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Goldman Recruits New Veterans
May 31, 2012
[ by Melanie Gretchen ]
Goldman Sachs has a new wave of troops. However, rather than graduates from Harvard Business School, referrals from other employees or other firms, these interns are coming from the front lines of Iraq, Afghanistan, Japan, and Europe. They will form part of the investment bank's 8-week Veterans Internship Program, or VIP.
Doing Good. Made up of 16 veterans out of 300 applicants, the program was an effort by the firm to try to continue to prosper at the same time that it is doing a good deed, according to Edith Cooper, Head of Human Capital Management. The program was launched in part by Joe Femenia, a former Navy SEAL and a vice president in Goldman's Securities Division. To date, only one of those chosen is a woman, a young woman who spent a year learning fluent Mandarin and worked for the NSA as a crypto linguist. Others were "responsible for driving the ships in the Navy."
"These are people we'd like to have more of in the firm."
The Goldman Standard. While the military's top down command and control structure differs from Goldman's more entrepreneurial culture, "at the end of the day you're directing people. They can go through the motions or believe, give everything they've got. It's not about the literal authority," Ms. Cooper said.
At a lunch with Lloyd Blankfein, the CEO said to the interns, "After I saw what you achieved, I don't think there's a person here we wouldn't have been happy to have if you hadn't come out of the military. We're getting more out of this than you are."
Ideally, the buck won't stop there. The VIP program is being held "off-cycle" so that those offered a position will be able to join the regular summer trainee program out of the gate.
For further, go to [WSJ, 5/9/12].

