Is this normal?
I'm an IB analyst at a mid-market shop and recently encountered what I would consider questionable or unethical business behavior. Specifically, we secured a sell-side/spin-off mandate for a well-known family-run company undergoing a restructuring. It isn’t yet clear which parts of the company will be sold, and there are other considerations such as the family’s reputation if the entire business is dismantled or sold off in pieces. (all of this is not public and highly confidential)
The client instructed us to perform a pre-screening or market testing, explicitly telling us not to disclose certain information—such as client names, revenue splits, etc.—when reaching out to potential investors.
However, on a recent call with my MD and some prospective investors, my MD displayed a slide showing the company’s largest clients. He openly stated, “I was told not to show you this, and when we send over the materials later, we won’t include this slide—but if you happen to take a screenshot, that’s just the way it is.”
I found this disturbing, as it seems to violate the client’s instructions and is essentially abusing their trust. I’m wondering if I’m being naive to consider this unethical, and whether this is common in the industry or more specific to my current firm. I’ve encountered other situations like this, so I’m trying to figure out if it’s just “how things are done,” or if it’s genuinely improper.
It’s not ideal to hint your client’s name, but it’s also difficult to get a true market perspective without going a bit deeper into the business itself.
I honestly find unlikely that an experienced MD would say exactly what you mentioned on a call— if the slide is on being displayed, the point is already conveyed (screenshot) without the MD needing to explicitly state it.
But, pragmatically, does it have any real impact on your life? Unless you want to report them… then you need way more than “words you picked up on a call”
Maybe I didn't phrase it properly, but our client's clients were disclosed.
This is a clear violation of MD's fiduciary duty and should be reported for investigation. This is NOT how business is done in the industry. Looking forward to other replies but would be a massive red flag for me especially if I'm in the deal team.
Buddy you're an intern calm your tits, focus on getting a return offer before trying to right the wrongs in the IB industry
I'm a VP in a BB, and it's far from normal, so calm down big guy
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