of the group: Our environment is collaborative. We actively solicit ideas from
one another, act on consensus wherever possible, and ensure that all team members get the credit for
a job well done.
 Integrity: Trust — both personal and professional — is the heart of our business. Once you are part
of our team, we expect you to maintain the highest ethical standards and maintain fairness in
everything you do.
 Leadership: We expect team members to demonstrate leadership qualities — taking initiative to
think a problem through in a different way, going the extra mile for a client or colleague, and taking
the long-term view whenever possible.
 A desire to be challenged: We constantly work to find new and better ways of doing things for both
our clients and our firm. We look for people with motivation and a desire to be at a place where your
intellect is challenged to the fullest.
 The drive to make your mark on the world: We want to know about the ways in which you have
challenged yourself to excel, where you have served as a team leader or an active team participant,
and instances in which your innovation and creative thinking have generated successful outcomes.
To do this, you'll need a strong sense of purpose and motivation – one that you can bring to your
work every day.

How To Prepare

 View our interviewing skills module. We developed a comprehensive interviewing skills tips and
hints training feature to help you better prepare for the interview process. Launch now
  Do your homework. Before your first interview, learn as much as you can about Goldman Sachs,
the financial markets, and the areas in which we do business. The more you know about us - whether
that be by talking with alumni, professors and friends or researching us online - the more confident
you’ll be in the interview.
 Reflect on how you would answer these questions. What do I want to do? Why do I want to do it?
How can I convince someone that my past experiences will prepare me to accomplish it?
 Expand your focus beyond the classroom. While we emphasize academic achievement and rigor,
we also look for well-rounded people who have taken an active participation in the communities in
which they live. Extra-curricular activities, community involvement, and other team-based endeavors
all are excellent indicators that you have balance and know how to juggle commitments.
 Increase your awareness of the world at large. We want to know that you are engaged with the
broader context of world affairs. Global and regional macroeconomic and political activities all have
profound impacts on our business.
 Make the most of your interview. Come prepared to ask us questions. Use this as an opportunity to
find out more about Goldman Sachs and the financial services industry. Know the dress code and
wear something appropriate. Be sure to update your CV/resume and bring a copy with you. Our
recruiters, interviewers, and managers rely on this information throughout the recruitment process.
 Be yourself. This is probably the single most important way to prepare for an interview at Goldman
Sachs. We seek people who are bright, articulate, and genuine.

Everything that you've read in this section is based on the 14 business principles that guide how we do
business and conduct ourselves on a daily basis.

1. Our clients' interests always come first. Our experience shows that if we serve our clients well, our
own success will follow.

2. Our assets are our people, capital and reputation. If any of these is ever diminished, the last is the
most difficult to restore. We are dedicated to complying fully with the letter and spirit of the laws,
rules and ethical principles that govern us. Our continued success depends upon unswerving
adherence to this standard.

3. Our goal is to provide superior returns to our shareholders. Profitability is critical to achieving
superior returns, building our capital, and attracting and keeping our best people. Significant
employee stock ownership aligns the interests of our employees and our shareholders.

4. We take great pride in the professional quality of our work. We have an uncompromising
determination to achieve excellence in everything we undertake. Though we may be involved in a
wide variety and heavy volume of activity, we would, if it came to a choice, rather be best than
biggest.

5. We stress creativity and imagination in everything we do. While recognizing that the old way may
still be the best way, we constantly strive to find a better solution to a client's problems. We pride
ourselves on having pioneered many of the practices and techniques that have become standard in
the industry.

6. We make an unusual effort to identify and recruit the very best person for every job. Although our
activities are measured in billions of dollars, we select our people one by one. In a service business,
we know that without the best people, we cannot be the best firm.

7. We offer our people the opportunity to move ahead more rapidly than is possible at most other
places. Advancement depends on merit, and we have yet to find the limits to the responsibility our
best people are able to assume. For us to be successful, our men and women must reflect the
diversity of the communities and cultures in which we operate. That means we must attract, retain
and motivate people from many backgrounds and perspectives. Being diverse is not optional; it is
what we must be.
8. We stress teamwork in everything we do. While individual creativity is always encouraged, we have
found that team effort often produces the best results. We have no room for those who put their
personal interests ahead of the interests of the firm and its clients.

9. The dedication of our people to the firm and the intense effort they give their jobs are greater than
one finds in most other organizations. We think that this is an important part of our success.

10. We consider our size an asset that we try hard to preserve. We want to be big enough to undertake
the largest project that any of our clients could contemplate, yet small enough to maintain the loyalty,
the intimacy and the esprit de corps that we all treasure and that contribute greatly to our success.

11. We constantly strive to anticipate the rapidly changing needs of our clients and to develop new
services to meet those needs. We know that the world of finance will not stand still and that
complacency can lead to extinction.

12. We regularly receive confidential information as part of our normal client relationships. To breach a
confidence or to use confidential information improperly or carelessly would be unthinkable.

13. Our business is highly competitive, and we aggressively seek to expand our client relationships.
However, we must always be fair competitors and must never denigrate other firms.

14. Integrity and honesty are at the heart of our business. We expect our people to maintain high ethical
standards in everything they do, both in their work for the firm and in their personal lives.

The Goldman Sachs Group, Inc. is a global investment banking and securities firm which engages
in investment banking, securities, investment management, and other financial services primarily
with institutional clients. Goldman Sachs was founded in 1869 and is headquartered at 200 West
Street in the Lower Manhattan area of New York City, with additional offices in major international
financial centers. The firm provides mergers and acquisitions advice, underwriting services, asset
management, and prime brokerage to its clients, which include corporations, governments and
individuals. The firm also engages in proprietary trading and private equity deals, and is a primary
dealer in the United States Treasury security market. Former employees include Robert Rubin and
Henry Paulson who served as United States Secretary of the Treasury under Presidents Bill Clinton
and George W. Bush, respectively.