☰ Menu eFinancialCareers

Late Lunchtime Links: The foolish men who decided to be bankers rather than work for Facebook

Facebook

We’ve said it before but the Facebook IPO makes it worth reiterating: investment banking is a career for the risk averse. Far more money is to be made elsewhere.  In some cases, pursuit of the investment banking dream will damage your wealth.

Hence, Eduardo Saverin failed to become even richer than he’s going to be from today’s Facebook IPO because he chose to spend the crucial summer interning at Lehman in New York rather than following Mark Zuckerberg to California. Nor was he the only one. Poets and Quants points to Joe Jackson, a current Harvard MBA who decided to spend a summer interning at JPMorgan instead of coding for Facebook. Like Zuckerberg, Jackson is 28. Unlike Zuckerberg he is not a billionaire, or a millionaire even. “I completely missed the boat,” he admits.

Meanwhile:

Nepotism at JPMorgan: The risk manager in charge of the CIO had little experience and was the brother in law of the ex-chief risk officer. (Wall Street Journal) 

When Mr. Dimon saw the numbers, these people say, he couldn’t breathe. He couldn’t sleep and got up early to exercise before work. (Wall Street Journal again) 

Bischoff: “I’m a great fan of Jamie Dimon. But my concern is if it can happen to JP Morgan, which has such a good risk culture, it could happen to anyone.” (Guardian) 

“I’ve been through this exercise a few times, and I can’t make the numbers make sense,” said one credit index expert, trying to make sense of what’s going on at JPMorgan.” (Reuters) 

Strangely, JPMorgan’s counterparties aren’t making a profit. (Zerohedge) 

Questions you may wish to ask to establish whether you really want to work somewhere. (Harvard Business Review) 

Visualising the Facebook IPO. (Flowing Data) 

Comments (0)

Comments

The comment is under moderation. It will appear shortly.

React

Screen Name

Email

Consult our community guidelines here