Sales - debunking 8 MYTHS (From a veteran)

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I read a lot of misleading information regarding sales jobs in banks on this forum recently (I am lumping sales/sales traders and all products here). I won't mention any particular users, but it got me angry. Given I have not contributed to WSO in a meaningful way in more than a year (apart from my sly comments slagging muppets...)

Here we go, in no particular order:

Myth 1 - Junior sales go out all the time with clients

No they don't - you've just given a corporate card to a kid, and more than USD 50k as a salary to someone who was used to eating ramen noodle and attending BYOB parties... What do you expect?
He will be getting sh.t faced with the rest of his grad class for the first 6 months of his career. He might take a client 2 times a MONTH grand MAXIMUM, and that client (notice the lack of s) is most likely the same client, who is the exact same age as he is, and they both realised that they can just use that AMEX to get clobbered for free!

Myth 2 - Juniors get handed in smaller accounts

No they don't - if there is the slightest whiff of a junior on-boarding a new client, some useless VP will smarmily get his hands all over him and knick the client from the junior. I started a little before Lehman so I might be a bit biased, and the landscape was brutal, there was NO SMALL client, MDs and Ds were seeing their clients die by the day, they would hold on to whatever they could. If you were a junior and hoping to survive you had to have an extremely strong back to break off all the blades that were smashed on you. You had to go and find your clients, make alliances with some sales people and fight. Fight. Fight every single day. You had to learn how to go after accounts, and sometimes knick accounts yourself from weak sales people - and it will be good, and you will learn to like it. Now sometimes you are lucky and someone will take you under his protective wings - just don't expect it, business is dying by the day - and the last thing we need is another sales person on the desk to compete with. You will learn that sales people are all for me, and all for me again. (At a more senior level, you hire two sales guy for the same job - and you have them fight over during a year and fire the weaker link. That's just to add a bit of flavour)

Myth 3 - Sales people give a fuck about their clients

Lol - I care that my trader doesn't blow up his book so we get paid at the end of the year. That's about the only thing I care about. Maybe I'd also like my clients to stay alive more often so I don't have to constantly chase new ones. You don't have the cash to meet a Margin Call? I took you out clubbing a year ago when you were a big BSD and you thought we were best friend? You really think I will pull some strings today to get you out of whatever mess you are when you are getting margin called everywhere and are on the verge of collapse? Well actually that's not true, I will help you out cause I am probably the only one who you can trade with and I smell money and fat spreads... (In case you did not notice: this is a joke, a client not being able to meet his Margin Call is the biggest hassle you will ever have to face, and I wish it on no sales in the world as it will most likely mean a smaller bonus - that was my 2008 in a nutshell)

Myth 4 - Sales people don't do much work

Actually this one is partially true. If you have been out the night before you will go submarine on the desk. Most likely miss the morning meeting (who gives a flying fu.ck anyways about what some dim whited analyst has to say). Take a snooze in the lavatory, or just find an empty meeting room to pass out in. Plan your personal finances, go on bloomberg and catch up with some mates, and get out when the market close to see a man about a dog. Or and if you have to execute a trade, try your best not to fuck it up.
When you are full of beans you will maybe go ahead and talk to a couple of clients on the phone about how they are doing, and how you really want to try that new [insert whatever new fashionable overly expensive place just opened]. In the end it's all about relationship, once you are no longer a junior you are indispensable to your company, because when you leave your company the client goes with you. So your bosses know not to piss you off, and if you want to show up at 11AM on a Friday because you feel like it, no one will care as long as you print the money. Bad sales can't pull this off, they actually have to do some "work", ie: send bull sh.t emails.

Myth 5 - You have to be good to stay in sales

Nope - all you have to do is change companies from time to time, have a year to adapt, blame it on the crisis. If you get along with your boss even if you are shit you can stay an eternity in a bank. You can be a "sales manager" just find a few good juniors and claim their P&L. In other words - loads of useless pricks in sales. Unbelievable how you can get away with not printing tickets and stay in a bank. This is particularly true at the larger institutions, although they have been cleaning up the useless weights recently, you find the shi.tty sales working at Santander, and other 4th tier names no one has ever heard of.

Myth 6 - Sales peoples are trader's bitches

Yea at a junior level you are everybody's bitch and you will like it. If you are more senior the trader depends on you, he needs you to get him out of a shitty position he is in. He needs you to trade his products (remember you are a sales guy, you can just fucking trade the moon if you want to and tell him to fuck off). Don't tell him to fuck off too often though, as the day you have a yard of options to trade with fat P&L he might not be kind to you... However, in this environment the BSD trader who is taking prop positions does not exist anymore, they are dependent on client flow to survive. Your traders are monkeys showing markets, if they don't have you they don't exist. Now if you don't have traders you don't exist either, let's be clear with that. But in today's world sales and traders are dependent on each other. And apart from a few idiots, most traders are decent human beings (unless you are a junior, but you need to learn the ropes of fisting)

Myth 7 - Sales people are brainless

Well not entirely true... We just can't be bothered and are happy to come home and forget about work. No positions to carry overnight. No markets blowing up. Just a nice pint on a Thursday with all your mates and an early leave from work as no positions to mark or bullshit blowing up. Oh, and I really don't care about the market, if I did I would be on the buy side. Today happily sitting on the sell side with no care in the world. I get fired? We are the oil that keeps the bank running, there is always a need for a sales guy, plus I can always sell used cars if shit REALLY hits the fan...

Myth 8 - Career progression is fast on the sale side

Actually that's not a myth - and I fucking love it. Suck it you 6th year associates in IBD...

PS: This post was partly written as a joke. I am stuck with family at the moment and doing the best to keep myself entertained. Do not take all of this seriously, especially if you are just starting your career. Getting hammered 3 working nights a week on your corporate card is probably not the best move when you are starting out. Or pissing on your clients when they are down, they always tend to get back up, hopefully...

- A salesman, happily sitting on the sell side for many moons

Mod Note (Andy): Throwback Thursday, this was originally posted 12/26/14

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Comments (41)

 
Dec 26, 2014 - 7:36pm

Entertaining post and good that you've found a defensible moat. We're all trying to survive in these times.

Just one thing, I disagree with your characterization that traders need sales. Clients trade on best price. I never heard of a client giving a salesperson a trade if he is seeing better away, just because of the relationship. I agree traders are monkeys, but sales are even more so. All they do is pick up the phone when it rings. And don't say it rings because of the relationship, it rings because your client has too much size to do and is going to run your trader over.

Of course I know and respect a few salespeople who really understand their product, but the paragraph above really applies to the majority of them. Some MDs especially are complete deadweight, can't wait until they start getting cut. I'm not at Santander and there is still plenty of fat to be trimmed. Best of luck sir and I hope you are one of the legit salespeople who survive.

Oh yes and depending on your shop, traders can be sales' bitches... Have seen it happen couple times

 
Dec 27, 2014 - 5:03am

whalesquid123:

Entertaining post and good that you've found a defensible moat. We're all trying to survive in these times.

Just one thing, I disagree with your characterization that traders need sales. Clients trade on best price. I never heard of a client giving a salesperson a trade if he is seeing better away, just because of the relationship. I agree traders are monkeys, but sales are even more so. All they do is pick up the phone when it rings. And don't say it rings because of the relationship, it rings because your client has too much size to do and is going to run your trader over.

Of course I know and respect a few salespeople who really understand their product, but the paragraph above really applies to the majority of them. Some MDs especially are complete deadweight, can't wait until they start getting cut. I'm not at Santander and there is still plenty of fat to be trimmed. Best of luck sir and I hope you are one of the legit salespeople who survive.

Oh yes and depending on your shop, traders can be sales' bitches... Have seen it happen couple times


Don't know which product you're in, but we frequently see clients giving us trades out of the context / giving an extra 1/4 as favours etc in HY / debt.
"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
Dec 26, 2014 - 10:51pm

Disjoint:

I read a lot of misleading information regarding sales jobs in banks on this forum recently (I am lumping sales/sales traders and all products here). I won't mention any particular users, but it got me angry.


Name names and call out misleading information specifically. That's your duty if you want to help the youngsters of WSO out.
 
Dec 27, 2014 - 4:58am

I think that just confirmed more preconceptions rather than debunked any myths.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
Dec 27, 2014 - 5:16am

@whalesquid123 you haven't met a proper sales then. Why would a client give you an order to execute a yard of S&P in line when he can give that same order to one of his 15 other relationships, because of your bank's "franchise"?
True some look for best price, but a good sales will always get you last look, or will get the client to split the order with you and another bank - even if your price is slightly worst. You are right some clients are sh.t no matter what and will quote 15 banks and go for best price - but you don't spend time with such clients as a sales, unless you are a bad sales... Some clients only chose 3 relationships to trade with, to be one of those relationships you better be a good sales guy. I have clients who only quote me because with time we have developed a good rapport, and they trust me. It's true that if the guy is covering the spivviest of hedge funds the relationship won't matter much...

@wilder01 there is no true path to salesmanship - I thought I needed to emulate some of my co-sales. I was obsessed with getting membership in a night club just like my boss. To this day I don't have a membership in one specific night club - as you can get in anywhere if you have the right connections and night clubs come and go in fashion. The way you interact with people is very specific to yourself, and you just have to find what works for you, basically how you socialise with people today you will just adapt later at your job. As an SA you will be given some pretty menial tasks, I suggest you spend a lot of time with traders to learn about their jobs and products, and a bit of time listening on sales phone calls, make sure to sit with a lot of sales people as some of them don't even use a phone anymore and just stick to bloomberg.... Pathetic....

@DickFuld Bah don't remember exactly the name of the users in question, but one was summarising all the area of trading and had absolutely no idea about the sales function.

@Going Concern cheers ))

 
Dec 27, 2014 - 4:50pm

you're preaching! Cheers from a trader.

CNBC sucks "This financial crisis is worse than a divorce. I've lost all my money, but the wife is still here." - Client after getting blown up
 
Dec 30, 2014 - 4:28pm

Read the first paragraph, was worried that I could be part of the people saying unjustified bad things about sales guys.

Read the full post, was relieved to see it was in line with all my prejudices.

Those who can, do. Those who can't, post threads about how to do it on WSO.
 
Dec 30, 2014 - 4:49pm

Thanks for the post, SB'd you and appreciate the input. I just started at a MM bank on a trading floor and want to do sales (I'm an assistant right now).

Would love to chat with you sometime about your experiences in the industry. Will reach out to you through PM and am hopeful we can find some time.

twitter: @StoicTrader1 instagram: @StoicTrader1
 
Dec 30, 2014 - 8:00pm

Very entertaining writeup, thank you for taking the time. I've only been on the floor for about half a year now, but I can see that many of your points ring true. I do have to say though that fixed income sales seems to be a bit more nerdy (or intellectual) than equities.

It's less about going out and getting smashed, and more about knowing your products cold, so you can actually help your client out. It happens often enough that either your client or trader has mispriced something, and if you don't see that the second it happens, you'll have an angry trader or client yelling at you for 5 minutes. If the trader loses half a buck because he mispriced the trade, the sales person will be held accountable as much as the trader himself.

I haven't seen/heard of anyone taking a client to a club, and client dinners are very civilised and about once a month or so. I do hear plenty of stories about the 'good, old times', but it seems that the fun has disappeared completely post-crisis. Hell, for the majority of the clients we can only expense a pint and some chips each, regardless of whether you're an analyst or director.

People do seem to care about the markets a lot, or are at least very good at pretending. There isn't really any fighting about clients either. The bank is running so lean that people are more than happy to give me accounts. Of course these accounts aren't big money makers, but it's better than booking tickets for others all the time. Anyway, besides these points your post was right on the money for FID as well.

Happy holidays!

 
Dec 30, 2014 - 9:20pm

Monkeyfaces:

Very entertaining writeup, thank you for taking the time. I've only been on the floor for about half a year now, but I can see that many of your points ring true. I do have to say though that fixed income sales seems to be a bit more nerdy (or intellectual) than equities.

It's less about going out and getting smashed, and more about knowing your products cold, so you can actually help your client out. It happens often enough that either your client or trader has mispriced something, and if you don't see that the second it happens, you'll have an angry trader or client yelling at you for 5 minutes. If the trader loses half a buck because he mispriced the trade, the sales person will be held accountable as much as the trader himself.

I haven't seen/heard of anyone taking a client to a club, and client dinners are very civilised and about once a month or so. I do hear plenty of stories about the 'good, old times', but it seems that the fun has disappeared completely post-crisis. Hell, for the majority of the clients we can only expense a pint and some chips each, regardless of whether you're an analyst or director.

People do seem to care about the markets a lot, or are at least very good at pretending. There isn't really any fighting about clients either. The bank is running so lean that people are more than happy to give me accounts. Of course these accounts aren't big money makers, but it's better than booking tickets for others all the time. Anyway, besides these points your post was right on the money for FID as well.

Happy holidays!


What would a fixed income sales (vanilla, no derivatives) analyst's main functions be?
 
Dec 31, 2014 - 3:59pm

wilder01:

Monkeyfaces:

Very entertaining writeup, thank you for taking the time. I've only been on the floor for about half a year now, but I can see that many of your points ring true. I do have to say though that fixed income sales seems to be a bit more nerdy (or intellectual) than equities.

It's less about going out and getting smashed, and more about knowing your products cold, so you can actually help your client out. It happens often enough that either your client or trader has mispriced something, and if you don't see that the second it happens, you'll have an angry trader or client yelling at you for 5 minutes. If the trader loses half a buck because he mispriced the trade, the sales person will be held accountable as much as the trader himself.

I haven't seen/heard of anyone taking a client to a club, and client dinners are very civilised and about once a month or so. I do hear plenty of stories about the 'good, old times', but it seems that the fun has disappeared completely post-crisis. Hell, for the majority of the clients we can only expense a pint and some chips each, regardless of whether you're an analyst or director.

People do seem to care about the markets a lot, or are at least very good at pretending. There isn't really any fighting about clients either. The bank is running so lean that people are more than happy to give me accounts. Of course these accounts aren't big money makers, but it's better than booking tickets for others all the time. Anyway, besides these points your post was right on the money for FID as well.

Happy holidays!

What would a fixed income sales (vanilla, no derivatives) analyst's main functions be?

Depends entirely on your product. Each desk will have it's own specifics. You'll be selling corporate and financial bonds, CDS and repos if you're on the credit side, ABS/MBS/CLO if you're on the securitised products desk, Govies/SSAs, swaps and repos on the rates side and currencies if you're on the FX side.

You'll find that after a year or two you could basically sell any product, if you had to. This means it's good to stay up to date with all markets. Read about derivs if you're only doing vanilla, or see what's going on in the vanilla markets if you're only doing derivs. Read about EQ of you're doing FI, and vice versa. I wouldn't be surprised if banking moves to a general sales model, as banks are cutting more and more sales people. It might just be that'll you have to cover everything on the FI side in 5-10 years.

In general, you'll be responsible for a couple of clients, maybe 10 or 15 smaller ones within 6 months if you're lucky, which means they are your own accounts and you'll have to manage them completely. You might get a target as well, which determines how much you'll have to sell. It won't have much of an impact, if any, on your bonus in the first two-three years, so it's best to focus on the rest as well, as long as you achieve your targets.

Lots of time is spent on support for the rest of your desk. Booking trades, looking after settlement, chasing MO and BO for lots of random issues (this takes at least an hour or two of very frustrating phone calls and emails a day), talking to traders to see if there's anything they want us to look at specifically, reading/summarising research/traders opinions, talking to research to get some more details/clarification, answering basic client questions about what's going on in the markets at the moment. When people on your desk are busy/out, you'll have to cover for them and make sure all the clients get sufficient attention.

Oh, don't forget the axes (bonds (swaps) traders want to sell/buy(pay/receive)). They're never ending, and you'll have to monitor and send them to everyone. All day, every day. Getting specific client feedback will be important as well. You'll have to know what every trader has on his book, and what every client has in his portfolio or wants to buy/sell, so the rest of the desk can use you as sort wikipedia of axes.

Basically, you're trying to make everything more comfortable for the ones around you (traders and sales), while trying to learn as much as possible about everything and everyone. On top of that, you'll be trying to make some money with your own clients, and looking for different ways to make your desk more money.

When you're higher up, most things will be routine for you (or you get analysts to do it), so all that matters is your target. You'll have to consistently meet/beat your targets, as big 'producers' tend to get promoted more quickly, but I'm sure Disjoint knows much more about this than I do.

 
Dec 31, 2014 - 6:11am

@Monkeyfaces you are partially right, when your limit is GBP 100.00 per head it limits the amount of damages you can do to your liver. There are ways your colleagues are getting around it, and you'll find out about them soon enough. Nothing major like bottles at the club on expense, but you'll be able to expense GBP 200.00 per head which allows you to actually get a decent bottle of wine with dinner.
In my case I sometimes take my top 3-5 clients out and I pay for it myself and don't use the corporate card anymore, as I can't put through large expenses as easily. Also compensation is so random now that I am not sure I'll see my money back in bonus at the end of the year...

In equity you also have to check your trader's prices and be careful about what you do when you are a sales trader though. That's not FI specific - the products when you have been trading them for 7+ years are not really challenging to be honest, if you've been doing that for half a year it's stressful as you can make mistakes every seconds, but then it becomes routine you will see. FI and Equity are basically the same - vanilla products are more like a zoo as you have nothing to differentiate from the competition, and derivative products if it's flow is similar to vanilla.

Once you know how to trade something you can trade all. I have traded options on commodities and some CDS in the past. I've wrapped structured products in notes, and done FX options, yet my base business is EQD. I know the head of the other departments, and they won't go after those trades if they are just one offs and I don't suddenly switch to selling their products every day.

What I am trying to say is that as a sale - you can sell all products after a while as it's bloody easy. A trader is more than happy to explain to you and help you on your first trades, in his head he sees a bigger spread coming from one of my equity clients than from his regular sales guys - as it's a one off he can juice up the trade and knows the client is most likely just checking 1 or 2 bank as he doesnt trade that often.

 
Dec 31, 2014 - 4:15pm

Disjoint:

@Monkeyfaces you are partially right, when your limit is GBP 100.00 per head it limits the amount of damages you can do to your liver. There are ways your colleagues are getting around it, and you'll find out about them soon enough. Nothing major like bottles at the club on expense, but you'll be able to expense GBP 200.00 per head which allows you to actually get a decent bottle of wine with dinner.

In my case I sometimes take my top 3-5 clients out and I pay for it myself and don't use the corporate card anymore, as I can't put through large expenses as easily. Also compensation is so random now that I am not sure I'll see my money back in bonus at the end of the year...

In equity you also have to check your trader's prices and be careful about what you do when you are a sales trader though. That's not FI specific - the products when you have been trading them for 7+ years are not really challenging to be honest, if you've been doing that for half a year it's stressful as you can make mistakes every seconds, but then it becomes routine you will see. FI and Equity are basically the same - vanilla products are more like a zoo as you have nothing to differentiate from the competition, and derivative products if it's flow is similar to vanilla.

Once you know how to trade something you can trade all. I have traded options on commodities and some CDS in the past. I've wrapped structured products in notes, and done FX options, yet my base business is EQD. I know the head of the other departments, and they won't go after those trades if they are just one offs and I don't suddenly switch to selling their products every day.

What I am trying to say is that as a sale - you can sell all products after a while as it's bloody easy. A trader is more than happy to explain to you and help you on your first trades, in his head he sees a bigger spread coming from one of my equity clients than from his regular sales guys - as it's a one off he can juice up the trade and knows the client is most likely just checking 1 or 2 bank as he doesnt trade that often.

As always, thank you for your writeup. Gave you a couple SBs, FWIW.

I can see how things can seem new and exciting from analyst perspective, but can become routine when you've been doing it for a while. Our limit is a bit higher than 100GBP for top clients, but more like 15GBP for the smaller ones. It's a bit embarrassing going out and only buying a single pint for a client. I believe paying for clients yourself is strictly forbidden. Have seen several people get in trouble over that when it was found out. Something with bribing/money laundry regulations and all that. Anyway, I'm sure it works differently for different banks. At least you're showing your clients a good time, which is something I can't say fro myself.

It's very interesting to read about how it's like for someone who's been doing it for a while. The higher ups usually give a kind of salesy (no shit!) pep talk when you ask about it, so a frank opinion can be hard to come by. Anyways, enjoy NYE!

 
Jan 3, 2015 - 6:25pm

Good post. Most sales people are truly useless and annoying, but you require them just try to avoid them as much as one can. A good or great sales, is much harder to find and usually smarter than a lot of the other people in the firm just likes the easy life and no desire to move up or work worse hours (typically a senoir trader works worse hours than a sales guy).

A good sales guy knows when and possibly why, a client calls before the phone rings. A bad sales dude just picks up the phone when it rings. Sales folks who cannot understand their customers real needs or stay a step ahead of them are rather very annoying to deal with. Some customers care about price, some care about relationships, some are planning to change strategies, some always use the same strategy, etc... As a trader I will give you the price and service to please your customer, or I will work with you to prepare when I know you have a real trust with a customer...but its your job to build that trust. If you can't do it, I have one goal to run you over as fast as I can or get you to go away asap, which may mean not getting a lot of margin but also means I do not need to keep hearing your voice.

Getting around rules as a junior do not try this at home. Pay for the larger tabs yourself and pay for the smaller ones with your friends (not clients) with the corporate card, get your friends to cover you next time. Etc...

 
Jan 4, 2015 - 8:16am

marcellus_wallace:

Good post. Most sales people are truly useless and annoying, but you require them just try to avoid them as much as one can. A good or great sales, is much harder to find and usually smarter than a lot of the other people in the firm just likes the easy life and no desire to move up or work worse hours (typically a senoir trader works worse hours than a sales guy).

A good sales guy knows when and possibly why, a client calls before the phone rings. A bad sales dude just picks up the phone when it rings. Sales folks who cannot understand their customers real needs or stay a step ahead of them are rather very annoying to deal with. Some customers care about price, some care about relationships, some are planning to change strategies, some always use the same strategy, etc... As a trader I will give you the price and service to please your customer, or I will work with you to prepare when I know you have a real trust with a customer...but its your job to build that trust. If you can't do it, I have one goal to run you over as fast as I can or get you to go away asap, which may mean not getting a lot of margin but also means I do not need to keep hearing your voice.

Getting around rules as a junior do not try this at home. Pay for the larger tabs yourself and pay for the smaller ones with your friends (not clients) with the corporate card, get your friends to cover you next time. Etc...

As I understand it, a sales person's job is to bring the right risk to traders, and help them offload it when they want to get out of positions. Want to get rid of a yard of bonds ASAP without using expensive brokers and have the whole street know what you're doing? Guess which traders the sales people help out the most?

However, I don't think the mentality of us vs. them works in the long run when you work for the same bank. We all gotta help each other out. Co-exist and cooperate and all that. Plenty of times you hear info that helps the traders, and vice versa. A good trader and a good sales person both make sure that the relationship is mutually beneficial. If sales isn't helping you out, it's safe to say you're using them in the wrong way. Sales can and should make your life easier, but it's a bit of a two way street.

Pay for tabs myself? I barely have enough money to eat at the end of the month, let alone have the cash to pay for someone's else's food/drinks. It ain't easy living in central London on an analyst salary. I know plenty of guys who have to make ends meet with high interest credit card debts and overdrafts, but that's not something I'd recommend.

 
Jan 4, 2015 - 9:01am

Monkeyfaces:

Pay for tabs myself? I barely have enough money to eat at the end of the month, let alone have the cash to pay for someone's else's food/drinks. It ain't easy living in central London on an analyst salary. I know plenty of guys who have to make ends meet with high interest credit card debts and overdrafts, but that's not something I'd recommend.


Please, you poor soul, isn't 45k supporting your trips to Embargo, Raffles, or 151? Itsu every meal too much? Have some perspective.
"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
Jan 5, 2015 - 8:58am

Monkeyfaces:

Nearly everyone does this, from analyst to MD. Instant coffee, your own tea, your own lunch, etc. Most desk drawers are more like pantries. Not going to Starbucks 3 times a day at over £3 a pop is a tenner you save a day. Watch your pennies and the dollars (pounds) will follow.


I bring my own tea because i'm too pompous to drink the dross they have in any coffee shop.

anyway.....sales and all that shiz....it's brilliant.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
Oct 28, 2016 - 12:50pm

Have seen it mentioned in the comments, but curious whether others agree that it's been a long two years since this post was written. Acknowledging that good sales people are extremely valuable (and that my experience has likely been colored by the fact that I work at a boutique), I've come to view equity salespeople generally as entitled dinosaurs. Constantly touting their 'relationships', then logging nothing but VMs and emails in our CRM software, but definitely out the door at 4:30. If they went missing, literally the last place I would post a flyer looking for them is proverbial Wall St. They ping you with a question/ request for a client call, you answer the question so they know what you're going to say, and hear "ya ya ya, just tell the client".

Perhaps it's different if you're at a bigger bank- but your comment re: the morning meeting really struck a chord for me. How are you supposed to sell an idea/ have an understanding of who it applies to if you don't understand the call? Again, might be specific to the salesforce I work with, but I given that email/ dialers exist, I can't imagine a group generally more fit to be nearly entirely rationalized from a shifting (and not for the richer) sell-side business model.

 
Mar 31, 2018 - 3:48am
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redever
97.6
8
NuckFuts's picture
NuckFuts
97.5
9
frgna's picture
frgna
97.5
10
bolo up's picture
bolo up
97.4