So who were the infamous 13 Goldman Sachs disciples who caused one of the biggest revolts on Wall Street earlier this year? Turns out the son of TPG Capital Vice Chairman Jonathan Coslet was one of the ringleaders behind the now viral PowerPoint presentation.
The leaked slides, complained of “inhumane” treatment and 95-hour work weeks that left analysts little time to eat, sleep and shower and damaged their physical/mental health. The reverberations from the slideshow were felt across the financial industry. Over the next few months nearly all banks gave analysts handsome raises and Goldman boosted 1st year base pay to $110k from $85k.
Joey Coslet is definitely a strange messenger for the Analyst Lives Matter movement. TPG, the $108 billion private equity fund where his father is vice chairman, probably is the one place on earth, which has worse work conditions than Goldman Sachs. Just ask fellow PE firm, Apollo where Associates were given $200k bonuses just to stick around.
If you hadn't guessed by now, Coslet, 23, has a classic Chad background: studied at Wharton, interned at Goldman and TPG before joining Goldman TMT, where he still works.
Short Squeez Takeaway: Jokes aside we should all be thankful to Joey Coslet and his 12 homies. If you are an IB or PE analyst/associate, you likely got a raise because they complained so passionately.
Last May the elder Coslet posted on his Facebook: "So excited you will be working just a block away from my office. Lots of lunches, if they let you out of work :)" Let's add this to the list of worst aging posts of all time.