So your kid wants to be an IB?

rickle1
Tue, 23 Mar 2021 13:25:15 +0000

Actually agree with both sentiments : too bad and needs to change. Have had this conversation with IBers many times (various levels including a Vice Chairman HS buddy of mine.) I can’t think of another professional industry as inefficient with work time activities. So many hours required to be present doing nothing, waiting for instructions. Non covid, why so much face time required? If they’re waiting for instructions, how about letting them wait at home while they eat, nap, workout, run an errand.

The irony is this isn’t brain surgery. Things that will never be read (because decision makers don’t care about the minutia in footnote 17A -3 on slide 57 - trust me they really don’t!) are positioned as hyper critical must haves by 9am. Easy to require someone do something when you’re not doing it.

Frankly the whole pitch frenzy routine seems so archaic. As a professional sales guy who has closed many board room deals, it seems like they just try to create transactions by pitching everything they can think of. That’s the part that really needs to change. How about building a relationship with the C-Suite and really understanding their business and discovering their needs and then providing a solution? Yes I know it’s a competitive landscape and every other bank is throwing up all over them. What’s the hit rate? 1:10, 1:25, 1:100? Don’t know. I do know, however, it would be way higher if they weren’t throwing it all against the wall (what about this, ok what about that, ok what about this other one…) It’s like they don’t know anything about selling which is really all about relationships and solutions (which means it’s about the client - not about the bank - which is all transactional). Yes I know this would require a total MO overhaul and the old guard won’t do it. Eventually someone will.

Sorry rant over.