What Lloyd Blankfein told Goldman interns about contemporary banking careers
Lloyd Blankfein is not just CEO of Goldman Sachs. He is also a careers counsellor and Goldman’s philosopher-in-chief. At least this is what we deduce from his increasingly frequent ‘careers chats’.
The most recent of these has just been posted to Goldman’s website and involves Lloyd expounding upon his own career and the way to get ahead in the finance industry. If you don’t have the time to watch the full 24 minutes, we’ve distilled this latest session into three key takeaways.
Firstly, Blankfein said you must not fear change. The finance industry has always been through change, it is nothing new. The people who succeed will be those who are, “flexible and nimble,” – who know the business and the process rather than a particular product and its execution.
Secondly, Blankfein said you must not be rampantly ambitious. Live in the moment and do what you’re doing well – don’t always be thinking of the job you’ll be doing next. “Don’t see the with the ambition to get into your next job you’ll make nervous as hell and you’ll kill yourself,” said Blankfein.
Thirdly, Blankfein said you must, “make yourself coachable.” Make yourself, “the kind of person that people want to help… Don’t be too defensive, be open to criticism.”
During the course of the 24 minutes, Blankfein also revealed that he new nothing about what an investment bank did when he first began working for Goldman Sachs and that the first thing he does each morning is reach into the fridge and eat cold leftovers from the night before.
Gushing Interns (eFinancialCareers)
Behold, the unbridled enthusiasm of this year’s interns at Goldman Sachs and Morgan Stanley.
Blank Refusal (eFinancialCareers)
Junior banker questions the need to work weekends, is quietly let go shortly afterwards.
Cheeky Trader Turns Chef (Bloomberg)
Seth Levine, a then 29-year old trader at Goldman Sachs in New York, quit trading after leaving work and coming across an unusually queue of people. Levine joined the queue, which was filled with people auditioning for reality TV programme ‘Hell’s Kitchen’. He got the part, left Goldman, and six years later has just opened a restaurant in London.
Nomura Layoffs (Bloomberg)
Nomura’s layoffs include: Shaz Amir, who traded credit derivatives and junk bonds; Karan Anand, a high-yield bond trader; and analysts Duncan Lake and Bilal Khan.
Citi Derivatives Hire (Reuters)
Citigroup has hired Stephen Roti from Nomura to be the bank’s global head of corporate equity derivatives.
Buffett Shuns Bankers (Business Insider)
Upset as Warren Buffett isn’t using any investment bankers on his $235-a-share, $37 billion deal to buy Precision Castparts, announced Monday morning.
Industrial Strength (WSJ)
Why you want to work for Credit Suisse’s industrial group.
Compliance Crackdown at Standard Chartered (Financial Times)
Standard Chartered has hired Steve Munro to head its sanctions compliance and David Clark to lead surveillance analysis of its financial crime compliance division. Both join from GE Capital.
Commodities Struggles (Telegraph)
Senior partners are leaving commodities focused Armajaro Asset Management which is struggling after losing money. Meanwhile, Commodities trading firm Noble Group is making 16% of its staff redundant.
The moon influences stock trading. (SSRN)
Hard Worker, Hard Drinker (Slate)
The harder you work, the more you drink.
Quote of the Day:
"Dealing with major CEOs on the floor of the New York Stock Exchange every day and multi-multimillionaires who expect things certain ways, Gordon was a little puppy dog compared to the people I worked with. So when he yelled and fire came out of his ears, it was like a little puppy dog,” Gordon Ramsey, the puppy dog.