Ex-Goldman Sachs banker has this advice on getting into finance

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Getting into banking

Don't give up.

If you're thinking of applying to the Goldman Sachs analyst program but are fearful that you'll be one of 96% of people who are turned away, then take heed. You'll get nowhere by drowning your sorrows and applying to the Big Four accountancy firms instead. Success comes from positivity, making connections, and staying focused. So says Anthony Scaramucci, an ex-Goldman banker now better known for his hedge fund and philanthropic activities.

"Number one thing, life is unfair," Scaramucci says in an interview with Gawker. You might have grown up in a poor area, but don't be bitter: "End the bitterness and the disentitlement syndrome, where you’re like “I’m behind the eight ball so therefore I can’t get out," Scaramucci commands.

That done, he says you need to find yourself onto a mentoring program like Big Brothers Big Sisters in New York City or Reach Out in London. And whatever you do, avoid being tempted by the career choices and mistakes of your peer group.

Scaramucci has worked as a Big Brother Mentor for 24 years and says most people don't go on to become bankers: "I have one or two success stories, and I mostly have kids that are hitting the screen, not able or willing to break out of the sequence of events that are in their community."

Some do break out, however. Scaramucci points out that investment mogul Leon Cooperman was the son of a plumber: "Now he’s a multibillionaire. He’s giving all the money away."

Good Investment (Financial News) 

High frequency trading firm Spire Europe hired 12 people last year, increasing headcount by 60%. Profits rose 537%.

Big Background Checks in the UK (Guardian) 

Bank of England proposes new scheme compelling bankers changing jobs to produce references going back a full six years.

Secrets to Success (Daily FX) 

What separates successful traders from the rest?

Broker ‘Banter’ (Bloomberg)

ICAP brokers called themselves Big Nose and Lord LIBOR.

Deutsche Bank Cutting Here (Bloomberg) 

Deutsche Bank predicted to cut US credit and rates business, along with prime brokerage.

Jain’s Regrets (Bloomberg)

Anshu Jain just wishes he’d managed to drive Deutsche’s share price higher.

Pandit Hops on the Fintech Train (WSJ) 

Vikram Pandit, tech investor.

One Move Ahead (Bloomberg)

Morgan Stanley's head of Russian oil and gas research preemptively left the bank to work for the Russian government.

Bad Month For Hedge Funds (Financial Times) 

Hedge fund managers are not happy: collectively, they lost $78bn in August.

Blockchain Party (American Banker) 

This is the real reason banks are building proprietary blockchains.

Quote of the Day:

"That of course worries me. Every month, every week, every day,” UBS’s Andrea Orcel has concerns about the maturity of his traders. The average age is 30.

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