We’ve suggested before that being an MD in M&A isn’t everything it’s supposed to be – that it’s not all business class flights and exotic lounges. That, actually, working as an MD in M&A might be the sort of relentless, highly pressured role that analysts in IBD who are working 80-hour weeks expect to leave behind when they hit 29.
Now Bloomberg confirms it. The newswire has been speaking to senior investment bankers who’d hoped for a part in the $90bn SAB Miller InBev deal but have been left in the cold. The emotion is extreme. “A senior dealmaker reached on Wednesday, whose firm is not yet on the deal ticket, was near tears as he discussed the prospect of missing out,” reports Bloomberg.
Peter Hahn, a former Citi banker turned academic, tells Bloomberg that it’s tough when you’re a senior banker who’s been telling your bosses how close you are to your clients, only to find that you’re clients ignore you at the crucial moment: “…you’re not on the deal, it doesn’t look too good.” Careers can be broken by such exclusions; bonuses can be withheld. It’s not even the fees – it’s the league table positioning that matters. “A lot of them would almost do it [the deal] for free,” says Hahn.
Which jobs will really be open to you when you pass CFA Levels I, II and III?
Recruiters say the best trading jobs are no longer found in banks or hedge funds but in a new generation of trading companies.
It’s not going well for Bob Diamond.
Goldman Soars? (WSJ)
Why Goldman Sachs stock could rise by 30%.
Three new hedge funds you could maybe work for now.
Now’s the time to work in restructuring.
Active Beta: the new place to work in ETFs, just ask Goldman Sachs.
RSRCHXChange will allow asset managers to buy research notes directly from an online site.
Better As A Banker (Fusion)
How it is when you forego a career in finance: “I grew up upper middle class and my anxiety stems from the fact that I don’t necessarily have enough money to maintain the lifestyle I enjoyed growing up.”
Quote Of The Day
“Today I believe that I am being called to lead by helping to clear the field in this race so that a positive, conservative message can rise to the top of the field.”
Scott Walker puts a positive spin on his withdrawal from the Republican race.