Do you have an investment banking obsession? Especially those of you still in college, do you spend every waking moment angling for a job in investment banking? Does the networking utility of those with whom you interact play a part in whether or not you'll become friends? Do you have a Chinese mother?
Okay, that last question may seem a little off the wall for those who haven't read the commentary in this weekend's Journal. But David Weidner at Bloomberg took it a step further and analyzed the drive to achieve on Wall Street, a drive top investment bankers possess almost to the exclusion of every other social skill. He gives the examples of Lloyd Blankfein, Jamie Dimon, and Henry Kravis - mostly dour guys focused on only one thing: money.
If you're not on Wall Street yet, you'd better decide if you have the same investment banking obsession. You may not encounter it to the extreme degree at the lower levels (then again, you just might), but you'll definitely see it in upper management.
[backcolor=rgb(248, 248, 248) !important]Like Chinese children, it isn’t enough for Wall Street types to be good at their business; they have to be No. 1. If they’re not or they protest, they’re “garbage,” as Chua once told her daughter. If a banker who falls short isn’t humiliated by his or her bosses, you can bet that competitors are trashing them.
Under this kind of pressure, it’s no wonder competition is so intense, and no surprise that many on Wall Street are surprised and belligerent when challenged about their practices and pay. Reward, after all, isn’t just the measuring stick; it is the validation of superiority.
Now, it's important to note that many people on Wall Street have what we here on WSO would consider decent work/life balance. They maintain healthy relationships outside work, and some even have families. But, let's face it, if you're obsessed with being #1, all that stuff has to take a back seat. And there can be only one #1.
I look back to my own start on the Street and how ruthless my obsession with success was. The guys I started with had never experienced anything like me. I cannibalized an entire 30-man training class until it was only myself and one other guy after four months. I half expect the majority of the guys I drove out of the business went on to rewarding careers outside of finance. Maybe they were the lucky ones. Those of you who've read the Playboy article know that I wasn't even above dumpster diving in my lust to succeed (and, to be fair, to destroy those who stood in my way).
Are you that obsessed with investment banking? I'm talking mostly to the guys who aren't in afront office role yet. Where do you draw the line? If you were at an interview and an MD told you he lost his Rolex in the dumpster and if you found it for him you could have an internship, would you take off your coat and dive in? Would you throw a friend under the bus for the sake of a bonus?
Just how ruthless are you? And for the guys who've been on the Street awhile, have you become more or less obsessed with success as time has gone by?