Late Lunchtime Links: Secret 'golden pitchbook' gets public airing

eFC logo
Golden pitchbook

The secret of high pressure sales

A top secret 'golden pitchbook' dating back to Bear Stearns circa 1980 has surfaced on Buzzfeed. It is not a pitchbook in the M&A all-nighter sense of the term. It is a pitchbook in the sense of selling securities to retail clients - although it could equally be applied to selling anything to anyone, anywhere. Fundamentally, it is a golden sales manual.

Buzzfeed cites anonymous sources who say that in its heyday, the pitchbook was used as a gift to reward junior brokers: "Once they had it, they used it all the time," says the source.

The fabled pitchbook ended up in the hands of Anastasios “Tommy” Belesis and colleagues at U.S. brokerage house John Thomas Financial Inc. Earlier this year, Belesis was charged with fraud by the U.S SEC. This was not related to the pitchbook, however.

Among other things, the pitchbook advocates that people selling securities....

  • Pitch to the decision maker - It's not worth trying to sell to the wife of a client of she doesn't make the investment decisions (in the sexist words of the book - 'Don't pitch the bitch').
  • Slap a client down before building them back up - If someone won't buy from you, try subtly belittling them before building them back up with feigned concern.

  • Emphasise that they have the clients' long term interests at heart - Explain that you want to make them money long term. If they don't love you now, they're going to love you in six months. This is all about helping them out.
  • Suggest that all their other clients are very rich and intelligent - Say things like, "My firm has turned the average investor into millionaires and the millionaires into multi-millionaires."
  • Tell clients that if they don't buy now the opportunity will be gone - This buying opportunity is about 'now'. Tomorrow, later, it will be gone.


The European Union is now defining anyone with a bonus of €75k or more, which is worth at least 75% of their salary, as a member of code staff, and therefore capping their bonus as a proportion of fixed pay. (Financial Times)

The US may cap bonuses next. (Here is the City)

Ex-Deutsche Bank commodities traders set up an energy company which man hire 125 people in two years. (Huffington Post) 

Dutch trading firm TOM may soon be expanding in London. (Amsterdam Trader) 

Matt Todd, a hedge fund salesman at Och Ziff, has left. (Financial News) 

Product manager at Citigroup and mother, says she effectively works from 5.45am to 10.45pm. (Telegraph)  

Philippe Lamberts says bankers are making an unnecessary fuss about the new definition of regulated staff. (Bloomberg) 

He’s the best I’ve ever seen,” says large JPMorgan shareholder - of Dimon. (Bloomberg) 

The top 10 institutional shareholders at JPMorgan. (SenseonCents)