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Morning Coffee: 47 year-old Goldman partner’s secret to a successful global career. Pay rise at Morgan Stanley

Jim Esposito

Put yourself in the right place at the right time

If you aspire to become a successful banker with the sort of career that spans both decades and continents and entails becoming partner at Goldman Sachs, James Esposito is possibly your role model.

Head of the London financing group at Goldman Sachs, Esposito is American by birth. He joined Goldman in NYC in 1995 and transitioned smoothly to managing director in 2002 and partner in 2006. Even though the average tenure for Goldman partners is just eight years, Esposito has been a partner ever since. What’s his secret? ‘Positioning.’

In an interview with Financial News, Esposito says he moved to Europe in 2011 in preparation for the market’s growth. European capital markets are in the grips of a process of ‘disintermediation’ – “Europe has embarked on a journey away from a credit-extension model dominated by commercial banks towards one in which the public capital markets play a much bigger role,” Esposito explains. Moreover, he says Goldman makes a point of moving its senior people to locations where they can get ahead of a growth curve and “have the biggest impact on our client franchise.”

Put simply, therefore, an Esposito-style successful global banking career involves getting into a new market just before it takes off and riding it when it does. When you’re starting out, familial support is probably a help too: Esposito’s father was the former CFO of Chase Manhattan.

Separately, it looks a little like Morgan Stanley has increased pay after its very good second quarter. The Financial Times points out that pay and benefits across Morgan Stanley were up 5% as a result of a ‘push for revenues.’ This looks like good news, but looks can be deceiving. Last time Morgan Stanley’s pay seemed to have increased, it was simply the case that the bank was booking bonus payments sooner than previously.  

Meanwhile:

Goldman partner offers advice to women in finance: Don’t try to conform. (Glass Hammer) 

Morgan Stanley’s equities revenues were $2.27bn in Q2. Goldman’s were $2bn. (Reuters)

Morgan Stanley stock has more than doubled in the last 2.5 years. (Bloomberg) 

In crisis markets, you’re better off joining a small hedge fund. (City Am)

Barclays has hired two senior energy traders. (Reuters)

Barclays has no plans to cut 30,000 jobs. It just has plans to cut 20,000. (Reuters)

It’s ok, human traders are beating machines. (WSJ) 

Rates traders and salespeople are being hired again. (Financial News) 

Will the FCA’s 10 year bonus clawbacks disappear along with Martin Wheatley? (Financial Times) 

Some compliance staff are getting 30% pay rises. (Bloomberg) 

There is a secret salary sharing spreadsheet owned by employees at Google. (QZ)

Where people move to when they move out of London. (CityAm) 

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