AWM, PWM, Private Bank Lending, Underwriter, Vice President- New York
Location: New York, New York
Type: Full Time
Internal Number: 20137625
Do you have a strong financial background, experience in underwriting or credit analysis, and are you looking for a dynamic team on which to build your career? We are seeking candidates that are highly analytical and client focused to be part of our Private Lending Underwriting team, which is responsible for the underwriting and portfolio management of structured loans to ultra-high net worth individuals.
Across Wealth Management, Goldman Sachs helps empower clients and customers around the world to reach their financial goals. Our advisor-led wealth management businesses provide financial planning, investment management, banking and comprehensive advice to a wide range of clients, including ultra-high net worth and high net worth individuals, as well as family offices, foundations and endowments, and corporations and their employees. Our consumer business provides digital solutions for customers to better spend, borrow, invest, and save. Across Wealth Management, our growth is driven by a relentless focus on our people, our clients and customers, and leading-edge technology, data and design.
Private Wealth Management (PWM)
Goldman Sachs Private Wealth Management (PWM) specializes in creating comprehensive wealth management plans for high net worth individuals and families, as well as select institutions, including foundations and endowments. PWM Teams work one-on-one with clients to advise and deliver customized strategies drawn from our deep investment experience, diverse wealth management capabilities and global reach. Our Private Wealth Advisors (PWAs) deliver an unparalleled investment platform inclusive of the full product and service offerings of Goldman Sachs and beyond, which may include tax and estate planning, philanthropic planning and private banking and lending services. As client needs evolve, this close relationship allows the team to offer complementary services and new opportunities by leveraging the resources of Goldman Sachs and beyond.
Private Lending Underwriting
Private Lending Underwriting (PLU), is primarily responsible for the underwriting of loans to GS Private Wealth Management (PWM) clients. In this capacity, PLU assesses, underwrites, documents, and monitors the credit and business risks incurred in loan transactions. The underwriting process includes a thorough analysis of the borrower's financial condition, assessment of any collateral securing the loan, identification of risks and mitigates, among other items. Types of loans underwritten include commercial real estate, GS and third-party private equity/hedge funds (including co-invest facilities), aircraft, fine art, hobby properties, private company stock, yachts, marketable securities, etc.
PLU also ensures that the underwriting standards approved by the bank are adhered to in the loan approval process, with exceptions appropriately mitigated and documented. In addition, PLU participates in various business-related initiatives, such as new product development and systems/operational enhancements.
Private Lending is a part of GS Private Bank (PB), which is a business initiative of Goldman Sachs. PLU employees are employees of Goldman Sachs Bank USA.
This is a client facing role that requires a sound risk mindset. It is transactional in nature but incorporates relationship management skills to provide our clients with customized solutions and unparalleled service.
HOW YOU WILL FULFILL YOUR POTENTIAL
Evaluate all risk and economic implications of transactions, using strong analytical and technical skills
Work closely with the Regional Lending Team to advise and develop solutions for clients that meet their needs and remain within acceptable risk parameters for the Bank
Develop and maintain a thorough understanding of the product suite offered in Private Lending. Ensure consistency in the underwriting process and with the standards prescribed in the Product Lending Guides
Document the loan structure and analysis for credit approval and file documentation purposes
Ensure that loan documentation is consistent with the approved terms and that appropriate risk ratings are assigned to each loan transaction
Confirm compliance with all covenant and collateral monitoring procedures
Ensure that loan approvals and policy exceptions are documented appropriately and that credit files are maintained in a satisfactory manner
Interact with banking regulators on an as needed basis. Provide other support of GS Bank USA's loan portfolio as requested
Foster strong communication with Regional Private Lending teams, Credit Risk Management, PWM teams, clients and GS Bank USA personnel
SKILLS & EXPERIENCE WE'RE LOOKING FOR
A Bachelor's degree (MBA preferred for a more senior role)
CPA or CFA a plus
8+ years of work experience in a financial field (mortgage or insurance underwriting is not relevant for this role)
Relevant work experience in commercial banking and/or private banking underwriting or credit roles
Key skills include detailed knowledge of financial accounting, analysis, and modeling
Excellent communication skills, both oral and written
Strong project management, multi-tasking, and work organization skills
Flexible, personable, confident, and self-motivated while focusing on being a team player
Desire to be part of a dynamic and growing business
No licensing required for this role
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., 2021. All rights reserved. Goldman Sachs is an equal employment/affirmative action employer Female/Minority/Disability/Veteran/Sexual Orientation/Gender Identity
Salary Range The expected base salary for this New York, New York, United States-based position is $115000-$270000. In addition, you may be eligible for a discretionary bonus if you are an active employee as of fiscal year-end.
Benefits Goldman Sachs is committed to providing our people with valuable and competitive benefits and wellness offerings, as it is a core part of providing a strong overall employee experience. A summary of these offerings, which are generally available to active, non-temporary, full-time and part-time US employees who work at least 20 hours per week, can be found here .