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Morning Coffee: When you’re 40 years-old and Goldman Sachs REALLY wants you. When stupid people go into banking

Marty Chavez

Gary Cohn calling

How is it when Goldman Sachs decides that it has to have you? – Not that it would quite like to recruit you on account of your exceptional academics and multiple internships, but that it has an existential yearning for you? Ask 51 year-old R. Martin Chavez, Goldman’s chief information officer since the end of 2013.

Business Insider has a detailed exposé of ‘Marty’s’ person and career. We learn that he’s gay and has ‘tattoo sleeves.’ He’s married to a British physicist and has a young son. He graduated magna cum laude from Harvard with a degree in biochemistry, took a masters in computer in science followed by a PhD in information services at Stanford. We learn that he’s a really nice guy who’s ‘impossible to dislike,’ that he gets on with everyone and was one of Goldman’s first openly gay employees.

Most of all though, we learn what happens when Goldman Sachs sets its heart on hiring you. In 2005, Goldman COO Gary Cohn is said to have personally called Chavez, then aged 40, and said, “I was just calling to share with you that you’re coming back.” Chavez, who had worked for Goldman for four years in the 1990s, dutifully returned. One year later, he was promoted to partner and seven years later he became CIO – a role with responsibility for 9,000 Goldman employees. As Business Insider points out, Chavez is the most important Goldman executive you’ve never heard of. He’s also living proof that finance careers really can begin at 40.

Separately, the Sunday Times disclosed that parodic comedy character ‘Tim Nice But Dim,’ played by Harry Enfield, is based upon the sorts of intellectually enfeebled people who got banking jobs in the past. Writer Nick Newman said Tim was inspired by fellow pupils at Ardingly College, Sussex, who always seemed to land on their feet: “They all ended up going to the City to do jobs they didn’t understand, yet ended up making oodles of money.” Today the barrier has been set considerably higher. 

Meanwhile:

Children from wealthier families but with less academic ability are 35% more likely to become high earners than their more gifted counterparts from poor families. (Guardian)

78 year-old starts hedge fund. (WSJ) 

Credit Suisse confirms that it won’t be making many cuts at its investment bank in Asia. (SCMP) 

David Wyles, European co-head of Greenhill’s advisory business, has just been named co-president of the whole firm. (Financial News) 

The Odey European fund, run by Crispin Odey, the billionaire financier, is the third-worst performing hedge fund of 2015, down 14.8% to mid-July. (Financial Times)

Anshu Jain didn’t mislead investors about LIBOR after all. (WSJ)

Workplace hostility is contagious. (NY Mag) 

The head of Credit Suisse asset management held a ‘subterranean disco party.’ (Business Insider) 

Why you should be boring at work.(Fast Company)

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