~~ sales ^ trading
basic question cutting through all the categories in the big ADP post —
Q: is compensation PnL-based [trading] or [sales] transaction fee?
GS and other trading houses have 2 big departments – sales vs trading.
– “Sales” means brokers, bringing in customer orders. They probably hand the order to agency traders
– “trading” includes dealership, prop trading, and perhaps agency trading.
GS makes tons of money in 1) agency trading esp. block trades, 2) dealership and 3) prop trading.
keep learning 活到老学到老 