Morning Coffee: Sales trader with phenomenal work ethic dies aged 51. Goldman bankers work for free
You might think you're devoted to your work, but Kevin Swain - a former partner and institutional sales trader at BTIG LLC in New Jersey - would almost certainly have put you to shame.
Bloomberg reports that Swain, who tragically died of a heart attack aged just 51 last weekend, had a work ethic to rival that of the most diligent junior in M&A. “He never wanted to be off the desk,” Swain's boss told Bloomberg, adding that the trader would wear his headset so as to remain 'tethered to clients' throughout the day - even when visiting the lavatory or leaving the building to put money in the parking meter. “He had a saying that he had no time for friends. But his clients were his friends and his friends were his clients,” Swain's boss added.
Swain's trading career began at Lehman Brothers in 1991. Over 25 years, he worked for Lehman, Cantor Fitzgerald, Jefferies and BBG - and, despite having no time for friends married and had seven children. It's not clear whether Swain spent his whole career 'tethered' to the desk. Nor is it clear that Swain's relentlessly hard work in latter years contributed to his untimely demise. - He was health-conscious too and had an 'inversion desk' from which Bloomberg says he would, 'sometimes execute trades while hanging upside down.'
Separately, if you're a valued client then Goldman Sachs M&A bankers will give you advice for free. The Financial Times reports that some of Goldman's most senior investment bankers in Europe, including Michael Sherwood and Anthony Gutman, gave retail magnate Philip Green "intermittent" advice over a two month period on the sale of troubled retail chain BHS. For this, they charged Green nothing at all.
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