Forget this piffling around, spending nine years at VP level at Goldman Sachs, waiting to get promoted. Yesterday's list of new managing directors at the firm included one person who was aged only 28.
Forbes says that 28 year old Andrew Silverman has gone associate to VP at Goldman in less than a year. In 2014, he'll be crowned managing director. How did he pull this off? Silverman is a mathematical genius and Harvard graduate. He works on Goldman's distressed credit trading desk and in the space of 12 months has reportedly become, 'one of the top distressed market makers in the world.'
Silverman's positioning as a trader may have helped. The Times reports that 94 of Goldman's new MDs were traders, followed (notably) by 74 operations, technology, legal and finance staff, only 51 investment bankers, only 39 investment managers, only 14 researchers and a mere 8 merchant bankers. More than half the new MDs are based in the US. 75 are based in EMEA.
Separately, JPMorgan's attempt to run a Q&A with one its most senior investment bankers has gone horribly wrong.
The bank has spent much of the past week using its Twitter account to advertise the availability of Jimmy Lee for a Twitter Q&A due to start tomorrow. Lee, who is vice chairman of the investment bank, was posited as a something of a philosophical guru available to answer 'life questions' in the recent style of Lloyd Blankfein at Goldman Sachs:
Unfortunately, JPMorgan's efforts were hijacked by virulent Tweeters who persisted in asking very awkward questions, with the result that Lee's Q&A has been cancelled. The Financial Times notes that Lee worked on the Twitter IPO [and should possibly therefore have anticipated such a furore]. It also notes that JPM lags behind Goldman Sachs in its social media dealings - Goldman has 95,960 Twitter followers, JPMorgan has just 8,731.
Goldman’s failure to make 2x as many MDs in its newly biannual promotions confirms that it’s become 2x as hard to get promoted. (Bloomberg)
At least nine managing directors have left Goldman Sachs in Brazil this year. (Bloomberg)
Perella Weinberg hired a Goldman MD. (Dealbook)
JPMorgan paid $75k a month to a small consulting firm with two employees, one of whom happened to be the Chinese PM’s daughter operating under a pseudonym. (Dealbook)
JPMorgan says 4th quarter trading revenues will be down slightly on last year. (Bloomberg)
The sheer amount of work involved in Hector Sants' role at Barclays led to his exhaustion. (Telegraph)
Balyasny Asset Management, a $3.7 billion Chicago-based hedge fund manager, is hiring in London. (Finalternatives)
When rich men pay for friends. (NY Observer)