The logo of car-sharing service app Uber on a smartphone over a reserved lane for taxis in a street is seen in this photo illustration taken in Madrid on December 10, 2014. Reuters/Sergio Perez
Three mid-level bankers in Goldman Sachs Group Inc’s (GS.N) technology investment banking group in San Francisco have left to take positions at ride service company Uber Technologies Inc in recent months, people familiar with the matter told Reuters.
The bankers are the latest to leave Wall Street banks for Silicon Valley startups, where the lure of more flexible hours – and in some cases stock options and share grants – can be hard to resist. For tech companies, having bankers on staff can help smooth the path to an initial public offering and other capital raisings.
Uber, currently valued at around $51 billion, said in August that it expected an IPO within 18 to 24 months. It has already raised $7.4 billion from multiple financing rounds, and is the biggest so-called “unicorn” – the term for privately held tech startups worth $1 billion or more – that has yet to go public.
Goldman does not disclose attrition figures, but it has lost enough employees to startups, private equity firms, and other companies in recent years that it announced earlier this month a series of changes designed to help it retain more junior employees at the analyst and associate level, including promoting them faster. It has also set up a…