BigBadBanker123

What you have to understand is that the most senior people on Wall Street are also the most highly educated and probably politically savvy. On top of that, they all have one thing in common: the lust for money and wealth. Very few individuals that I know are in their positions just because they're good people, great leaders, or hard workers.

But back to your question...I'll give you one example. During the height of the financial crisis, I had dinner with the then-CEO of Bank of America. He had recently arranged the purchase of Merrill Lynch, and was visiting a branch office outside the U.S. He was also being accused personally of deceiving shareholders by covering up the fact that Merrill Lynch would lose billions of dollars in the coming quarter. His behaviour during this 24-hour period when he was abroad was 100% focused on saving his own hide from a lawsuit, while at the same time, he had approximately 60,000 new employees' and 250,000 existing employees' as well as millions of customers' financial lives at stake. He chose to ignore all the major issues outstanding as a result of the merger HE engineered, and focused solely on his own legal trouble. It was highly irresponsible conduct for the CEO of any company, much less the world's largest bank, particularly after the company had assumed so much risk at his direction and sole discretion.

Thanks for your question, I hope this information provides a lens into why ethics matters in the financial industry.

That's a great question, and I need to think about it a bit more...but it comes down to Wall Street's ability to generate mega-profits during good economic times. Since a portion of those profits end up trickling down to the executives and senior managers of those companies, I think until a constraint is placed on the industry's ability to earn and pay out profits, there won't really be a substantial change.

No, I didn't, but I did get a Masters degree in finance and joined B of A after I graduated. But with regards to Ivy League graduates, I certainly worked with many of them over the years. I always tell my kids not having an Ivy League degree has absolutely no impact on your probability of success or your happiness in life. What it might do for you, however, is get you access to a more select opportunity at an investment bank. I do believe that once inside Wall Street, an Ivy League pedigree doesn't provide you much of an advantage - it comes down to your willingness to work hard.

Work harder and save as much as you can.

I am using the term Investment Banker to describe myself, not because I was part of the M&A department or a coverage banker in the Investment Banking Department. I am using the term generically to describe the people who work in the securities business. These could be capital markets origination experts, bond or stock traders, research analysts, client relationship managers, etc.

I was in general management so had a view of all these areas.

Is your question about my credibility, or are you really just not sure what people mean when they use the term investment banker. I agree it is misused a lot these days because it sounds slick.