In banking terms, Lloyd Blankfein is laid back and thoughtful. He likes to lie on the couch at weekends. Under his tenure, Goldman Sachs is a flexible, non-goal orientated place to work. He likes to tell jokes. He advises students to set about becoming interesting and ‘complete’ people whilst letting providence take care of the rest.
Gary Cohn is very different. While Lloyd is out there preaching self discovery, Cohn is all about work ethic. In a new podcast posted on Goldman Sachs‘ website, Cohn says hard work is the differentiating factor. “The one thing you realize if you’re going to be successful—no matter where you grew up, no matter what your educational level is, A.) You can succeed, but B.) The only way you’re going to succeed is by outworking everyone else,” says Cohn.
This is the advice he reportedly imparts to his three daughters. Blankfein, by contrast, has said that he encourages his two sons and one daughter to become complete people and take one step at a time. If Cohn replaces Blankfein as CEO of Goldman Sachs, the culture at the firm could change a lot.
The Future of Investment Banking (eFinancialCareers)
Investment banks will be hiring nicer people not motivated by money, but eventually replacing them with computers anyway.
The Lure of Goldman Sachs (eFinancialCareers)
Goldman Sachs has been building its markets business and poaching from its competitors.
If I Could Work Longer, I Would (Financial Times)
The new drug among young analysts is ‘Vyvanse’, which allows you to be “hyper-focused” on your work. There are side-effects.
Breaking The Bond (Bloomberg)
J.P. Morgan is suing six former employees who moved to Morgan Stanley for misappropriating trade secrets and breaching their duty of loyalty.
Winters is Coming (Business Times)
One of the first moves of new Standard Chartered CEO Bill Winters will be to shift the power to regional hubs like Singapore.
More Power to the Boutiques (WSJ)
M&A activity is on the up, and boutiques are benefiting.
We’ll Give You a Discount (Reuters)
Hedge fund parties aren’t what they were. And hedge fund fees have declined; they are now 1.54 percent of total asset value plus 17.73 percent of returns, compared with the “2+20″ typical before the crisis
The Pursuit of Happiness (Wharton)
Happy people in their 20s feel very different from happy people in their 40s.
Veterans in the UK (CityAM)