M&A bankers swot up on global warming
It's not enough for M&A bankers to be voracious deal-doers. To get to the top of the industry you'll increasingly need to be au fait with carbon sinks and the Kyoto Protocol.
Lehman Brothers is warning companies to "adapt to climate change or die," and it seems clients across the industry are eager to do so. According to Michael Klein, the new co-president of global banking (and investment banking) at Citigroup, they're keen to speak to bankers who are "interesting and interested" when it comes to issues like global warming.
With a view to educating its bankers, Financial News reports that Citigroup has created economic, political and financial strategy groups. The big bank has apparently also formed in-house think tanks to help prepare its bankers to discuss the likes of climate change with chief executives.
But are well-rounded 'interesting' individuals really favoured over those with a list of deals as long as the proverbial arm? No.
"At the junior level there's no interest in your knowledge of social and political issues," says Logan Naidu, a consultant at search firm Cornell Partnership.
Being au fait with climate change might just help when you get to be higher up, however. "To be a successful investment banker you will need at least an appreciation of trends like renewables that will affect your clients," says Aiden Kennedy, a partner at search firm Christian & Timbers. "But it's an additive rather than a pre-requisite."
