In the summer of 2020, I had the opportunity to work at Goldman Sachs in the Corporate Loan Servicing team in the core operations division. Due to the COVID-19 pandemic, the internship transitioned into a fully virtual format. Navigating through the experience via my computer in my childhood bedroom was interesting, but I believe this allowed me to be more intentional with how I worked. I made sure to connect with people at the firm and maintain close communication with my teammates and manager.
I worked with a group of interns on three projects:
- Loan Servicing Rotation Recommendation Report
- Lender Inquiry Management Transformation
- Amendment, Waiver, Ballot, and Consent (AWBC) Backlog Reduction
Loan Servicing Rotation Recommendation Report
My intern cohort and I went through team rotations to understand the loan servicing process. We understood how the various teams performed their functions, identified existing bottlenecks, and created recommendations on how their processes could be improved. In the end, we created a 6-page implementation report on how to enact change and presented our ideas to a group of vice presidents, associates, and analysts at the firm.
Lender Inquiry Management Transformation
At the firm, the Agency Servicing team manages the relationship with lenders when Goldman Sachs serves as the agent bank. The team receives high volumes of emails in their team email box – with over 100 each day. When the box becomes full, it can be difficult for the team to manage responses and identify which emails need immediate attention, and as a result, risk across the firm is greater and the team must spend hours sorting through the inbox. My intern cohort and I created an automated procedure using an Excel macro that produced a daily digest report about the status of the box. At the end of the day, the Agency Servicing team could download the email data, copy it into our daily digest Excel workbook, and hit a “calculate” button (created with the Excel macro). And just like, that a report would appear, which illustrated the number of emails in the box, the age of the emails, the categories the emails belonged to, and which analyst was responsible for the emails. This report provided a snapshot of the email box’s daily output, allowing the team to make more strategic decisions when choosing which emails to answer and mitigating risk across the firm.
AWBC Backlog Reduction
When there is a change in the credit agreement, the agreement receives an amendment, waiver, ballot, or consent (AWBC). All of these AWBC items are housed in a SharePoint for the loan servicing team to manage. Over time, the SharePoint had become full of these AWBC items and a significant backlog was created. My intern cohort and I went into the SharePoint and closed irrelevant AWBC items, reducing the backlog by 36% and also re-assigned 32% of the AWBC items to the appropriate analysts. We also created a presentation and report highlighting how the AWBC backlog could be reduced in the future and practical changes the teams could implement to promote a better workflow model.
The internship program was reduced to five-weeks because of the COVID-19 pandemic; however, in five short weeks, I learned a lot and interacted with many people. The virtual environment proved to be a challenge at times, but it also forced me to become a creative problem-solver. More than just learning about the financial services industry and loans, I learned how to reach out to people, maintain remote contact, and cultivate meaningful relationships.
To hear more about this internship experience, feel free to contact me.