Bankers That Stand Out
We probably want to work in IBD hoping we last the hours; work on interesting deals with high profile clients and then hope to become a rainmaker for the investment bank in the future. One such example is Michael Grimes who is working on the IPO of FB. When I read articles like this it renews my reasons for wanting to get into IBD.
he quietly networked, visiting venture capitalists, entrepreneurs and engineers.
building a reputation as a banker who offered personalized service, industry understanding and a distinct strategy.
What do you think the key to success is the long term in investment banking (other then surviving the long hours!)? Do you think networking is the number 1 factor to success?
I have seen time and time again that several people from ‘non-typical’ backgrounds go further then maybe people from the traditional Ivy League universities with a GPA 4.0 and Finance degree (not to say that people with traditional backgrounds don't do well!). Do you think this is true and will it last in the long term?
What other bankers have stood out for you?
Check Out This Article Here: http://dealbook.nytimes.com/2012/05/08/morgan-stan...






Baller. Good find.
Baller. Good find.
Wow 7-12 mil a year in comp?
Wow 7-12 mil a year in comp? The guy is making more money than Blankfein...
-MBP
People skills. If your MD has
People skills. If your MD has good relationships with the players in his industry, then he will get the mandate. For all the posturing bankers do, having Credit Suisse or Goldman manage your merger will not make a major difference. If the product is the same, and the cost is similar, the management will choose the banker they like. You would assume that all senior bankers are sociable, but 10+ years working those hours can really change a person.
how u luv that
how u luv that
Gene Sykes comes to mind
Gene Sykes comes to mind
I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.
Another great article
Another great article featuring Grimes, but more broadly in terms of the battle between Goldman and Morgan Stanley over the Facebook IPO. Definitely a very fascinating look behind the scenes especially for analysts who are usually stuck in the numbers.
http://www.businessinsider.com/morgan-stanley-gold...
Other great bankers include
Other great bankers include Frank Quattrone (TMT), Gary Parr (FIG), Nancy Peretsman (TMT), Jimmy Lee (LevFin), Doug Braunstein (M&A), Ken Moelis (M&T), Paul Stefanick (GIG), Joe Perella (M&A), Doug Petno (NRG), Andrea Orcel (FIG), Boon Sim (M&A), Roger Altman (M&A) et al... There are literally too many to name.
Grimes is great but he really matured into a top banker in the past few years, after winning Facebook, Groupon and LinkedIn. A few years ago, guys like Quattrone, Boutros and Meeker (who isn't a banker anymore) kind of dominated the tech realm. And although IPOs are somewhat sensational and beloved by media, M&A deals are more lucrative since it is a much higher-margin business. Thus, M&A greats like Rob Greenhill, Felix Rohatyn, Bruce Wasserstein and Jack Levy are so legendary. Even many private equity whizzes were former star bankers (i.e. Steve Schwarzman was a young M&A Head before he founded Blackstone).
Based on what I have seen so far, great bankers are:
1.) Lucky - You have to be good to be lucky but many often found themselves in the right place at the right time. It could have been a great era or a great mentor or trigger-happy clients. Circumstances matter, a lot.
2.) Trusted advisors - They are above all else relationship managers and the best bankers typically have the most robust rolodexes. A MD is only as good as his/her relationships.
3.) Great salesmen - From guys like Grimes to past legends like Wasserstein, bankers are ultimately great showmen who can impress upon their clients to do deals.
I also think its about
I also think its about spotting the opportunity. Someone can throw a million high quality textbooks at you but you can still fail an exam even though you have every relevant resource with you... right?
His success in tech is
His success in tech is probably not unrelated to the fact he was an engineer from Berkeley. That provides a great network and helps mitigate "the suit" reputation that kills so many bankers in SV. Other than that, a lot of what Grimes does is basic salesmanship.
There is probably something to be learned here. For example, instead of doing finance/econ ungergrad, do a technical degree at a good university in a field you find interesting -- things like, materials, nanotech, computer science, electrical engineering, oil&gas. Then build your IB career based on one or a few of these fields. It will give much more credibility with clients.
The financial modeling in IB is easy to learn. The pressing the flesh part, not so much.
manbearpig: Wow 7-12 mil a
Wow 7-12 mil a year in comp? The guy is making more money than Blankfein...
http://sec.gov/Archives/edgar/data/886982/00011931...
What...?
inews: ...and then hope to
...and then hope to become a rainmaker for the investment bank in the future...
I have literally never met a young Investment Banker who has joined the industry for this purpose.
You serious? I have.... It
You serious? I have....
It may not be the 'only' reason though. lol
SECfinance: manbearpig: Wow
Wow 7-12 mil a year in comp? The guy is making more money than Blankfein...
http://sec.gov/Archives/edgar/data/886982/00011931...
What...?
SEC with the win
inews: You serious? I
You serious? I have....
It may not be the 'only' reason though. lol
Some still wanna be rainmakers, it's just that none of them wanna be rainmakers in IB.
Seems like the way people do
Seems like the way people do this is to take a deliberately long-term view: keep in touch with clients who aren't going to bring you business for a while, spend more time studying up on the industry vs gunning for transactions, etc. But those all sound like excuses for being unable to actually get anything done, plus if you're not producing, how are you going to get promoted?
I think a big part of the formula is taking a value investor's approach to specialization: take an industry/transaction that's long-term viable but short-term deeply unpopular, and hope it turns around.
what about that guy that
Check out my Blog
Michael Klein
So, this Grimes guy not only
SECfinance: manbearpig: Wow
-MBP
manbearpig: Wow 7-12 mil a
Blankfein is an ugly midget,
Tommy Too-toned: Blankfein is
The only time i ever went in
SECfinance: manbearpig: Wow
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
This is the gayest thread
Unforseen: what about that
Rothschild
they control the federal
Ian Hannam.
J.P Morgan.
Just to add to Mr. Grimes's
Missing two huge names from