Your Dad Might Be An MD But Mine Is A Client
Context
I'm an incoming SA 2023 and I have been trying to help people who want to get into banking by taking calls and talking to them about the process. I recently got on a call with one kid and something pretty funny happened.
Story
I started talking to someone and he was telling me about himself and then sidebar mentioned that his dad was a c-suite exec and does deals with bankers all the time. He then shared that his dad said that he would make it a deal stipulation on his next deal to hire his son as an intern or he would kill the deal. He said he would prefer to get the job himself but this was one of the craziest things I’ve heard. What a legend of a dad this guy has.
Does anyone have any other stories like this? I am sure there are more out there just the first I have come across.
Credit to the amazing title of this thread to my friend, you know who you are
Do non-interns take calls to tell other non-interns how the process for an internship works? This is wild lmao
No I accepted my offer trying to help others in the process.
But that does make you a non-intern telling other non-interns how the process works, just like the comment above said.
This is the world we live in now. Kid accepts an internship offer and is now taking meetings from other kids, just like the opening of The Godfather movie . . .
hahaha. banking is such a fucking clown show
pretty based dad
Ur dad hiring new sons? Where can I apply?
My dad’s in the long-only AM space and he got a well-known bank to hire me as an off-cycle intern - ie. they literally created an internship just for me.
.
I don’t think you read the post - it said to mention any other stories like that.
I was just stating the story. I mean the internship wasn’t IB (it was another FO role though). I still had to network, interview and get a regular IB summer offer to break in so this didn’t help that much in the grand scheme of things so nothing to brag home about. Just mentioning an anecdote as asked by OP.
We hired the son of a former VP to the Corp Dev team. The little dude just finished his first year in engineering, have absolutely no finance education, and does not even come to the office.
hahahahahaah
If true that’s a risky move by the dad.
A publicly traded company may axe a C-exec for killing a deal for a dumb reason like this. And that is a certain career ender
yeah except he can just do it off paper, the SEC will literally do nothing when people commit fraud in front of them. You could break into the SEC's office and say you're going to manipulate the market at X time in Y manner and they STILL wouldn't do anything about it, just ask you to fill out a form accusing yourself (or some other dumb bureaucracy so they don't have to work). You really think the SEC is gonna catch Scott Anderson II threatening a bank with the fact that mega corporation #1422 will not do a deal with them unless Scott Anderson III gets into the 5 week program when they're casually golfing and then it gets mentioned? Lol grow up
Tbf I was referring to more to the board of directors shareholders and such. They would know as those deals usually have more than one point of contact at the higher levels but go off
The son of the CEO of Verizon is at LionTree this summer and Evercore next, both have recently done work with Verizon I believe. Don’t blame him one bit, I’d use the in if I were him too
Can't believe I am actually seeing a kid I used to play soccer with shouted out on here lmao
So this is a target soccer team? Did ya’ll get recruiters pullin up to games with IB offers? 💀
One of my good buddies from high-school, his dad founded and grew a company in the lifestyle/consumer sector that's now pretty large. His dad did a deal a year or two ago selling the majority equity to a big PE firm and one of the elite boutique's acted as the M&A advisor. His dad still retains a large equity position but is technically retired.
My buddy goes to the most normal/unexceptional undergrad but did a spring/summer analyst stint at the EB. He was remote and didn't even work that many hours, and they made it conditional that they'd keep him as an intern through the summer. Now he recently graduated and is doing a strategy role for another company his dad is on the board of. They're pretty well connected, but this stuff happens all the time for the people in the right spots.
the worst part about nepotism is that it has been there in banking for many decades and still exits. Even when there were no diversity programs, I highly doubt some poor white kid from Kansas would even get interviewed given the lack of knowledge and most ivy/T20s going into banking.
This is all 100% real, believe it or not.
Big 4 internship: fellow intern doesn't know shit about anything finance/econ/accounting related, only about partying. Didn't turn up some days and then gave some shitty excuses.
Turns out his dad was one of the firms biggest clients and as this team was fighting with another big 4 for clients in this specific area so they hired him as per his dads request.
Even with this happening, if you are good enough you will get an internship. This is just how the world works.
Honestly, he was the guy I had the best time talking to as most of the other interns were a too weird, so I am actually happy he got the internship
At first at least I would have no respect for someone who was hired on because of their dad
Would love to see this condition in the merger docs
Am currently working with a kid whose dad was former buyside and I am guessing a client. No crazy stories though, legit very smart kid, at an Ivy, high GPA, solid extracurriculars, works hard even though daddy has fuck-you money, doesn't actually want to be in consulting and wants to go save the world instead.
Somewhat unrelated but many would be shocked at how powerful connections can be. I have multiple friends who have had one round interview processes for FULL TIME ROLES that consisted of going out to lunch and zero technical questions. In both cases, the interviews were more casual than a coffee chat. These are not small companies either, but companies most users on this site are familiar with. As someone who really had to hustle via cold call for every single internship and FT job, it is hard not to be judgmental even though I like these dudes quite a bit.
Agree. A great move for banks though - pay some kid low six figs, even if he/she sucks, to potentially get deal fees worth many millions. Even if the kid was so incompetent he/she never got staffed on anything, you could come out ahead with a single digit percentage hit rate on getting their parent's business.
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