Politics in Investment Banking – show & tell
Want to hear your guys’ thoughts and advice in dealing with politics within the junior level in IB – couple months in my first year so obviously I’m at the bottom of the totem pole. Got staffed recently with a 3rd year analyst on a deal.
He seemed cool initially, but that was before I was working with him. However, once staffed on this thing, every email that needs to be sent to set up meetings, or to reply MD, or to coordinate with other members of the deal team, he just takes the opportunity and does it. If we need to provide comments or work on something, we both share our thoughts, I put the documents together, and in turn only to have him sent out to the working group. There are also minor nits and details, like the emails he sent out, he uses “I”; or some emails he would BCC me, instead of CC-ing me, or not copying me on it at all.
Sure – I know he’s a third year and I’m just starting, but is this the norm and how it is? Juniors looking out for themselves, and trying to create ways that only he would know all the info on the deal, creating value for himself?
It makes me feel like shit because from the outside, it might seem like I’m not doing anything since he’s the one replying all the emails and taking all the credit for the work. But does the MD know what’s going on behind the scenes?
I really want to approach this situation up front and confront him about it, but this might be how it is for the rest of the banks, or just how the culture is in investment banking so I don’t really want to screw things up for myself in the long run – since I know once confronted, he might tell everybody about it and my life would be just miserable at the firm from here on and up.
Would need some comfort in knowing how it works for you guys out there, and advice as to what I should do in this situation. Serious replies only.
Also, if you guys have any similar situations to share – that would definitely help – politics between jrs or between jr/sr.
also interested
Take him for dinner to Arcadia!
Sounds like a fucking douchebag.
A vp in our group was doing this to me for a year and things only cleared when I got patronage from an MD. The first couple of years at any job are just terrible but you have to get people pulling for you to move ahead. Be very, very, VERY careful how you do it, and be honest: everyone knows what they are doing but you don't want to disrespect the hierarchy because then no one wants any part of you.
The approach that's worked for me is to get everyone on your side and then go over their head.
What level were you when the VP was doing this to you? I can totally understand it if it's VP, D, MD, doing this to analysts, since in this industry, it IS hierarchal and essentially the higher-ups get credit for your work - but if you're at the same level - Analyst to analyst (3rd to 1st year) - it seems to be a different ball game to me.
I don't know whether I should just suck it up and take it in the ass - essentially, I don't want to be screwed over when ppl compare me to him - either for performance reviews or just for general perception.
That is absolute BS. I'm not too fussed about him replying to all the emails -- he is more senior, hence responsible for the work that both of you do, especially cuz your a 1st year. However, the BCCing and using the word "I" is utter douchebagness. Fuck, I was working with an INTERN last summer and I made sure she got credit for everything she did. As in, even in my emails (internally of course), I would say things like "(intern's name) and I put this together...." or "pls find xyz attached. (intern's name) did a great job on this". Point is, what the 3rd year is doing is not the norm.
Is there an associate/vp on the deal with you? Bring it up with them in a very sensitive way.
One other thing: a lot of groups in a lot of companies are really under the gun lately, especially the bigger banks. There's a desperation and fear in many people, and people tend to be terrible in that state of mind. It's my guess that since this guy is a third year, they smell blood in the ranks above and are likely gunning for associate, so you'd better find a way to stick up for yourself or start looking for other options. If they do this as an analyst, imagine how this trajectory will progress. Don't try to sabotage them (really, just don't) but also try to get out from under their influence and reach out to other people...they can't be the only one you work with/for.
Make friends with the associates, and get good at what you do so they can come directly to you. In the short term, you're just fucked, so too bad....but you can change your situation over the next few months and position yourself better within your group. Maybe try jumping groups?
Thanks for the advice - SB to you. I understand first years totally will get abused and get up in the ass more than a couple of times. I’m just seeing whether that’s the norm for all other banks – after all, we’ve all heard the finance is really cut throat after all so testing the waters out there to see if this is what it really is like.
I’m considering leaving as it is, and just get used to it. Being vocal at this point will shorten my time here, and create some enemies unbeknownst to me since the third year has good relationships with the assocs and higher ups – even if I do happen to have good relationships with them, since he’s been here longer, I think they’ll just stick to his side regardless, leaving me in the dark.
I have considered the point of him gunning for associate, and that’s understandable – with all the global layoffs happening lately, it’s obvious that one will do anything to stand out and make themselves look as if they’re adding value. Regardless, if I were the third year, I would never see first year as a threat – like honestly, what more can I know that a third year doesn’t? The most important thing in this situation is just respect – I’m fine with him taking all the credit as well, but if you’re BCC and not copying me intentionally because he feels threatened by me, that’s just off limits.
Oh well, it was a rant, and thanks for the support. If anyone else has any valuable insights or stories to add, feel free to contribute.
I don't work in ibanking, so maybe it's different, but people here go way out of there way to avoid even the appearance that they are taking credit for work that isn't theirs. I don't think I've ever even been bcc'd at work before.
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