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Morning Coffee: 21 year-old intern’s embarrassing approach to senior banker. Bad news at BofA

investment banking internship

Don't ask this question during your internship

You’re a month into your summer internship in an investment bank. You’re tired, you’re crumpled, you’re starting to wonder why you didn’t just go to a beach. And then you’re given a chance that could make or break your future in finance. You get to hang out with the CEO. – You get to ask a question that could forge a career-defining memory in a man who controls the destiny of you and all the other neophytes. Whatever you say, don’t make it, “What drives your inspiration to be such a successful person?”

According to Business Insider, this is precisely what one sycophantic intern at Morgan Stanley asked CEO James Gorman. Gorman has reportedly been holding informal intern chat sessions in his, “clean, elegant…very cool” office on the 41st floor of Morgan Stanley’s building in midtown Manhattan. Gorman has reportedly done his homework on the interns who come in, and questions them personally on their studies and extracurricular activities. Most of the interns, in turn, question Gorman about his family and interests. One of them, however, attempted to flatter Gorman with the question above. He was having none of it and reportedly said, “I don’t know, that’s a really deep question. I don’t think I can really answer that. Alright let’s go to the next one.'”

Separately, the New York Times has some bad news for anyone at Bank of America who was hoping that Tom Montag might one day replace Brian Moynihan as chief executive of Bank of America. He won’t. The NYT suggests the two men don’t even get on that well. The most likely replacement for for Moynihan is not Montag, head of the investment bank, but Dean Athanasia, co-head of consumer banking, at BofA.

Meanwhile:

Sales and trading interns bemoan lack of time for using toilets. (Business Insider)  

Tom Montag says Brian Moynihan is not unlike Lloyd Blankfein. (New York Times) 

Barclays shareholders don’t want finance director Trushar Morzaria to become CEO. (Sky) 

It’s not a good time to work in BP’s oil trading unit. (Chicago Tribune) 

Credit Suisse has been hiring financial sponsors bankers from Greenhill and Morgan Stanley. (Bloomberg) 

Barclays hired this healthcare banker from Morgan Stanley. (Reuters) 

26 year-old who was earning $20k as a waiter studies coding course, earns $100k. (NY Times) 

42% of people passed CFA Level I, 46% passed CFA Level II, same as last June. (Bloomberg) 

You won’t earn more money in finance with an MBA. (The Tally)

You don’t need to quit banking and go to Silicon Valley – just join Goldman Sachs, which is becoming a major tech investor. (Bloomberg)

(Photo credit: Noella)

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