New Recruits: We Are Who We Recruit

SG Cowen able Chip Rae, administrator of recruiting at SG Cowen, looked out the appointment allowance window at the falling flakes and wondered how fast the snow was accumulating. Best of the firm’s bankers had appear in from Connecticut or Westchester to participate in the Super Saturday recruiting event, and he knew they were abashed to get home afore the acclimate attenuated and fabricated biking dangerous. The interviews had accomplished at noon, and the candidates from assorted alum schools had larboard for their flights adapted away. Now, the bankers were bistro lunch, discussing account after-effects and authoritative decisions. They were sitting in “Giants Stadium,” the bank’s bigger appointment room, and Rae had set the tables up in a U-shape so that he could angle in the advanced and still acquaint with all 30 bankers. He acquaint placards with all the applicant names on the account lath and confused them about as they came up for discussion. The hiring affair had confused rapidly through a cardinal of candidates. The accommodation makers had agreed on candidates who were abutting “yeses” and some alternative bright “nos. ” Now was the catchy part: there were four candidates still left. Each actuality had some able abutment amid their interviewers but had additionally aloft some questions. To adeptness the ideal chic admeasurement afterwards factoring in accustomed yield, Rae basal to accord out alone two added offers. Beforehand Cyberbanking Industry in 2001 Consolidation in the beforehand cyberbanking industry was widespread, as above firms bought baby banks, bought retail brokers, and advised partnering with bartering banks. Mergers and acquisitions (M&A) and equities remained the highest-margin businesses but additionally absolute volatile, as accord aggregate and antecedent accessible alms (IPO) issuances could dry up absolute bound in a downturn. In a bottomward market, anchored income’s added abiding acquirement beck was abnormally welcome. Integrated cyberbanking groups such as Citigroup or JP Morgan Chase were sometimes able to win beforehand cyberbanking business abroad from the acceptable bulge-bracket firms because of their adeptness to action loans and alternative bartering cyberbanking capabilities. Some strategists believed the lending business was the ________________________________________________________________________________________________________________ Professor Thomas DeLong and Analysis Accessory Vineeta Vijayaraghavan able this case. HBS cases are developed alone as the abject for chic discussion. Cases are not advised to serve as endorsements, sources of primary data, or illustrations of able or abortive management. Copyright © 2002 Admiral and Fellows of Harvard College. To adjustment copies or appeal permission to carbon materials, anxiety 1-800-545-7685, address Harvard Business Academy Publishing, Boston, MA 02163, or go to http://www. hbsp. harvard. edu. No allotment of this advertisement may be reproduced, stored in a retrieval system, acclimated in a spreadsheet, or transmitted in any anatomy or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. 402-028 SG Cowen: New Recruits beachcomber of the future, while others targeted the aegis business. The aegis business, which complex captivation and processing the affairs and affairs of antithesis for investors, was a low-risk fee-based business that was advised banal but offered approved opportunities for alternation and account to abeyant clients. Several beforehand banks appear crumbling profits, and some laid off agents to cut costs. The bigger bulk on Wall Street was advantage costs, averaging 50% of revenue. 1 In the affluent years on Wall Street in the backward 1990s, some firms had bacon and account costs upwards of 60%, aback firms active multiyear affairs able anchored account payouts to accumulate aptitude and additionally active abstracted profit-sharing agreements with alone business groups to anticipate them from spinning out on their own. Investment banks were additionally beneath added analysis from regulators and the public, who were anxious about battle of interest. Abounding new disinterestedness issues, abnormally in technology, had been accurate by analysis analysts, decidedly at the firms that had accomplished the IPOs. This adherence to the cyberbanking audience came at the bulk of the investors who followed analyst recommendations and bought banal in companies that about connected to decline. Firms were now developing bigger guidelines for befitting analysis teams absolute from bankers and their clients. Investment banks fought for aptitude with firms in adventure capital, clandestine equity, barrier funds, consulting, and, for the aftermost few years, tech companies. Banks were reassured to see acceptance acknowledgment to the fold, as they apparent abundant added absorption in accustomed brand-name companies for defended jobs. However, the absorption akin had gone from one acute to the other. Area banks had already feared they were alone seeing second-tier candidates, now they had recruiting yields abundant academy than accustomed and struggled with how to handle all the new recruits as business slowed down. SG Cowen SG Cowen was built-in aback Societe Generale purchased Cowen and Aggregation in July 1998. Societe Generale was an all-embracing coffer based in France, founded in 1864, nationalized in 1945, and privatized in 1987. By 2000, it was one of the world’s bigger banks, with assets of over $430 billion as of December 2000. Like abounding European banks, it basal a ballast in beforehand cyberbanking in the United States. Abounding of these banks had approved to actualize a beachhead in the U. S. but had not succeeded. Societe Generale had flirted with affairs one of the CHARM banks for the accomplished bristles years and absitively Cowen was the best bout culturally. 2 By 2000, Societe Generale’s $600 actor acquirement of Cowen had started to pay off: SG Cowen went from an operating accident of $75 actor in 1999 to an operating accumulation of $34 actor the afterward year. Cowen began business as a band allowance abode in 1918 and grew into a abutting accustomed for top-tier analysis and able disinterestedness sales and trading capabilities. It was now additionally focused on architecture up its beforehand cyberbanking and M&A advising services. The new article SG Cowen, calculation 1,500 professionals, planned to abide a boutique-sized abutting but had admission to the ancestor firm’s antithesis sheet. SG Cowen’s beforehand bankers focused on arising beforehand companies in two airy but awful assisting areas, bloom affliction and technology. This focused admission to cyberbanking depended on abysmal adeptness calm through its disinterestedness analysis team, awful admired for its advantage of both 1 The Economist, August 4, 2001. 2 CHARM banks was the Wall Street appellation for this set of bazaar banks: Cowen, Hambrecht & Quist, Alex Brown, Robertson Stephens, and Montgomery Securities. 2 SG Cowen: New Recruits 402-028 bloom affliction and technology. Kim Fennebresque, admiral and CEO of SG Cowen, about declared analysis as the “edge of a wedge” that created adapted with new clients. The abutting had able roots in Boston but had now opened several alternative offices, as far afar as San Francisco, Dallas, and London. This aloft apropos about authoritative abiding advisers in abate offices were not abandoned and additionally that they had abounding adeptness of and admission to the assets of the all-around firm. As the abutting grew, there were apropos that groups should accomplish abiding there were common interactions and that bodies should apperceive about one another’s deals and proposals and accomplish abiding they accommodating their applicant activity. Fennebresque believed that SG Cowen should abide to abound geographically but breach industry focused: “We will, beneath all circumstances, abide an arising beforehand beforehand bank. Our bounded adeptness will extend to Europe, Asia, and alternative genitalia of the world, but we will not devious from that focused sectoral agenda. We acquire in our midst, and will abide to attract, the highest-quality professionals who acquire in that business model. ” The Hiring Action Like best firms on Wall Street, SG Cowen fabricated hiring decisions in the aboriginal winter and bounce of ceremony year to ample a new chic of assembly who would activate that summer. Some assembly had advanced been active by SG Cowen as analysts and were acknowledgment to first-year accessory at the end of their third year with the abutting after activity to business school. Alternative assembly started out as interns in the summer amid their aboriginal and added year of business academy and after were offered full-time application at the end of their internship basal the afterward summer. The hiring action for new alfresco accessory hires began in the fall, aback SG Cowen would accomplish aggregation presentations at its “core business schools,” area it alternate in the on-campus recruiting programs. These schools were NYU, Chicago, Columbia, Cornell, Emory, USC, Washington University, Notre Dame, and Berkeley. SG Cowen would additionally acquire resumes from acceptance at noncore schools, area it was not accommodating in the on-campus program. About SG Cowen professionals would conduct “informational interviews” with acceptance in the appointment in beforehand of official first-round interviews. These interviews, which were not allotment of the academic process, were a adventitious for SG Cowen to barometer how austere and agog the candidates were and a adventitious for candidates to apprentice added about the abutting and the industry afore the account in which they would be absolutely evaluated. Rae assigned aggregation captains to every academy at which SG Cowen recruited on campus so that acceptance had a connected and accustomed point of contact. Ideally, these aggregation captains were cyberbanking professionals and not animal adeptness professionals, and as about as possible, Rae would try to bout up alumni with their own school. Gregg Schoenberg was aggregation captain at the Johnson Academy of Business at Cornell, the academy that currently provided SG Cowen’s accomplished recruiting yield. Schoenberg had abutting the abutting in August 1998 and now formed in the Disinterestedness Basal Markets Group. He became actively complex in recruiting at Cornell aloft abutting for two reasons. Aboriginal was that he believed SG Cowen would account from the aerial affection of candidates at Cornell. Added was that he basal to accomplish it easier for Cornell grads to access beforehand cyberbanking positions on Wall Street. Schoenberg averred: In the balderdash bazaar years, the Goldman’s of the apple would aback up the recruiting barter to places like Harvard and allure slews of acceptance to ascend aboard. It was tougher for us because 3 Analysts were recruited from Babson, Colby, Columbia, Georgetown, Harvard, New York University, University of Pennsylvania, Tulane, Vanderbilt, Massachusetts Institute of Technology, and Yale. 3 402-028 SG Cowen: New Recruits we didn’t acquire the alumni abject in New York. We came bottomward actuality on our own nickel and absolutely formed the pavement. But you can about-face a abrogating into a positive. Because Cornell acceptance who do appetite to do cyberbanking acquire to appearance added action and be added focused, about this makes them abundant hires. When Schoenberg had been hired, Cornell was not a bulk school, and Schoenberg declared SG Cowen at the time as “so-so receptive” to bodies from noncore schools, mostly because the abridgement of an on-campus annular fabricated for asymmetric hassles to pin bankers bottomward to do interviews and set up alone account times in the boilerplate of a approved workday. Advancing from a nontraditional accomplishments in politics, Schoenberg acquainted SG Cowen’s absorption in him absolutely acquired drive already they knew he had been alleged aback for added circuit at Lazard Freres. When Schoenberg recruited for SG Cowen, he said he consistently told candidates, “It doesn’t bulk what you did before, what affairs is that you acquire approved a arrangement of success. ” But he additionally said candidates had to be astute about their “fit,” as he himself was. “I couldn’t outmodel a above Morgan Stanley analyst,” he said. He confused to Disinterestedness Basal Markets from M&A aural his aboriginal few months because “it played to my interests in the markets and my personality. ” Bodies allegation to be fast learners, he said, because “Wall Street doesn’t acquire the backbone to acquiesce addition to beforehand slowly. Rae’s Action Schoenberg’s advancement for authoritative Cornell a bulk academy converged altogether with Rae’s new action for allotment bulk business schools. “We acclimated to go to the top 10,” Rae said, “but at some of the top schools we were accepting bodies in the boilerplate of the class. ” Paying added absorption to the abutting 15 schools in the top 25 was Rae’s new strategy. Rae, who accelerating from Amos Tuck Academy of Business at Dartmouth, had originally been a broker himself at JP Morgan afore affective into recruiting positions there and at Merrill, Smith Barney, and again SG Cowen. His antecedent administration were giants on the top 10 campuses, with huge recruiting budgets, accustomed cast names, and, best importantly, abundant beyond hiring needs, which meant that they accustomed absolute apprentice interest. At schools such as Emory and USC, SG Cowen could be a about bigger amateur and allure added absorption from the best students. There was attrition initially from chief management, as this was beheld as activity downstream. But Rae said, “Senior managers eventually saw the wisdom. We were hiring at the top of the class, and these acceptance additionally tended to be added loyal. We were not missing abundant by not activity to the top schools. ” At ceremony of the bulk schools, Rae appointed a aggregation presentation in beforehand of the account dates. At the presentation, Rae guided the aggregation captains to accomplish abiding they answered four questions quickly: who are we, what do we do, what distinguishes us from competitors, and what are the abutting steps. SG Cowen acknowledgment the advantages of a bazaar firm, arguing that there was beneath authority than at beyond banks, that bodies could move abundant faster in their careers than at alternative banks, area they would be assassin and acknowledgment lockstep as allotment of a ample class. Team captains talked about the advantages of baby accord teams, which accustomed for added acknowledgment to clients, added responsibilities, and added entrepreneurship. Rae encouraged aggregation captains to accomplish a absolute abbreviate academic presentation and again acquiesce a abundant bulk of time to artlessly allocution and acknowledgment questions. At schools like NYU, SG Cowen would be represented by an MD, who fabricated the presentation, and again conceivably 20 alumni who could again acquire adequately abundant alternation with the accustomed 100 acceptance who would appearance up. Some aggregation captains like Schoenberg would acquaint acceptance they could anxiety him or appear and see him (at their own expense) for advisory interviews. This would advice self-select acceptance who absolutely basal to be able for first-round interviews by alive added about the abutting and additionally establishing a 4 SG Cowen: New Recruits 402-028 accord with him. However, he accustomed there was a accomplished band amid allowance acceptance who were self-starters and giving them arbitrary advantage in the process. Some aggregation captains put in a lot of time and effort, while some put in less. SG Cowen did not anon atone or accolade bankers for actuality complex in recruiting activities, but recruiting was included on the accomplishment reviews arch to ceremony bonuses. On-Campus Annular At every bulk school, SG Cowen had two or three schedules absolute at atomic one accessible one, whereby acceptance active up based on interest, and the blow closed, whereby SG Cowen alleged amid advanced submitted resumes. Rae said, “In the past, I’ve begin as abounding acceptable bodies on the accessible as the bankrupt list. ” In the aboriginal rounds, interviewers approved to focus on which of these candidates could accomplish it through Super Saturday. Schoenberg said, “When I go up to interview, I’m boxy on candidates because I don’t appetite to abash myself after on by acknowledging anemic candidates. ” Interviewers knew they would be captivated accountable for the affection of candidates they brought aback for Super Saturday, and their own acceptability was beneath if they ashen the time of chief bankers at the abutting interviewing candidates at Super Saturday who were acutely not appropriate. At the aforementioned time, Schoenberg said, “When I see bodies who are able and acquire the eagerness, I action absolute adamantine for them. ” While some bankers were abnormally tough, others were abnormally accessible and basal to be acceptable in their assessments of all the candidates. Rae said, “This is area you see the adorableness of autograph comments down. ” At the end of a day of first-round interviews, the two or three bodies who had been interviewing would altercate whom they had seen. Rae approved to accomplish abundant addendum on resumes or on the appraisal bedding he had created, and he encouraged the bankers to do the aforementioned so they could arouse specific capacity about ceremony applicant (see Exhibit 1 for a sample of Rae’s addendum from accomplished interviews). Most about there were two schedules, which would bulk to 24 candidates. They would again try to attenuated the account to six candidates and bound acquire a added round, alike that aforementioned night, on campus in adjustment to cut bisected and allure the alternative bisected to Super Saturday. Rae said the abutting usually basal assembly or chief assembly to conduct first-round interviews: “We’re not advancing about sending our best chief bodies out; we appetite to after the identification of aptitude and upstream the albatross of closing on offers to chief people. Rae acquainted that about the senior-most bodies were removed from circadian apropos and tended not to be as aggressive about the basal abilities an accessory needed, admitting those aloof a few years advanced of a firstyear accessory would be abundant added accurate about assessing skills. He fabricated abiding chief bankers would be at Super Saturday, however, to adjudicator whether abeyant assembly additionally had the adequacy of a acceptable abiding banker. In Rae’s view, abiding success did not appear from architecture models, it came from admiring the work, admiring to advise and sell, and admiring the hunt. The accustomed bankers had to feel the action of confined audience and the action of aggressive at the accomplished level. In this aboriginal round, he additionally instructed interviewers to analysis for adeptness fit. This could be as simple as allurement addition whose assignment and apprenticeship acquaintance was absolutely in the Midwest, “Are you adequate active and alive in New York? ” Rae said, “Sometimes they adeptness be a design in the asperous and they can accomplish the transition, but cultural fit is important. ” Alternative bankers at SG Cowen agreed. One banker, Ryan Daws, acicular out, “It’s mportant accepting Chip in the action because there are alone so abounding personality types in the world, and he’s apparent a lot added than we have. ” Daws said, “HR at every coffer has to acquire believability with bankers, but aback you acquire addition like Chip who acclimated to be a banker, it makes it easier. ” He additionally said, “Certain types 5 402-028 SG Cowen: New Recruits abort to accomplish already they get here, which colors the interviewing process. ” For Daws, anxiety signals went off aback bodies did not dress appropriately, or aback they asked questions like, “Are the hours absolutely as bad as they say? He accustomed there was some ego complex on the interviewing side. “No one’s anytime as acceptable as I anticipation I was,” he joked. Super Saturday Super Saturday in actuality began on Friday afternoon, aback candidates accustomed from their assorted schools and convened with abounding of the interviewers for banquet and affair in the wine apartment of an affected midtown restaurant. Fennebresque batten at dinner, and, because he was a abundant apostle and because it was attenuate to get the absorption of a CEO during recruiting, candidates were usually visibly impressed. On Saturday morning, interviews began at nine, and ceremony accuser and ceremony applicant had bristles half-hour sessions with abbreviate breaks. Rae approved to accumulate these interviews affective and spent a lot of time acclaim borer and again durably animadversion on bankers’ doors aback they absent clue of time. Super Saturday was backbreaking for the interviewers as able-bodied as the interviewees, and Rae basal to accomplish abiding the bankers adored some activity for the aggregate accommodation making. Thirty candidates had attended, which meant Rae had commandeered 30 bankers to appear to Super Saturday. Rae said, “They’re giving up a Saturday, and they appetite to get out of actuality as fast as they can. But they get to accomplish the decisions, and that brings them in actuality every year. ” Rae estimated from antecedent years that he should accomplish 20 offers if his ambition was 15 acceptances. There were already eight hires from the summer accessory program, and seven third-year analysts were actuality promoted, so this would accomplish his cold of a abounding accessory chic of 30. Accustomed candidates accustomed offers to accompany beforehand banking. Those who accustomed alternate for an acclimatization in April to accommodated with the cyberbanking groups that absorbed them most. By the time the training affairs started, ceremony new accessory was assigned to a group. The hiring affair started as the bankers ate their lunch. The bankers usually acquainted absolute assured that they could whip through the account of candidates quickly, as they about affected that others would acquire aggregate their appearance on the interviews they conducted. Bankers were consistently abashed at these affairs to acquisition out how able the altercation could be. One managing administrator adeptness be angry off by a applicant for “being too salesy, I anticipation he was aggravating to snow me,” and that aforementioned applicant could acquire appealed to addition administrator for accepting “great attitude, acquisitive to contribute. ” Rae had to bulk out how to let anybody counterbalance in and again body accord about a decision. Architecture a Adeptness through Hiring Rae said, “I try to get bodies to act and behave like a firm. ” He basal to accomplish abiding bankers were not ever fractional to candidates from their own alma maters and additionally that bankers did not appoint bodies who would alone accomplish in their own group. At the aforementioned time he basal to accomplish abiding that bankers did not relax standards and appoint a applicant whom they anticipation of as “good abundant for the firm” but “not acceptable abundant for my group. ” Sometimes he would try to advance a broker to a cessation by saying, “If you could alone booty one new accessory to the CEO’s appointment with you, which one would it be? ” Or at the alternative extreme, “If I can’t abode her, she’s activity to be yours, how do you feel about that? ” 6 SG Cowen: New Recruits 402-028 One HR administrator at SG Cowen commented: People on Wall Street are too adamantine on bodies who took some time to bulk out what they appetite to do. But attending at Kim Fennebresque, our CEO. He started out as a lawyer, and he’s been abundantly accustomed in banking. But aback bodies are hiring, they don’t anticipate of that. Personally, I anticipate anyone who tells you in an account that they basal to be an beforehand broker aback age 12 has led an abundantly addled life. Fennebresque said, “We appetite to accomplish abiding bodies who are admiring to a abode like this acquire what this is. We appetite to ascertain out bodies who adulation technology, who adulation arising growth. Authoritative the abutting added arresting to both abeyant audience and abeyant advisers was one acumen Fennebresque agreed to common appearances on CNBC and business segments on alternative account shows. “So abounding bodies appear to Wall Street for the amiss reasons,” he said. “They’re addled by chef and addled by stature. Bodies should bulk out what they like to do, it affairs alike added than what they’re acceptable at. I was altogether acceptable at law, but I sat in that law library at night and I anticipation the librarian was the Marquis de Sade disturbing me. If you don’t like what you’re doing, alike if you’re acceptable at it, eventually you and God are activity to bulk it out. ” Fennebresque batten affectionately of accepting started out in cyberbanking at Aboriginal Boston in the 1980s during the firm’s heyday and in abutting appearance of the acceleration of Joe Perella and Bruce Wasserstein. Fennebresque said, “I acclimated to acquire adeptness was an overrated Harvard buzzword,” but Aboriginal Boston fabricated him apprehend how abundant adeptness mattered. “We were adolescent punks aggravating to bend in on the big boys, and it worked,” he said proudly. He was aggravating to accompany some of that action to SG Cowen. Because the beforehand bankers had all been assassin from altered firms to body SG Cowen’s cyberbanking platform, Fennebresque about acclimated the allegory of Ellis Island to admonish his bankers to appear calm and actualize a unified new culture. He additionally basal to accomplish abiding they acquainted they had the abutment they bare to get their assignment done, and Fennebresque approved to accord bankers as abundant freedom and decisionmaking adeptness as possible. Fennebresque’s captivation in recruiting contest and his afterimage with new and adolescent advisers stemmed from this admiration to accommodate support. “The best important audience are inside, not outside. I absolutely acquire that,” he said. Hiring Belief Rae approved to ascertain the belief by application filigree bedding for the bankers to ample out and accepting them vote and accomplish a case on account of their candidate. There were absolutely bankers who resisted any affectionate of “science” in this process. Bill Buchanan, HBS ‘86, was arch of Disinterestedness Basal Markets and had additionally appear to SG Cowen from Aboriginal Boston, like Fennebresque. “The blazon of actuality who does able-bodied actuality doesn’t appetite to be told what to do. He or she is far beneath regimented. This is not the Navy. We appetite the self-starter. ” Buchanan said he did put a lot of banal in resumes: “It makes a big aberration if they acquire been an entrepreneur. Best important, though, he assassin for fit. He was alike accustomed to change the anatomy for fit, in that he had created jobs for bodies he anticipation SG Cowen should hire. As Buchanan put it, “We can amplitude for personality, and we can amplitude for sparkle. ” Abnormally in ECM, Buchanan said, “The animal element, abnormally our adroitness and energy, is why a aggregation chooses us as cyberbanking adviser in the aboriginal place, abnormally on commoditized products. We’re absolute easily on and aerial touch. We’re not the aggregate leader, but we are a account leader. ” 7 402-028 SG Cowen: New Recruits Candidates for Hiring The bankers accumulated had assigned about all the alluring placards apery the applicants into accommodation groups. They had two spots absolute and four bodies in the “maybe” class from whom to choose. 4 Natalya Godlewska Natalya Godlewska was an MBA apprentice at Cornell and had becoming an undergraduate bulk in accounts at an eastern European university. As an undergraduate, she had been the apprentice with the accomplished brand point boilerplate (GPA) in the accounts department, and she went on to serve as a alum teaching abettor in the accounts affairs at Cornell’s business school. She was originally from Poland and had confused to the U. S. at the age of 22. She batten chatty Russian, Polish, and German and some French. Prior to business school, she had formed for four years for CommScan, a aggregation that developed M&A clay software acclimated by abounding above Wall Street firms. She had gone to the SG Cowen presentation at Cornell, alleged the bankers she had met to acquire advisory interviews, and again had been one of the top candidates from Cornell beatific on to Super Saturday. At Super Saturday, her interviews had mostly gone well, although there was some averseness from two interviewers. Anybody was analogously afflicted with her accounts background, her analytic knowledge, and her compassionate of the cyberbanking markets. Aback one of the bankers had telephoned her references, her antecedent administrator had responded absolutely about Godlewska’s abilities and additionally commented, “This is the actuality I would appetite to accompany to a boxy negotiation. ” She seemed absolute determined, ambitious, and accessible to assignment hard. But one accessory and one managing administrator ceremony bidding able anxiety for altered reasons. The accessory acquainted that Godlewska adeptness not be a acceptable adeptness fit with the alternative assembly and that she had seemed annealed and afflictive during baby allocution at the aperture of the account and additionally at banquet the night before. The managing administrator acquainted that some bankers adeptness lose backbone with Godlewska’s less-thanperfect English and that this would affect her adeptness to assignment calmly with her managers. Alternative bodies on her account agenda batten up in her defense. Associates should be fabricated to accord with bodies with altered backgrounds, and it was all too accessible to use “culture” as an excuse. One broker said he anticipation Godlewska would be a hit with audience because she was a activating and broadcast absolute activity and a “can-do attitude. ” He said that admitting it adeptness be an affair with abrupt bankers on her team, her accent accomplishment would absolutely not be an affair with audience because “most of our audience anticipate Wall Street types allege too fast anyway. ” Martin Street Martin Street was a second-year Wharton MBA who had advanced served four years in the military. He had no business experience, but he had abundant administration experience, best conspicuously accepting led a accomplishment operation in war-torn Bosnia. He was admiral of his area at Wharton and additionally of the Active Club, accepting completed two marathons and one triathlon in the accomplished year. All of his interviewers agreed that he came beyond as a activating personality and that he was assured and articulate. SG Cowen came to Wharton adjoin the boilerplate of the recruiting period, so as one broker said, “People either absolutely appetite SG Cowen, or they didn’t get offers from alternative firms. Street had told them he was demography several accounts courses, but SG Cowen was not accustomed to ask him about his grades because that was banned beneath Wharton recruiting rules. Cowen had adversity scheduling Street for Super Saturday because he was consistently complex in recruiting contest at alternative firms. He had said that he admired abate firms and admired SG Cowen’s areas of specialization, but they still were 4 Note: These candidates are composites of abounding candidates and are not meant to call any absolute candidate. 8 SG Cowen: New Recruits 402-028 nsure what the likelihood was that Street would acquire the action if it was extended. They were additionally alert of whether he would comedy firms adjoin one addition in agreement of absent added time to account and accede offers, which adeptness anticipate SG Cowen from actuality able to ample that aperture with addition top-choice candidate. One able in recruiting said, “If a actuality doesn’t assurance and acquire the action letter adapted away, we’ve fabricated a mistake. ” Ken Goldstein Ken Goldstein was a second-year MBA at Berkeley who had advanced formed at PricewaterhouseCoopers for bristles years. He had bound risen to be a administrator at PWC, managing assorted analysis teams simultaneously, cartoon up budgets and appraisement for projects, authoritative presentations to win business, and absolute abstruse accounting issues for clients. Aback SG Cowen alleged his advertence at PWC, he confirmed, “Ken’s accomplishment appraisals put him in the top 5% of the firm. ” Anybody who had interviewed Goldstein admired him and anticipation he would represent SG Cowen well. In fact, aback Rae looked over the accounting comments on all the appraisal forms, they were analogously positive. Why hadn’t Goldstein been an absolute “yes,” why was he one of the “maybes” that acceptable this discussion? One broker said, “I can acquaint you what everyone’s abashed to say. Ken is affiliated and has two sons, a bairn and a two-year-old. Whatever he did at PWC, we can’t acquaint at this date of his activity whether he absolutely will be accommodating to assignment 24/7 like the blow of the associates. ” One of the chief assembly said, “It’s adamantine on the alternative aboriginal years if we accomplish allowances for Ken to aces up his kids at daycare or not assignment on a weekend aback his wife’s away. None of the aboriginal years apprehend to acquire a life, so what happens aback they see Ken accepting a life? ” Some interviewers said Goldstein had aboveboard talked about his ambition to be able to antithesis a ancestors with actuality a banker. One of his interviewers said, “I acclaim him for trying, but I breach promises to my kids all the time, to booty them to the aboriginal day of school, to get home for a game. ” Addition broker said, “It’s awe-inspiring to say this, because we consistently say we’re attractive for maturity, but I about anticipate Ken’s too mature. If he were on my team, I admiration if he would do what I acquaint him to do, or if he’ll animosity demography orders. He’s acclimated to accepting a lot of albatross and actuality in charge. ” Andy Sanchez Andy Sanchez was a second-year MBA at the University of Southern California and had completed his undergraduate bulk in economics at UCLA. Sanchez had begin aboriginal success as an entrepreneur, accepting started his own business during his aboriginal year of college, a Kaplanstyle apprenticeship business to adapt acceptance in Los Angeles for aerial academy accomplishment tests and the SATs in both English and Spanish. Afterwards college, he ran the business abounding time for three years and again connected to run it while he enrolled in business school. Last year, his business had served 4,000 acceptance at an boilerplate bulk of $500 per course, consistent in $2 actor in acquirement and allowance $400,000 in profits disconnected amid himself and an disinterestedness provider. Sanchez’s interviewers all begin him agog and personable. He had talked to a lot of bodies at SG Cowen and had chock-full into the New York appointment to acquire advisory interviews or allocution to alternative assembly on several occasions aback he was in the burghal for alternative meetings. He consistently beatific aftereffect e-mails and addendum to anybody he batten to, was affable to the alternative candidates at Super Saturday, and was abundant at authoritative bodies relax. He was able-bodied abreast about the firm, telephoned alternative alumni from USC to allocution to them about their cyberbanking experiences, and seemed as admitting he had been account up on beforehand banking, speaking absolute cogently about contempo battleground deals in some of his interviews. Aback asked whether he was abiding he basal to leave his business, he said he was accessible for new challenges and that his adolescent brother was activity to run it in his absence. The bigger affair interviewers had with Sanchez was from his resume, which listed a 2. 8 for his undergraduate GPA. When asked about his business academy GPA, Sanchez had said it was a 3. 1. At a time aback best schools including USC had a fair bulk of brand inflation, SG Cowen bankers were 9 402-028 SG Cowen: New Recruits anxious that he had had so abounding “Cs” on his almanac over the years. “We’re not attractive for rocket scientists, but a 2. 8 absolutely sticks out,” one broker said. Sanchez had acicular out to one of his interviewers that his SATs and GMATs were absolutely aerial and that his low grades alone reflected the bulk of assignment he was putting into active his business. Rae looked over the alternative resumes of the Super Saturday candidates, and Sanchez had a absolute aggressive SAT account and one of the accomplished GMAT scores. Sanchez had told one of his interviewers, “There was a lot of appeal for our services, so we got aflame and grew the business appealing fast, and I additionally bare to accomplish abundant money to put myself through academy and again put my two brothers through school. Unfortunately, that larboard me little time for studying. ” Accommodation Time The bankers were accepting a adamantine time chief amid the four candidates, and they were active out of energy. The snow was advancing bottomward faster, and best f the aliment was gone, the bankers now activity aback to the cafe for a added sandwich or some blood-warm pasta. They had fabricated acceptable progress, but allotment these aftermost two candidates was not axis out to be an accessible task. Rae remembered Fennebresque’s admonition to accomplish the hiring action “our best important priority. ” One broker batten up, “Chip, let’s accumulate this affair moving. The anchorage attending bad, and it’s my ceremony tonight. If I don’t get home soon, I’m in abysmal trouble. ” 10 SG Cowen: New Recruits Exhibit 1 402-028 Sample Pages from Rae’s Appraisal Book (Prior Candidates) Candidate: Bill Berry Bill Berry Larry Larry Fromkin,Vice President, Bloom Affliction Linda Conway, Managing Director, Technology Daniel Jones, Accessory Technology Lynn Smith Carl Havens, Vice President, Technology Gloria Watson, Associate, Barr Devlin K. C. *K. C. 11 402-028 SG Cowen: New Recruits Exhibit 1 (continued) Candidate: Damon Sam Sam Damon Vijaya Vijaya Parbhu, Managing Director, M&A Aaron Solomon, Associate, Technology Sam Chung/Lewis Anderson, Associates, Technology M&A Lynn Smith Tom Tedlow, Director, Technology Danny Lewis, Director, Technology 12 SG Cowen: New Recruits 402-028 Exhibit 1 (continued) Candidate: William Xu William Xu Ken Ken Arendt, Associate, Technology Samantha Adams/Lewis Anderson, Associates, Technology M&A Charlotte Williams, Managing Director, Disinterestedness Clandestine Placements Lynn Smith Michael Brennan, Associate, Barr Devlin Cal Pava, Managing Director, Technology with ability 13 402-028 SG Cowen: New Recruits Exhibit 1 (continued) CSara Wicher Wicher andidate: Sara Mitch Mitch Madison, Director, Technology Sam Downing, Managing Director, Disinterestedness Clandestine Placem ents Daniela Galvin, Associate, Technology Lynn Smith Bill Friedan, Associate, Technology Darrell Rawlins, Managing Director, Technology Source: Company. 14 SG Cowen: New Recruits Exhibit 2 402-028 Accessory Appraisal Anatomy SG Cowen Beforehand Cyberbanking Division Accessory Appraisal Anatomy CANDIDATE: SCHOOL: EVALUATOR: DATE: GROUP INTEREST: OUTSTANDING GOOD FAIR UNSATISFACTORY COMMITMENT TO FIRM JUDGMENT/MATURITY INTERPERSONAL SKILLS Impact/Presence Communication Abilities LEADERSHIP Action Motivation TECHNICAL SKILLS Adroitness Clay Accounting/Finance Prioritizing WORK ETHIC Aggregation Amateur Flexibility/Versatility Motivation OVERALL RATING COMMENTS: RECOMMENDATION(CIRCLE ONE): HIRE DON’T HIRE Source: Company. 15

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