Lloyd Blankfein is quite the public speaker. The CEO of Goldman Sachs gave a 40 minute, no-notes, valedictory talk to the Goldman Sachs intern class which has just been posted to YouTube. As on previous occasions, Blankfein reveals himself to be wry, self-deprecating and quite philosophical.
If you don't have 40 minutes to watch the entire Blankfein-chat, we've watched it for you. The most important thing you need to know is this: Goldman won't go for you if you come across as a rich kid with a strong sense that you were made to work there. "This is not a place that recruits entitled kids with entitlement," said Blankfein. Rising up out of adversity is a "common story [at Goldman Sachs]," he said. It, "makes the culture of the firm better."
Blankfein also reiterated his earlier message that young people now shouldn't stress too much about how their lives are going. "People at the age of everyone in this room can relax a little," he said. They can be less anxious: "It's not highly consequential if you don't get it right straight out of the dorm room." Blankfein pointed out that it doesn't matter if you haven't studied finance at university. You don't need to know how to do a discounted cash flow before you join - you can learn it in 15 minutes when you do. Youth is about becoming a "complete person" Blankfein said: it's not about fretting whether you're on precisely the right route to becoming an employee of an investment bank.
Separately, the Wall Street Journal reports that Tom Hayes, the ex-UBS trader accused of manipulating LIBOR, may plead not-guilty. Hayes has reportedly hired some big lawyers in preparation for fighting his case. However, Hayes, who was on a multi-million pound package at UBS, appears to have run out of money. The Journal says his lawyers will be paid from state legal aid funds, only available to people who have no money of their own.
State regulator who suggested there might be conflicts of interest at Goldman Sachs was terminated and escorted out the building. (DealBook)
The Economist’s ranking of MBA programmes. (Economist)
Average IPO fees are 5.7% of the money raised. Twitter will be paying 3.25%. (Bloomberg)
EY wants to hire 1,300 students and 2,400 people in total over the next year. (EY)
Brevan Howard has started a fund in New York. It is run by ex-strategists from Deutsche Bank. (Bloomberg)
Do financial mathematicians have a future. (Next-Finance)
Senior lawyer blogs about inappropriateness of red bras at work. Blog is pulled down. (Evening Standard)