Investment Banking's PR Problem

I was watching Ozark this week, which if you don’t know, it is a show on Netflix about a financial advisor who launders money for the cartel. Later in one scene, he is transferring money from a new client to his account, and they show his screen:

Now as any monkey on here should know, there is a big difference between being a financial advisor and investment banking, but to the average Netflix viewer, they’re the same. A few weeks ago, my younger brother (who wants to be a doctor) and I were talking, and he said something along the lines of: “I will actually contribute to society being a doctor rather than an investment banker.” When I asked him to name one service or activity that investment bankers perform, what he described was what he has seen from “Wolf of Wall Street” not capital raising, underwriting, or advising companies on acquisitions.

What is obvious is Investment Banking has a big PR problem. The general public has no clue of the role of an investment bank. What can be done about this? I see occasionally on YouTube Goldman Sachs has ads about different companies they’ve helped raise capital and thus expand their business. Stephens Inc. had been promoting this is Capitalism with the goal of:


Introducing a collection of stories of great American capitalists who embody the values of independence, innovation, and dedication. They inspire us to celebrate capitalism, its inherent social contract, and the good it can do for our society.

It explores and shares the stories of Helena Rubinstein, Jack Stephens, Alexander Hamilton, Madam C. J. Walker, Chuck Williams, and Sam Walton showing the power of capitalism. For those that don’t know, Stephens Inc. was the co-lead underwriter in Wal-Mart’s IPO in 1970 over many banks, including Goldman Sachs and Merrill Lynch. This series focuses on promoting Capitalism, not Investment Banking, but is a step in the right direction of sharing the positives of free-markets and capitalism.

Alan Lee started “The Vampire Squid” podcast when he was an analyst at GS in SF with the goal of increasing education and transparency in finance, as he states at the start of every episode. The name of the podcast comes from Goldman being called a vampire squid after the 2008 crisis because it was viewed as sucking money out of the economy. An actual vampire squid gets its name because it looks like a vampire, and Lee found it ironic that Goldman also only looks like it sucks money out of the economy, just like the squid.

So Monkeys, Investment Banking has a huge PR problem, and multiple companies and people are trying to help, but it doesn’t seem to. This obviously doesn’t discourage me or most of you from striving to break into the industry, but what do you think it will take to improve the industry’s reputation? I think it is a much larger cultural problem of demonizing the rich and successful, and investment banking is the ultimate icon of wealth and success, whether or not it should be. Love to hear your thoughts monkeys.

 
Best Response

Nothing will ever change public resentment for banks:

1 . People have hated banks since the dawn of man (see Biblical references to usury, etc.). They are dumb and irresponsible and look to banks to borrow, then resent the interest payments and if they do default they resent the banks for trying to collect. IB is lumped in with these much maligned consumer units.

2 . People resent those who make a ton of money. Especially people whose job only involves money, and doesn't involve the creation of tangible products.

  1. People are dumb and uninformed. They don't understand banking, and most never will. Try explaining to some idiot on the street how investment banks value companies. Good luck. They won't understand the value-add, and therefore they assume that from 1 and 2, bankers are just greedy usurers taking advantage of people who actually make shit.

  2. People don't understand moral hazard and don't understand Government failure or how perverse government incentives have created almost every major asset bubble and subsequent collapse in American history. They blame the banks for the crises, and when they remember the recessions, they think of bankers. When they think of bankers, they remember the recession.

  3. A lot of bankers are assholes. I say this as someone who loves the industry and the people in it, and grew up in a family of bankers. But seriously, there are some massive assholes who have given wall street a bad name. Given all the stuff above, it's hard for a cab driver to empathize with the guy walking around in a $2000 suit having an aneurysm because he's late to work.

But who cares? I am not dedicating my career to banking for broad public love and adoration. I think the work is meaningful, and plenty of smart and informed people know the truth and understand the value that properly functioning markets and access to credit create for society. WITHOUT BANKING, THERE WOULD BE NO INNOVATION AND NO ECONOMY TO SPEAK OF. I know this, and most people in industry know this. That's enough. And oh yeah, the pay is pretty good.

 

Gave +2 SB to Stay.Hungry and TrackBack

Having worked in engineering and technology for most of my younger years (I am 31 now), I switched to finance because I was able to see first-hand the value banks and firms are to society.

Hospitals, Law Firms, Corporations/Companies, and Public Projects (society) requires some sort of funding for further pursuit of innovation. Money does not magically appear out of nowhere for them to use.

There is no real way to change the PR or face image of banks in general, even lawyers in the public's eyes. However, those who understand the system knows very damn well that they are needed for society's benefits.

Overall, great post and responses!

 

Red herring, and a false one at that. If anything, I, and probably most people, first got interested in finance and wall street for the money, and now have a more productive desire and drive. I have grown up a lot since, explored different areas of finance, read some Ayn Rand, and am genuinely interested in the work of an investment bank and think I would find the work satisfying(obviously not the first few years). As mentioned above, without banks and funding, there is no economy.

 

Peel back the curtain a little bit, and the average doctor (M.D.) doesn't exactly do amazing shit, specialists and surgeons aside. Most are just doing guesswork in a white coat, treating symptoms by writing the same old scripts for big pharma, who bankrolls the AMA, who decides what they learn in med school.

Writing Z-packs, formatting pitch books... po-tay-to/po-tah-to.

Hell, I'd argue an Analyst in a top healthcare-centric shop adds more value to society than an average doc, via facilitation of capital flows -> innovation/increases in R&D.

 

I work in finance, but you're stupid if you can't pickup on

1.) Too big to fail is a problem. There should have been no bailout in 2008. Natural selection... only the best risk managers deserve to survive.

2.) Traders should be responsible for their losses personally. Remove asymmetries and make sure everyone has skin in the game.

"The only reason that they all get to continue living like kings is cause we got our fingers on the scales in their favor. I take my hand off and then the whole world gets really fuckin' fair really fuckin' quickly and nobody actually wants that."

 

Sorry to say this, but I don't think people will ever really give bankers a chance. Think about it, how long did it take you to become actually cognizant of IB? To have a really good idea of what happens at these firms takes hundreds of hours in preparation, its why there is such a market for online courses and forums relating to IB.

So imagine that a normal working class person has to decide what they think about banks. I think it would be naive to think that they have the time, or the desire, to actually learn about the financial services industry. Besides, they have been fed by the mainstream media the same canned platitude that portrays bankers as evil. ("We must break up the big banks, because they steal money from hardworking Americans like yourself")

Also, most people that hate bankers are the type of people that will never interact with a banker in their lives. Last time I checked, most BB don't make a push to set up IB shops in agrarian based communities. That means that your average joe only knows what IB is because he heard it on CNN from Jake Tapper running down the latest grandstanding accusation to come out of the mouth of senators like Barney Frank and Elizabeth Warren.

So in summary, its much much much easier to just take what The Wolf of Wallstreet has told you about IB. After all, **you have to blame somebody for your lack of financial security. **

 

I say this seriously, but part of the problem is the name.

To most people (and, apparently, Netflix), it's a misnomer. From my personal conversations with people in the past, it seems the average person thinks investment bankers directly invest other people's money for a living.

Maximum effort.
 

You wanna be demonized? Try working with structured products... Once the Big Short came out and everyone thought they knew everything, I even had my parents friends making snide comments to me claiming ludicrous things against me personally, and working at a HF of all places analyzing these didn't help. First, im 25 so talking shit to me like its my fault is just laughable. Second, while the CDO squared, loose underwriting standarss and the insane amount of CDS on the market of course was a problem, not one of them ever stopped to consider that maybe it was the government who mandated mortgages be made available, or the people who openly and willingly went way beyond their means and didn't attempt to learn anything about what they were buying into. They will always shift blame to anyone but themselves, but I think everyone in banking knows and understands all parties were at fault.

Let's be honest, were easy targets. They see us as greedy and manipulative, making money by pushing paper. They believe thevsystem could easily be scrapped and everything would be okay in the world. We know how much work and dedication goes into it, and all of us find the work extremely interesting. We learn how the world is intertwined and see things in a different light, and we feel a sense of pride in what we do. I don't see it as smug or arrogant, but something I'm proud of. They'll be jealous and shift blame of all the world's problems to us, and there's nothing we can honestly do to change the mentality. But well continue to do our thing and work hard because it's who we are

 
Joobacca:
You wanna be demonized? Try working with structured products... Once the Big Short came out and everyone thought they knew everything, I even had my parents friends making snide comments to me claiming ludicrous things against me personally, and working at a HF of all places analyzing these didn't help. First, im 25 so talking shit to me like its my fault is just laughable. Second, while the CDO squared, loose underwriting standarss and the insane amount of CDS on the market of course was a problem, not one of them ever stopped to consider that maybe it was the government who mandated mortgages be made available, or the people who openly and willingly went way beyond their means and didn't attempt to learn anything about what they were buying into. They will always shift blame to anyone but themselves, but I think everyone in banking knows and understands all parties were at fault.

Let's be honest, were easy targets. They see us as greedy and manipulative, making money by pushing paper. They believe thevsystem could easily be scrapped and everything would be okay in the world. We know how much work and dedication goes into it, and all of us find the work extremely interesting. We learn how the world is intertwined and see things in a different light, and we feel a sense of pride in what we do. I don't see it as smug or arrogant, but something I'm proud of. They'll be jealous and shift blame of all the world's problems to us, and there's nothing we can honestly do to change the mentality. But well continue to do our thing and work hard because it's who we are

 

"People wanna live like this in their cars and big fuckin' houses they can't even pay for, then you're necessary. The only reason that they all get to continue living like kings is cause we got our fingers on the scales in their favor. I take my hand off and then the whole world gets really fuckin' fair really fuckin' quickly and nobody actually wants that. They say they do but they don't. They want what we have to give them but they also wanna, you know, play innocent and pretend they have no idea where it came from. Well, thats more hypocrisy than I'm willing to swallow, so fuck em. Fuck normal people." - Will Emerson, Margin Call.

I think this quote sums up nicely.

 

When I'm asked about my job I translate it for the common man, "I help business owners sell their businesses." (no more no less, if they ask I'll go into more detail).

Truth Bomb / Side Note:
Financial Advisors need to stop trying to get more sex appeal out of their jobs by referring to themselves as investment bankers. Y'all are giving us a bad name, and we know exactly who you are. I see your LinkedIn, "Investment Banking Associate," but when I go to your firms website I see nothing about M&A, Growth Capital, Debt Financing. All I find are investment options and articles on how to manage your personal wealth... SHAME!

"A man can convince anyone he's somebody else, but never himself."
 

This entire thread sounds like 22 year olds trying to measure their dicks against their classmates after scoring a first job post internship.

For the love of god put down the Ayn Rand book. When people, especially finance guys, begin quoting Rand everyone tunes out. Its equivalent of your overly liberal cousin quoting Bernie Sanders; no one will be convinced, and only you believe it. The world is way more complex than that (luckily an IB is a great way to learn just HOW complex it gets).

Also, I thought the wealth management group was bs too at first. The more you learn about your product/group and how it relates to the rest of the bank, including the commercial and retail banks, you'll see the family offices and funds working through the "financial advisors" you hate on are growing in importance.

 

The people in this thread sound like you're part of a f***ing cult. The ability of banks to get money for nothing from the Fed and loan it out to entities and individuals that have to pay it back by creating actual value isn't exactly laudable. Just because Joe-Bob doesn't understand the difference between a balance sheet and an income statement doesn't mean he's not right when he says bankers tend to be shysters. Look at Wells Fargo, the LIBOR rigging scandal, GS front-running clients during Treasury auctions, etc etc. Banks and the people who work for them are the embodiment of greed. I have absolutely no problem admitting that. Just be honest with yourself. Would you be genuinely interested in IB if it payed 80k a year? Doubtful. You do it for the money. To claim any other reason is disingenuous. You're a moron if you actually believe you're doing "God's work."

 
Banker88:
But mostly, because they are jealous.

agreed completely. i know it sounds hubristic, but im pretty sure most of the hate is out of jealousy. if there was a profession making serious bank and i wasnt able to get in for whatever reason, id be jealous too.

additionally, people who dont like wall street dont really realize the service we provide. for example, if there were no bankers, people wouldnt be able to invest n stocks/bonds and save for retirement. hatred in many cases arises from jealousy and fearing the unknown, and thats what we're seeing here.

 

There are a lot of reasons people dislike "Wall Street", but in my opinion, most of them can be boiled down to one thing: jealousy.

- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
 

While I think jealousy is a big part of it, I don't think it's just jealousy. Do we hate pro atheletes just because they make a lot of money? No, the fans love them. How about actors/actresses? Some make ridiculous amounts of money and we fawn all over them. The problem with wall street is the complete lack of transparency. Wall Street works behind the scenes and they have a rep for being greedy AND screwing people out of their money. While I'd say that the majority of people who got rich on Wall Street participated in activities that had nothing to do with the public, the public remains ignorant because they can't watch bankers do their jobs on TV nor do they care enough to educate themselves.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

Ya, money is a more sensitive topic to people than religion and marriage in some cases. This level of hatred or dislike stems from the fact that so many people lost so much money through activities tied to Wall St in one way or another. Since people are generally not educated in anything other than the most basic knowledge of what finance involves they automatically attribute trickery and theft to the whole industry. The media and self serving politicians don't help this much either.

I think a perfect example of this relates to the real estate bubble. Bankers used to have rather strict requirements for getting a mortgage which many people couldn't meet. Then these standards were relaxed and home ownership increased. Everyone loved bankers and wall street then because they could afford a house and people were making money hand over fist. Then the party ended and people went back to hating those very same bankers they used to love. Never once did these people attempt to understand how packaging mortgages, mitigating risk, selling them to investors and all those other now demonized activities helped them get homes in the first place. Until people realize that the life blood of main street circulates through wall street they will continue to hate the industry whenever things turn against them.

People always looking to point the finger when the root cause is right in the mirror.

 

Jealousy is a simplistic explanation. Some people simply don't think that people who move capital around without creating any real value (in their eyes), should be paid that much. They don't understand the risk/reward ratio and free market economics. Then you also have the leftist, liberal media portraying bankers as greedy and elitist. Its the combination of those two factors which contributes to much of the hate.

 

The issue is really our government, not wall street.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 
ANT:
Yeah, agree. I found the article interesting because it really highlights how much in tax revenue the city gets from the financial sector.

Our country and the ideas behind our economy and growth cannot exist with the financial sector. Finance, from top to bottom, is the definition of business.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 
IlliniProgrammer:
We have a financial crash and a reshuffling of the old order about once every 70-80 years. Our problem is that ours' hasn't really happened yet. That is the root cause of this unrest.
Do you just paste the same exact phrase in every thread?

I'm curious about this messageboard's reaction to IP's posts. On the one hand, it could be a quiet embarrassment, like when your redneck uncle gets drunk at thanksgiving dinner. On the other hand, it could be how you feel on the subway after 3 years of seeing thousands of ranting homeless people, you don't even flinch anymore.

IP, nobody else believes this 70-year theory. It's cute and convenient like the aztec calendar, but unfortunately the world isn't quite that simple. What we're going to see in the US is not a revolution, a collapse, or a reshuffling, but a gradual and very boring Japanese-style stagnation. Sorry that's not as fun to talk about for you; I wish I had more fodder for the conspiracy-theory-minded among us, but I don't.

 

Ok, I will bite. What reshuffling is going to happen?

Bankers might not of always been ballers like they are now, but banking was never a low income career choice. When you consider that above $75K per year is top 10% of incomes, bankers would still be in the top 10% even with strict salary caps.

Engineers are getting rich. Bakers are getting rich. Bankers are getting rich. Government workers are making a lot of money. Tech people, small business owners, etc.

Seems like everyone is making money except those without a skill or education (which has been that way since the dawn of time).

 
ANT:
Ok, I will bite. What reshuffling is going to happen?

Bankers might not of always been ballers like they are now, but banking was never a low income career choice. When you consider that above $75K per year is top 10% of incomes, bankers would still be in the top 10% even with strict salary caps.

Engineers are getting rich. Bakers are getting rich. Bankers are getting rich. Government workers are making a lot of money. Tech people, small business owners, etc.

Seems like everyone is making money except those without a skill or education (which has been that way since the dawn of time).

I think you are missing the point Anthony. Because we all make so much money and are on the road to success, we should ante up and pay for college for drugged out losers.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 
Ok, I will bite. What reshuffling is going to happen? Bankers might not of always been ballers like they are now, but banking was never a low income career choice. When you consider that above $75K per year is top 10% of incomes, bankers would still be in the top 10% even with strict salary caps.
Sure, but the thing is that we need a number of these guys to go bankrupt, lose their businesses, homes, and start over. That happened in the 30s. It happened in 1848, too. It's the natural order of things and it's how the system works. If Necromancer Ben keeps the banks alive as zombies through more wealth transfers, it doesn't fix the problem and actually lets it get worse.

Then we will find out who deserves to stay in the top 1% by who makes it back- and at the same time, give other guys in the top 10% the opportunity to take some of the slots, too.

Seems like everyone is making money except those without a skill or education (which has been that way since the dawn of time).
Sure, but the malaise is probably not going to end until we purge the system and have a lot of the top 1% start from scratch again. We may very well see a collapse in Europe push a number of banks over here over the edge again. If the Feds refuse to intervene despite the lobbyists' pleas, we'll get the results we should have gotten in 2008, and it won't actually be that much worse than 2008 was.
 
IlliniProgrammer:
Nobody is saying that.

In so many ways, these protesters are.

But I agree with you. I am just as fed up with our government as anyone else. But we as a country have allowed it to get to this point.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 
Edmundo Braverman:
I don't mean to be Johnny Raincloud here, but >90% of the people who hate Wall Street also hate New York. Pointing out the economic benefit to a city they hate isn't going to sway any of the hippies.

Why do you have a twitter account?

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 

IP, people said that about the Wisconsin protests, but we saw how that played out. I think there are way too many people who might hate banks, but cannot identify with the protesters.

Hard working people back home vote also.

 

Sure, but they're not voting for wall street to take their money as subsidies and bailouts, either.

Voters are pissed. They can't get a true libertarian into the White House who opposes government transfers to corporations. That's why you see the Tea Party, that's why you see Occupy Wall Street. The folks I've seen watching sensationalist but only mildly biased CNN are complaining about the fact that Wall Street took all of this money from the federal reserve and is now giving that money to already wealthy bankers. They're ok with one or the other but not both. To be honest, if you take away the football-match flag waiving for a sec, their complaints sound a lot like those of the libertarians on the right.

I'm not sure OWS and Wisconsin are the same thing. One was driven by unions. The other was started by a bunch of hippies and then had a bunch of unemployed 23-year-olds, unions, and a few liberal pols jump in. Now Hannity is opening up to it if folks start saying that the bailout was a huge mistake if it was just to give bankers bonuses.

WI voters supported Walker; I am not sure that a majority of US voters support additional fed window lending to a bunch of zombie banks so bankers can keep their jobs.

We will all be ok in the long run, but the restructuring is simply a necessary part of the long-term economic cycle.

 

I agree to an extent, but too many people will lose with a libertarian.

People like their mortgage interest deductions, their child tax credits, their green vehicle credits, etc.

Not many people are smart enough or looking to truly benefit America to elect a libertarian.

 

Well, America's view on the future has changed dramatically over the past five years. In 2006, we had a negative savings rate. Today, consumers save about 5% of their incomes. This is a huge turnaround.

People today are more willing to take short-term pain for long-term sustainability. Heck, look no further than states raising taxes and cutting union pay as well as services. I think the remaining step is going to be on the corporate front as we allow the financial system to fail IF Europe goes under.

 
IlliniProgrammer:
People today are more willing to take short-term pain for long-term sustainability.

Not sure the choice is theirs to make

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger
 

Well now, I sort of agree and sort of disagree. Savings rates were negative because of borrowing. Credit has dried up.

http://research.stlouisfed.org/fred2/data/PSAVERT.txt

Savings rates dipped to the 1's and 2's, but have fluctuated within the same band. I think people just aren't buying anymore because they cannot afford to.

Look at GDP. Consumer spending and Real Estate are the two biggest drivers. Both are tapped out. Consumers went on a buy binge. Now they are all spent out.

 

For the record, I'm not saying "What we need right now is a good crash." I'm just saying that if we've got another crash coming, we should take the full brunt now. We are much better off in the long term having an industry that is seen as creating value by getting money where it needs to go rather than a bunch of bloodsucking bankers charging $5/month ATM fees even as we borrow trillions to stay afloat from Necromancer Ben's fed window.

Our industry is more sustainable and is slightly less bad at giving us a sense of our contribution to the world when the rest of the world sees us as filling a necessary function. A fundamental reshuffling of the order probably won't be as bad as the Great Depression, particularly for the 20-somethings who frequent this site.

 

No wonder Americans hate you. These posts are fucking absurd. This board has turned into a bunch of whining pussies.

Do you know how much exactly Peter Kraus did for ML or JT? No, and franly neither do I. But I do know he gave up a lot of money to take the job at ML so it comes as no surprise that there was parachute tacked onto his contract. And oh no, he spend his money on an apartment. That's the beauty of the US, ppl can spend their money on whatever the fuck they want to.

This world would be much better off without such jealousy and hatred of people doing well. Your "whoa is me - he made so much money" attitude is all too prevalent. Wait until you succeed in your career to cast judgements on those who have (but we all know you never will).

 
nystateofmind:
No wonder Americans hate you. These posts are fucking absurd. This board has turned into a bunch of whining pussies.

Do you know how much exactly Peter Kraus did for ML or JT? No, and franly neither do I. But I do know he gave up a lot of money to take the job at ML so it comes as no surprise that there was parachute tacked onto his contract. And oh no, he spend his money on an apartment. That's the beauty of the US, ppl can spend their money on whatever the fuck they want to.

This world would be much better off without such jealousy and hatred of people doing well. Your "whoa is me - he made so much money" attitude is all too prevalent. Wait until you succeed in your career to cast judgements on those who have (but we all know you never will).

Whatever he said...

If my memory serves me right, I think that I read somowhere that PK had a clause in his contract that said he can leave Merrill (and get PAID) if Merrill were to get bought out (which it did). BofA took over and Peter took his buyout, can you blame him?

Afterall, he roughly got one year's salary. Don't you think that you deserve a year's salary if you get canned three months after your start date?

 

I said it once and I'll say it again... I don't give two fucks or a shit about what the average American thinks of my job. I could also give a shit less if Peter Kraus really did what your clever little picture was incinuating and wiped his ass with $20 bills. America is still a capitalist nation, so fuck bitches, get money, and don't give a fuck about what the average Joe thinks about your career.

 

Im all about capitalism and doing whatever the fuck you want but having experienced executive level employment agreements, comp packages and negotiations the whole process is ridiculous. These fcking guys think they are entitled to whatever they want. $25M severance for 3 months of work...give me a fcking break. Its not like this guy single-handily negotiated the merger and deserves that type of package.

 

"excessive" executive comp wouldn't bother me if the process was truly "market driven". Unfortunately, my gut is that many of these positions are overpaid -- especially when the head director of the compensation committee is the CEOs golfing partner.

Interesting perspective here: http://www.infiniteinjury.org/blog/2008/09/29/golden-parachutes-the-cas…

 

Look I think anyone with common sense would agree that $25mm for 3 months of work is ridiculous, but aren't you forgetting that this guy forfeited a lot of money leaving Goldman? Whether he's overpaid or not isn't the point, it's the nature of recruiting other banks' talent. You have to guarantee pay. Surely, the deal could have been structured in a more ML-friendly way, but is that PK's fault? Hardly. I sure as hell would have negotiated for as much money as ML was willing to pay.

Let's quit worrying about how much other people are getting paid, and worry instead about how we can make more.

 

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From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”