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Business Insider
16 hours ago
- Business
- Business Insider
Junior bankers, take note: Goldman Sachs and Morgan Stanley execs lay out their simple strategies for impressing your boss
Thousands of junior bankers and interns are starting their Wall Street careers this summer. Goldman Sachs' CFO and a top Morgan Stanley ECM banker shared their advice for getting ahead. They both suggested saying "yes" to things you might feel are beneath you. It's June on Wall Street, which means more outdoor coffee chats, summer rentals in the Hamptons, and hordes of young people taking their inaugural steps toward a financial services career. Investment banking internships tend to kick off in early June, while training for first-year investment banking analysts typically starts a few weeks later. One of the top considerations undoubtedly on the minds of these newcomers is how to show their bosses they're the right people to bet on for future promotions or job offers. In an effort to help them along, Business Insider asked people who've made it on Wall Street to reveal the best advice they've received over the years that influenced the direction of their lives and careers. We spoke to Denis Coleman, Goldman Sachs' chief financial officer, who shared how his trust in his boss (David Solomon before he was CEO) paid off when it came to a career move he initially didn't want. We also heard from Lauren Belmonte, head of technology equity capital markets in the Americas at Morgan Stanley, who shared this piece of memorable advice she got from her mentor when she was starting out: "If someone you respect asks you to go sharpen pencils for them, you should do it." The pencil analogy may feel dated in an age of AI chatbots and Excel spreadsheets, but the premise of the advice offered by both of these top executives involves saying "yes" to things we may feel are below us if we want to earn our place at the table and prove that we're genuinely interested in contributing to the company's success. Frank advice like this can be hard to find in the buttoned-up hallways of Wall Street banks, which is why we are presenting Coleman and Belmonte's advice in their own words, lightly edited for length and clarity. Denis Coleman Title: Chief Financial Officer Soon after I made partner at the firm, I was asked if I would be willing to change geographies from New York to London and transition from running a large developed business to leading a smaller activity. My first reaction was to simply ask: Why would I trade a large opportunity for what seemed like a smaller one? The co-head of my division at the time and the champion for this career move was David Solomon, who also happens to be my current boss, and he was quick to point out that I was looking at the opportunity the wrong way. It was not about trading from a big business to a small business but rather seizing an opportunity that could make a meaningful difference for the firm. His guidance reframed my thinking. I moved to London, and over the ensuing years for a variety of reasons, our European financing business grew significantly. The push to move to London was not only a great career move for me, but also enhanced our ability to compete in EMEA. The lesson was equally important: Trust the firm, trust the people you work with, and be willing to take risks with your career. That's how you end up making a difference. When I was a junior analyst at Goldman Sachs, I was given a piece of tactical advice that would shape how I looked at career development: If you are looking to accelerate your career, identify the aspects of your boss's job or the tasks they are responsible for that don't necessarily require their personal oversight, and offer to take on the responsibility. You will free your manager from some of their less strategic tasks, enabling them to spend more time and energy on the things that benefit the business the most. In addition, as a more junior party, taking on these responsibilities will give you an opportunity to gain exposure to things that a more senior person is usually tasked with. You need to work hard and do your job with excellence, but you can separate yourself by volunteering to take on more to develop your skills and free up the time of those above you. Lauren Belmonte Firm: Morgan Stanley When I started working at Morgan Stanley as an associate out of business school, I had the fortunate opportunity to partner with Jim Runde — a legendary banker on Wall Street with a multi-decade career. I met him at the stage in his career where he was focused on developing talent across our investment banking teams. In our regular coffee catchups, he would share very practical, actionable advice including on building relationships with clients ("of course, turn up prepared and ready to ask for the business, but always turn up to meetings early") or on building trust in a team ("praise in public, criticize in private"). One piece of advice that has been very impactful to my career was his focus on seeking out opportunities with smart, interesting people. He would say, "If someone you respect asks you to go sharpen pencils for them, you should do it." This advice has stuck with me in part because the example itself is extreme — nobody is sharpening pencils at Morgan Stanley — but also because it aligns with my experiences to date. Jim's counsel was that it matters who you are around and not the specific task you are focused on. I actively seek out opportunities with varied colleagues at Morgan Stanley as well as with clients across industries because of his advice. There is no doubt that opportunities arise from working with dynamic people and it brings out the best in you. Now as I lead our technology IPO business, I look to partner with energetic founders and insightful investors as it brings out the best in my work, and it also keeps me learning and growing.
New York Post
27-05-2025
- Business
- New York Post
Goldman Sachs CEO David Solomon 'yelled at partners who left, crushed dissent'
Goldman Sachs CEO David Solomon cracked down on dissent by launching a probe into leaks and purging stalwarts who were trying to undermine his leadership, according to a blockbuster report. Solomon, who took over the Wall Street giant from Lloyd Blankfein in 2018, tightened his grip following a wave of internal backlash during a rocky stretch in 2022 and 2023 as Goldman's profits faltered. He was blamed for the firm's costly expansion into consumer lending and was ridiculed for his attention-grabbing side gig as DJ-Sol — who was booked for highly-publicized events in the Hamptons and at Lollapalooza. Solomon fought back against the bad publicity by launching an investigation to track down those suspected of leaking information to the media and dressing down executives behind closed doors, according to the Wall Street Journal. 5 Goldman Sachs CEO David Solomon ruthlessly crushed dissent at the firm by pushing out critics and investigating leaks to the press, according to a report. Bloomberg via Getty Images Solomon personally told Goldman's board he was going to 'take action' against nettlesome employees, sources told the Journal. He pushed out longtime executives who had questioned his leadership — including Jim Esposito, co-head of global banking and markets, and top trader Ed Emerson. Emerson's departure came after he reportedly told colleagues at a dinner that Solomon should be fired and replaced by President John Waldron. Solomon found out, and Emerson was gone, according to the Journal. Even exit conversations became battlegrounds. Sources told the Journal that Solomon yelled at partners who came to inform him they were leaving. Solomon's iron-fisted approach marked a dramatic shift from Goldman's traditional partnership culture, in which senior leaders historically operated with a degree of autonomy and influence. But Solomon began restructuring the firm almost immediately after taking the reins, dismantling divisions, reversing course on strategy and centralizing decision-making authority. The upheaval accelerated after the firm's ill-fated expansion into consumer finance. During his initial four-year tenure, he led multiple restructurings — including splitting wealth management from asset management in 2020, only to recombine the two just two years later in 2022. 5 Ed Emerson, a top trader at Goldman, was reportedly fired after he said Solomon should be replaced as CEO. Goldman Sachs The constant organizational shifts fueled an exodus of partners. In the asset management unit alone, nine of the 11 partners appointed as leaders in early 2022 have since left. 'When you restructure an entire division, leadership changes are sometimes inevitable,' Goldman spokesperson Tony Fratto told The Post on Tuesday. Fratto added that 'the story at the firm is people coming back' and that 'a quarter of our managing director and partner hires last year were people returning to Goldman Sachs.' Solomon championed the $2 billion acquisition of lender GreenSky in 2021 — a deal that many of his deputies opposed, the Journal reported. Two years later, Goldman sold the business at a loss. As the consumer division hemorrhaged money, investment banking revenue slowed, and partners saw their compensation shrink. Tensions inside the firm exploded. 5 Jim Esposito, once seen as a future CEO candidate, left the firm in 2023 after clashing with Solomon, according to a report. REUTERS 'The firm set out a detailed strategic plan in 2020 to grow our franchise and meaningfully improve returns,' Fratto told The Post. 'The vast majority of those goals have been met or exceeded.' Internal critics charged that Solomon's vision had become a costly distraction. But rather than change course, Solomon doubled down. When Esposito presented Solomon with a written critique of the consumer-lending strategy and recommendations for a shift in focus, Solomon dismissed it outright, according to the report. The relationship between the two men deteriorated quickly. In late 2023, Esposito, once seen as a future CEO candidate, left the firm. That same year, Goldman's board launched its own review into the consumer debacle and examined who was responsible for the losses. 5 Solomon's moonlighting as a DJ was reportedly a source of tension within the company. David Solomon/Instagram At the same time, the firm's consumer-lending operations were facing scrutiny from federal regulators. But even as external pressure mounted, Solomon was quietly consolidating control. According to the Journal, he met privately with hundreds of Goldman partners around the world, telling them to ignore media noise and focus on the firm's future under his leadership. By 2024, Goldman had begun exiting the consumer space and refocusing on its core strengths: investment banking, trading and wealth management. The firm's stock price soared 48%, and profits rebounded. Solomon also gave up his DJ gigs. In the last five years, Goldman stock has climbed more than 209% — more than doubling the gains made by the S&P 500 and besting rivals such as JPMorgan Chase (170%), Bank of America (80%) and Citigroup (54%). 'Basic facts should be hard to ignore. Goldman Sachs is the best performing US bank stock over the past five years, and we've grown our revenues by nearly 50%,' Fratto said. 'Our investors know the strategy we laid out in 2020 is working,' Fratto told The Post. 5 Goldman has seen its profits rebound after a rocky period in the first few years of Solomon's leadership. Bloomberg via Getty Images There was one other major twist: Waldron, Solomon's longtime deputy, was approached by Apollo Global Management for a top role. When Waldron informed his boss that he planned to leave, the CEO reportedly pleaded with him to stay. Solomon went to the board, arguing that Goldman couldn't afford to lose Waldron. The result was both men being handed $80 million retention bonuses to stay five more years, and Waldron was given a board seat, the Journal reported. Goldman came under fire from two major proxy advisory firms for awarding the $80 million retention bonuses, with Institutional Shareholder Services slamming the payouts as 'poor practice' that 'lack rigorous, pre-set performance criteria.' Glass Lewis also criticized Goldman's 'continued inability to align pay with performance' and urged shareholders to vote against the awards at the upcoming April meeting. Solomon also received a pay bump, bringing his compensation to $39 million. A source familiar with the situation told The Post that Solomon is 'operating now from a position of strength.' 'He's refocused the firm.'
Business Post
14-05-2025
- Business
- Business Post
UAE to be allowed own 15% of The Telegraph
David Solomon admitted in a 2023 CNBC interview that the bank he headed had not 'executed... AMD, the American chipmaker, announced a share buyback scheme worth $6 billion. The... A new 'golden age' of infrastructure investment should bring major benefits to... Mickael Viljanen of Chapter One in Dublin, Stephen Toman of Ox in Belfast and Adam... As the Irish tech sector continues to evolve, the demand for top talent remains high.... The UK government is to allow the United Arab Emirates to own up to 15 per cent of... Markets on Wall Street have opened for Wednesday trading, after a mixed day on Tuesday...
Business Post
14-05-2025
- Business
- Business Post
US markets open with minimal gains
David Solomon admitted in a 2023 CNBC interview that the bank he headed had not 'executed... AMD, the American chipmaker, announced a share buyback scheme worth $6 billion. The... A new 'golden age' of infrastructure investment should bring major benefits to... Mickael Viljanen of Chapter One in Dublin, Stephen Toman of Ox in Belfast and Adam... As the Irish tech sector continues to evolve, the demand for top talent remains high.... The UK government is to allow the United Arab Emirates to own up to 15 per cent of... Markets on Wall Street have opened for Wednesday trading, after a mixed day on Tuesday...
Business Post
14-05-2025
- Business
- Business Post
AMD announces $6 billion share buyback scheme
David Solomon admitted in a 2023 CNBC interview that the bank he headed had not 'executed... AMD, the American chipmaker, announced a share buyback scheme worth $6 billion. The... A new 'golden age' of infrastructure investment should bring major benefits to... Mickael Viljanen of Chapter One in Dublin, Stephen Toman of Ox in Belfast and Adam... As the Irish tech sector continues to evolve, the demand for top talent remains high.... The UK government is to allow the United Arab Emirates to own up to 15 per cent of... Markets on Wall Street have opened for Wednesday trading, after a mixed day on Tuesday...
