I have a question. I am about to start working as a full-time analyst and I was wondering, how easy is it to get busted if you abuse the black car - such as ordering rides for friends from the airport every now and then. Like once a month or something? We only use an online system that is directly billed to the bank, so no vaucher justification etc.? So how easy is it to get away with that? Thanks!
| +152 | How to stop feeling like shit for not making it in IB? | 57 | 47m | |
| +114 | If Tik Tok is forced to sell, what banks do you think would be involved in the deal? | 56 | 9m | |
| +72 | Updated LA Banking Scene (2024) | 57 | 2s | |
| +38 | Ranking banks that went under | 20 | 5h | |
| +34 | Burnt Out M&A ASO | 18 | 3h | |
| +32 | A strategy for SA applicants late to the game like myself | 15 | 10h | |
| +29 | Relevance of A-Levels for U.K. London recruiting | 21 | 17h | |
| +26 | Series 79 Help / Tips to Pass The First Attempt | 11 | 2d | |
| +26 | Intern Ettiquette | 4 | 14h | |
| +23 | What are hours like at BBs in London? | 47 | 12h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
I don't know how easy it would be to get away with it, but I don't know why you would want to try.
I most likely won't, but I am just curious. I am all about cost saving. I sometimes took the subway home as a summer analyst and almost never used up all of my meal money.
Talk about being ethical... and this is from someone who aspires to be a "career banker", lol
Look everybody! He's on a high horse...and on the internet no less! Wooooowwwww.
Is it ethical to use the meal money of people who are not coming in that day? No. But every person I know, except for me, uses it all the time.
LOL, just fucking around. I have nooo clue, it doesn't sound like the best of ideas as you'd have to eventually explain it to someone if you got caught (and that would be pretty awkward).
Then shut the fuck up, douche.
I agree. I mean as a first year analyst I don't know how many liberties I would be taking w/ company services. There is also the question of frequency.
For me one of the great things with banking is that you don't have to worry about spending for day to day things anymore.
With the black car thing, little to gain and a lot to lose. As always it's the risk/reward thing.
Salam, I have two answers things I'd point out to you for this. One, had you taken the other career path in your life, how would you look upon this question? I am the first to admit that that life by its nature forces upon you some very wrenching ethical decisions, many of which will not square with an idealist's view of morality. But still, those questions invariably involve expedience, and the best way to serve goals higher than your own. This is obviously not a banker's view, but I would counsel you not to judge right and wrong by the actions of those around you.
I will wear my banker hat for the second thing I would tell you: is it really worth it? Last year, I earned seven figures for the second time in my career. Depending upon whether you end up going to business school or doing a stint outside of banking at some point, you might conceivably be in my shoes in, say, ten to twelve years. How many $55 rides would compensate you for the loss of that opportunity? Yes, the chances you will be caught are slight, but it happens. Is it worth that chance? I'd advise you to think it over carefully.
My opinion is that bankers are foolish to play with their meal allowances or black cars. Rationalizing it by looking at the people around you, or by pointing to legitimate perks foregone, is in my opinion a first step onto a slippery slope. It's obviously easier for me to say that since I'm paid considerably better than an analyst, but I'll break my rule for once and tell you something about my banking past, because I like you Salam:
There were two analysts I knew who were fired from my class at Goldman. One, because they caught him double-billing his evening meal. The second, because he failed to disclose a misdemeanor offense (that his lawyer told him not to list!) on his employment application. Today, either one of them might be standing where I do, but they aren't. In my mind, that was a pretty big price to pay for an extra $15 for dinner.
I was an analyst a long, long time ago. Life was a lot more painful in many ways since the technology was much worse than it is for today's analysts.
Back in those days, the procedures were a lot more haphazard. I don't know if a background check was ever done for me. I suspect a credit check was, but that's probably as far as it went. Despite the fact that I was told to expect one, I never had a drug test as an analyst, for example.
I don't know what prompted the background check, but it happened after he finished his first year. Who knows, maybe he had a big mouth and someone who didn't like him may have ratted him out. Or maybe he got caught in a random post-hire screen. Whatever the case, one day he was there and the next he was gone. The story of why only came out much later when I grabbed a beer with him when he was asking old classmates for references for a new job.
That's strange. The misdemeanor offense must have had to do with securities fraud or some sort of trust issue. Also, he must have been convicted for it (not only arrested.) Otherwise, Goldman and any other employer really shouldn't be asking about it (I'm not sure they're even allowed to.) Is my understanding correct, here?
If I recall correctly, the form asked us both for any arrests/firings for trust issues, and any convictions for any offenses. I can't remember if they asked for arrests on non-trust.
Either way, he plead out a shoplifting charge. His lawyer told him not to bother disclosing. The firing then became an issue of lying on his application, not the actual shoplifting.
Wow, you are a VP and pulling a million plus? you must be very good. What year VP are you (1st/2nd/3rd or 4th)?
Can you give me an honest opinion on your thoughts about analysts staying in through the direct promote route vs going to B school, and if not having an MBA limits the chances of someone who wants to do banking long term. (I know its been discussed a lot, but I want your personal opinion, seeing that you are a career banker)
Thanks a lot. Hope someday 10 years from now im making that 7 figure mark!
Well, what I'd point out is that the titles available on IBO list only "VP" or "MD", and I'm not an MD.
You may make seven figures a lot earlier than I did. For comparison, when I was a first year analyst my base was about $34k and my all-in comp was around $60. That sort of comp inflation holds true for most IB pay grades (and much more so at the MD level).
Frankly, I have mixed feelings about analyst-associate direct promotions. The reasons for it could fill a small notebook, and I invariably have to go through all of them every time analyst promotion season rolls around.
The bottom line is that I like analyst promotes, since they tend to do well as associates. Their record of being successful after that is not as clear cut. For a long term IB career, I am a big advocate of taking the two years and getting the MBA.
If you're really that interested in why I think that way, let me know. I'll try to block out some time to explain why sometime later this week or next.
It would be great if you could do that. Thanks in advance for taking the time!
I really appreciate your input as well. Please ignore the idiots and if you have the time I would love to hear what you have to say on the topic. If you could also give some advice to those of us just entering banking - either for the summer or full-time - I would also like to hear that. You hear a lot on this forum about getting the job, but not as much about actually succeeding once you get there. Again, thanks for your contributions.
only people who use this message board are ppl who jerk off to ibanking still, aka college students and first year analysts
and it starts..ghengis gives good advice i hope we don't side track into comp on this thread.
not at the 7 figure mark myself, but not far off, and i couldn't swing a cat here without hitting a bunch of ppl who easily hurdle that level.
To get back to the original topic, how is it looked upon if analysts use the black car on Friday/Saturday nights to go to clubs/bars rather than home?
I've also done it many times as an intern. Other analysts suggested it to me. I think technically you're allowed black car to take you to your destination, that could be anywhere, as long as it's after the appropriate time (i.e. 9 pm).
Take the car wherever you want, as long as it's not absurdly different than a ride home (like "Take me to Atlantic City!")
quit being jews and just pay the $2.50 subway fee
$2 I believe.
Mr Marcus Goldman and Mr Samuel Sachs would not find that comment too charming. I don't think Mr. Lehman would like it either.
dont do it.
i've done it as an intern and no one has said anything
That's what my friend told me. I don't think it will be a big deal, but I don't want to get fired for something stupid like that. It is a helluva lot easier than taking the subway.
Have you ever pulled of taking the subway to the bar and then taking a black car home from the bar?
I saw Associates and analysts do it when I was an intern, noone really gives a shit but I wasn't at a BB so I don't know if they're more anal about these issues.
I think that after 9.00 you can get a black car to drive from the bank to anywhere in Manhattan OR your home.
GKahn, I'd like to know as well. Thanks!
well, abuse in what sense, psychological, physical, other?
well, abuse in what sense, psychological, physical, other?
do you have to tip the drivers of black cars? i hope not. i hate tipping
They write in their tip and you sign the slip.
If you hate tipping, though, your life in any major banking city will not be comfortable.
And also, scottydoesntknow, I don't think that there is a black car service in Houston.
Distinctio dolorum blanditiis exercitationem libero aut quidem. Voluptatem eum sit ullam. Et officia quas repellat id consectetur nulla. Quod eos sed ab omnis nisi nobis. Cupiditate qui animi quis quis placeat. Qui accusamus fuga saepe non facilis.
Occaecati quidem tenetur eveniet ipsum. Enim iste voluptate voluptate nihil iste minima. Iure aut hic doloremque molestiae atque reprehenderit.
Accusamus at consectetur vel possimus mollitia eius rerum dolore. Quasi consequatur ea qui perferendis nesciunt eos laudantium.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Dolores nemo commodi voluptas minima. Facilis dicta et qui dolorem assumenda exercitationem. Laboriosam explicabo non perspiciatis officiis sit totam est. Similique id optio necessitatibus. Doloribus rem dolorum ea et voluptas sed. At et nesciunt ut vel. Officiis provident velit deserunt voluptas tempora.
Non sint et id qui numquam. Delectus maiores deserunt rerum repellendus laboriosam. Nostrum minus nesciunt a et voluptatibus. Totam odio dolor enim est soluta qui quisquam.
Ab omnis quos sunt cumque consequuntur. Qui reiciendis vitae consequatur. Provident quo et reiciendis molestiae magnam maxime libero voluptates. Dicta repellat eum aut eius eos enim.