Wednesday, April 01, 2015
When I worked briefly in an investment bank decades ago, bankers talked to God, if God made an appointment. They were name-droppers of the powerful and up-and-comers. Staff had to show the proper obeisance and tolerate their whims. Arrogance was oxygen. How the mighty have fallen. It is a never-ending lesson that power comes and goes. And, who is up today is also-ran tomorrow. Just because one has made it to the top, there is no need to walk on those beneath. I have no idea what the inside of an investment bank is like today, but it wouldn't be surprising if there is more humility -- and fear. An investment banker, for all of his financial skill, was at heart a salesman, selling ideas for deals, mergers and refinancings. Since the regulators have stepped in, it is less fun than it used to be and paychecks are smaller. No wonder bankers are leaving.