OUT OF LEHMAN: "I thought it was my dream come true"
A fat sign-on bonus and a contract to join one of the world's most prestigious investment banks - what do you call that, a sweet deal or a passport to hell? A year ago, as a first-year business school graduate, I thought it was my dream come true.
In June 07, I started my 10-week summer internship at Lehman Brothers in their capital markets division. On the penultimate day of my internship, I was offered a contract to join the firm as an associate in August 2008. For two long years I had dreamt of this. The path to that moment had been arduous. I quit my comfortable job in Citigroup Consumer Banking, worked hard to get into business school, networked my way into Lehman, and there it was, the contract that I thought would put me on the path to success.
Here I am, a year later, sitting at home jobless, with a huge student loan on my head and staring at a paused image of a train wreck in slow motion!
Having been a banker, albeit for less than two months, I am here to share some of my unbiased views on the industry and its strange affinity for business school students. To kick-start this series, let me talk about the most controversial topic - money.
Bankers' salaries are an easy target for criticism. Given that I am not a banker any more, I am tempted to join the crowd of critics. However, if there is one reason why bankers should be paid more, it is because of the risk. Not the risk they take in making money, but in having to work every day with the fear of maybe losing their job the very next day. I was called on the phone on a Friday evening and told, don't bother coming into the office on Monday. No prior intimation, no heart-to-heart talk, no severance pay, and not even a simple thank you.
When things go bad, bankers are the first lot to lose their jobs. Main Street comes next. It doesn't make sense if the bankers are paid the same as MBAs working for M&S. Only when the crisis hits the Main Street do people start comparing their salaries with bankers. Little do they realise that by the time they feel the pinch, the bankers have had to sit through root canal work.
Last year, I could have very well said no to the fat pay/sign-on bonus and opted for a general management job in industry. But I took the bait (primarily because I really wanted to work in banking) and joined Lehman five weeks before it filed for bankruptcy. Unlucky for sure, but I was paid the price for taking this risk.
Next week - If you don't see the light it means the train is behind you.
