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“Merrill Lynch, on the other hand, was a white-shoe firm with a proud history of elitism. Its investment bank was blue-blooded in temperament and composition, recruited primarily from Ivy League schools, and did only the more lucrative work of advising corporations, issuing securities, and managing money for ultra-wealthy individuals. In fact, many at Merrill Lynch considered commercial banking—the business of taking deposits, issuing mortgages, and giving loans to regular people—a lower form of commerce.”
― Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits
― Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits
“He told the associate that there was a lot of economic value in the work the desk did—that helping companies hedge their energy costs was a legitimate function of the capital markets, and that Goldman was the best place on the Street to do it. The associate took a moment to contemplate, then said, “You know, helping the world is great and all, but you need to be motivated by money.” He’d said it so bluntly that Jeremy attributed it to the booze, but the next day, as he came down from his hangover, he couldn’t help but think that the associate might have been telling the truth.”
― Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits
― Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits
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