In banking terms, Lloyd Blankfein is laid back and thoughtful. He likes to lie on the couch at weekends. Under his tenure, Goldman Sachs is a flexible, non-goal orientated place to work. He likes to tell jokes. He advises students to set about becoming interesting and ‘complete’ people whilst letting providence take care of the rest.
Gary Cohn is very different. While Lloyd is out there preaching self discovery, Cohn is all about work ethic. In a new podcast posted on Goldman Sachs‘ website, Cohn says hard work is the differentiating factor. “The one thing you realize if you’re going to be successful—no matter where you grew up, no matter what your educational level is, A.) You can succeed, but B.) The only way you’re going to succeed is by outworking everyone else,” says Cohn. This is the advice he reportedly imparts to his three daughters. Blankfein, by contrast, has said that he encourages his two sons and one daughter to become complete people and take one step at a time. If Cohn replaces Blankfein as CEO of Goldman Sachs, the culture at the firm could change a lot.
Separately, the Financial Times has unearthed a 30 year-old investment analyst who’s prepared to work like a dog. The pseudonymous, ‘Mr Smith’, told the paper he pops a dose of prescription drug Vyvanse to help him focus. ” Honestly, I love my job and I wish I could do even more work,” he added.
J.P. Morgan is suing six former employees who moved to Morgan Stanley for misappropriating trade secrets and breaching their duty of loyalty. (Bloomberg)
London-based credit strategist Abel Elizalde has resigned from Citigroup to take up a role at Goldman Sachs. (Bloomberg)
28 year-old compliance manager loves his job. “There’s definitely no shortage of opportunity,” he says. “You’re usually involved with all the big dogs in the company. Your visibility is huge.” (Bloomberg)
Standard Chartered will be shifting power to regional hubs, like Singapore. (BusinessTimes)
Commerzbank just hired VTB’s former head of credit and hybrids trading. (Global Capital)
Why this is a good time to work for an M&A boutique. (WSJ)
Hedge fund parties aren’t what they were. And hedge fund fees have declined; they are now 1.54 percent of total asset value plus 17.73 percent of returns, compared with the “2+20” typical before the crisis. (Reuters)
A new model for valuing bonds.(Wharton)
How happiness in your 20s differs from happiness in your 40s. (Wharton)
More ex-military personnel will be off to J.P. Morgan. (CityAm)
Greek hedge fund manager living in Ireland advises against giving any more money to his countrymen. (Bloomberg)
Man refused job as his IQ is too high. (ABC News)