OUT OF LEHMAN: Snooze you lose, schmooze you win

Networking – the very mention of this word is enough to make most people shudder. The first few months in business school taught us that having a stunning CV or a stint in Iraq just wasn’t good enough to get you shortlisted for banking interviews. We were taught the nuances of networking – start with an icebreaker (complaining about London weather – check), have an interesting story about yourself (self-deprecating humour – double check), and show enthusiasm even if you know you are going to receive a healthy measure of repetitive BS. And finally, even if the MD ends his presentation by saying, ‘There is no such thing as a stupid question’, don’t bite it.

When I stepped into Lehman as a full-time associate, I thought I was done with networking. Little did I know that I would have to endure another full month of schmoozing! As generalist associates we had to fight and find our way to a desk. Some desks were more popular than others and competition was intense. We worked on our elevator speeches, mingled with the recruiting desks over multiple cocktail sessions, mock-interviewed each other, and underwent a formal speed-dating session. I met more people at Lehman in the two-hour speed dating session than I ever did over 10 weeks of my summer internship.

Without doubt, the recruitment season in business school and the one month of networking at Lehman were the most stressful experiences of my life. But it turned out to be a blessing in disguise. I was on the top of my game when I was laid off by Lehman. I could interview any time, impress anyone with my charming stories, and needed less than three floors in an elevator journey to secure an interview call. Given my peculiar profile (euphemistic reference to lack of relevant experience), networking stood by me when headhunters failed to help.

On the morning of 15 September I sent out an SOS message to my closest friends. Without blinking twice, I shamelessly sent out my CV to everyone in my contact book. I dug through the alumni network at business school, sought help from my professors and career services team, updated my profile on LinkedIn, wrote to my ex-colleagues, called my mentors at Lehman, and met bankers with whom I interviewed on campus – I basically didn’t leave any stone unturned.

In some ways, the high-profile bankruptcy worked to my advantage. Maybe if I had worked in a boutique investment bank that went belly up, nobody would have even noticed. The extensive media coverage helped to carry my message across.

Did it work? Eventually yes, but I spent close to a month biting my nails off wondering when and from where my next break would come. It finally appeared through a classmate of mine.

Very soon, I will be taking up a contract position in a capital markets middle-office desk. Certainly not my dream job, but it will help me keep my foot in the door, and give me the time and cash flows to keep looking for one. I will live to fight another day.

Comments (21)
  1. You’re the king of the world, congratulations on your networking prowess Anon :-) Keep up the good work champ! You’re the best. You’re the one. You’ve got it all lined up!

  2. Cmon fellas..leave the young lad alone..he has done very well and will no doubt be shamelessly networking at a “drink up ” near to you as soon as his contract is up..looking forward to the weather reference and the self deprecating humour..always a winner with me !!

  3. obviously not very good whilst at Lehman – we’ve just got 2009 / 2010 contracts with a 25% increase in salary and guaranteed bonus (i’m in MO)..so whilst your contact list may be extensive…your common sense isn’t…

  4. kudos for your tenacity and shameless networking, but big minus for your timing.
    Middle office = game over.

  5. Yup, your networking has helped you secure a short term job in middle office. Now that’s a winning network.

    Idiot.

  6. Lets hope that the manager of this “middle office desk ” doesnt read this site and put two and two together eh? Might have to dust down the networking skills again

  7. still@lehman….you sound like just the sort that Lehman likes/d..egotistical, economic with the truth and frankly delusional ..you prawn !!

  8. ok, that sounds embarrasing and desperate

  9. important thing is to stay in the game. if you’re FO material, shouldn’t be hard to transfer MO->FO.

  10. This is a truly inspirational story. Network, network, and then network some more for success. Practice those elevator speeches and dinner conversations. Brush up the schmoozing and banter. I’m going to work hard to learn these skills now if it will help me achieve my goal of landing a much-coveted internship.

  11. You’re my hero. Its stories like that, that help me get out of bed in the morning. Keep trucking!

  12. to still@lehman – the situation with the unwind and PwC is a middle office person wet dream. so good for you – for front-office or technology people though despite the riches it’s a dead end.

  13. Beggars can’t be choosers. Taking the MO job makes sense in this market. To all you cocky bums who commented negatively, don’t hold your breath, you might be the next ones to go…

  14. Why so much insult that someone said he networked hard and got himself a job that makes him still earn a decent income?

    So much mouthful from some moronic haterz who are still struggling to come to terms with the fact that they are underachievers.

  15. well done…
    to those who think MO = game over, its just ignorance….
    im sure if u display the same determination, when good times are back and telent needed, ull find ur way….
    congrats!

  16. leave him alone you sad gits who strike at anyone who tries to find work in a very difficult market……be thankful your not in the same boat..

  17. Nice one, at least you have a job! No one will look down on you for swallowing your pride and taking a middle-office job. In fact I think it is quite impressive to be willing to do that, as holding out for a fo position in this market is a very illogical step.
    To all those people undermining this person, if you were made redundant in this market do you honestly think you would stand a good chance of getting another fo job?

  18. Ignore these other fools. They have no game.

    Stay up playa.

  19. You are the perfect example of run-of-the-mill cannon fodder in recycling mode. late 20s, early 30s, on a downward career spiral that spits you out in 8 years time when the next generation of associates goes through their “cycle” and you finally leave banking with you tail between your legs and 8 years worth of siltch in your savings account.
    DUDE! This was your wake up call – albeit forced upon you – to check on the direction in your professional life. Of course you missed your chance to break out of this sad story. Instead all you could think about is networking your way into the next lower level of mediocracy. If that is what you went to BSchool for they should revoke your MBA. Your intellectual potential (I give you that, as I assume you are not Havard) is paired with the aspirations of a council housing mother.
    To your defense, you are not alone. There are enough lemings out there thinking just like you – with or without networking talent.

    Your major contribution to this world is paying rent for a dingy little place in South Kensington.

  20. MO baller……you spit it like you got game, but you aint got none.

    Sit down fool!

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