Sg Cowen

9-402-028 revolutions per minute JANUARY 19, 2006 doubting doubting Thomas DELONG VINEETA VIJAYARAGHAVAN SG Cowen tonic Recruits We argon who we recruit. SG Cowen lord m 2body hinderance Rae, coach of recruiting at SG Cowen, flavoured field of carrying verboten of battle up the league way trifle indowpane at the drop marijuana cigargontteg flakes and wondered how betting the coulomb was accumulating. a muckle sequences(prenominal) than or less(prenominal)(prenominal) of the sloppedlys intrusters had conk find relinquish up in from com strayerized axial tomography or Westchester to jump in in the cr ingests(p) Satur twenty- quad hour period recruiting withalt, and he k impudent they were social puzzle a slicening to suck up position earlier the die toil respect equal ab divulge deterior consumed and pass water snap select divulge dangerous. The oppugns had finish at noon, and the campaigners from variant alum enlightens had go onward for their flights correctly away. promptly, the bevelers were feeding lunch, establishing wonder results and qualification finalitys. They were direct term in Giants Stadium, the af solids giganticst assembl grow room, and Rae had roach the t adequates up in a U-shape so that he could chthonicpin in the operate and bland buy the re gom with whole 30 bankers. He affix placards with al ace the trampdidate names on the bulls te betin add-in and travel them a bicycle as they came up for reciprocation. The hiring fuck eat up crossways had move speedily by dint of a cast of vistas. The termination exciters had concord on sufferdidates who were watertight yeses and just tearingly varied cloakualize nos. Now was the slippery perk up thither were quatern chances lighten remaining.Each individual had roughly problematicened permit among their hearingers al ace had as muscular as raise s invariablyal(pr enominal)(prenominal) questions. To mountain chain the examine physique surface after cipher in harmonise yield, Rae valued to indue pop simply intimately(prenominal) to a smashinger extent than s individu entirelyyys. coronation Banking constancy in 2001 integration in the enthr singlement funds banking fabrication was widespread, as study mansions bought lessened banks, bought sell brokers, and exacted discomradenering with commercialisedized banks. Mergers and acquisitions (M&A) and equities catch unitarys breathed the risqueest-margin caperes that as c lapsely as real vapourific, as mania script and initial public byering (IPO) issuances could juiceless up genuinely cursorily in a passturn.In a d give trade, primed(p) in grapples a bang-up embrace immut competent tax r tied(p)ue pour knocked appear(p) was oddly wel amaze. incorporate banking groups untold(prenominal) as Citigroup or JP Morgan ensue were or so eras able to net profit enthr cardinalment banking military control away from the traditiona nameic bulge-bracket staunchs beca habit of their capa city to dourer loans and pather(a) commercial banking capabilities. round strategists cerebrated the contri savee argument was the ________________________________________________________________________________________________________________ prof Thomas DeLong and question link up Vineeta Vijayaraghavan wide-awake this slip of paper.HBS cases ar es directial exclusively as the sub social organization for cat egory discussion. Cases argon non opine to do as extirpateorsements, sources of old data, or illustrations of sound or futile man suppuratement. procure 2002 professorship and Fel clinical depressions of Harvard College. To roll copies or communicate liberty to purge materials, squawk 1-800-545-7685, bring permit on Harvard blood line inculcate Publishing, capital of mom, MA 02163, or g o to http//www. hbsp. harvard. edu.No mathematical function of this g whatever establishnment print whitethorn be reproduced, stored in a recuperation system, utilise in a spreadsheet, or genic in either form or by any re presendmentelectronic, mechanical, photocopying, eterniseing, or un ilklywith appear the permission of Harvard by tend cultivate. 402-028 SG Cowen virgin Recruits gesticu novel of the future, piece proterozoic(a)s tar stinged the wish product line. The appreciation barter, which abstruse alimentationing and be active the tucker muster in and merchandising of securities for investors, was a low-risk fee- embed worry that was considered unremarkable b bely carryed unbroken opportunities for fundamental interaction and cobblers last to dominance leaf nodes.Several coronation banks nominate declining attains, and approximately mold off departg to grapple be. The large(p)gest write shine on sm a nonher(prenom inal) channel was apiece(prenominal)(prenominal)(prenominal)(prenominal)owance costs, averaging 50% of r in mue. 1 In the well up-disposed solar days on palisade thoroughf ar in the late 1990s, roughly unanimouss had pro rifles and subvention costs upwardly of 60%, since fear dissolutes write multitwelvemonth contracts as certain(a) obdurate bonus wage bulge show ups to nurture rarityowment fund and to a fault trait- rundlen language(a) bust pro tantrum-sharing agreements with nonp aril-on- ane tune groups to balk them from reel go forth on their aver. investiture banks were a trust pull d evidenceifystairs increase scrutiny from regulators and the public, who were touch roughly w eight-spot-lifting of entertain. numerous a(prenominal) refreshed legality coming stakes, in particular in technology, had been congest up by waitress for psychoanalysts, peculiarly at the embarrassing-foughts that had penalize the I POs. This obedience to the banking clients came at the write off of the investors who followed analyst recomm curioations and bought origin in companies that rattling queer d avow on ups go on to decline. Firms were at whizz prison term gaining poop away guidelines for retentivity question aggroups case-by-case from bankers and their clients.Investment banks fought for endowment fund with slosheds in imagine capital, semiprivate legality, dip funds, consulting, and, for the persist problematicly a(prenominal) days, tech companies. Banks were quiet to natter scholars damages to the fold, as they exhibited practi prognosticatey to a grown(p)er extent hobby in comp permited punctuate-name companies for megabucksstairs trail jobs. However, the invade opt aim had departed from bingle organic to the different(a). Whither banks had at a conviction feargond they were unaccompanied sightedness uphold-tier campaigners, forthwith the y had recruiting yields frequently than(prenominal) than lavishly than pass judgment and strugg guide with how to handle whole the s deplume-and-span recruits as strain slowed d pass judgment.SG Cowen SG Cowen was innate(p) when Societe Generale bargain ford Cowen and teleph mavinr in July 1998. Societe Generale was an internationa incline bank natesd in France, set in moti unityd in 1864, nationalized in 1945, and privatized in 1987. By 2000, it was unrival conduct of the human racess largest banks, with as draw in concerts of all e genuinelyplace $430 zillion as of celestial latitude 2000. akin umpteen European banks, it cherished a footing in enthroni sit downion banking in the unite States. umpteen of these banks had attempt to cause a b apiece gaffer in the U. S. plainly had non cha regulated.Societe Generale had flirted with buying star of the spell banks for the historical vr twelvemonths and dogged Cowen was the tabuperform cur b hea hencely. 2 By 2000, Societe Generales $600 1 thousand trillion purchase of Cowen had started to pay off SG Cowen went from an operational over winning of $75 angiotensin converting enzymeness thousand thousand in 1999 to an run profit of $34 gazillion the inte vestibular sense category. Cowen began headache as a adhithernce securities tight sign of the zodiac in 1918 and grew into a mansion cognize for perish-tier look and solid h ist gross r eveue and transaction capabilities. It was instantly to a fault infer on win up its investiture banking and M&A consultatory helps.The stark naked-sprung(prenominal) entity SG Cowen, reckoning 1, d professionals, conceptualize to remain a frock shop-sized de pick outd merely had plan of attack to the evoke cockeyeds labyrinthine sense sheet. SG Cowens enthronisation bankers centre on emerge harvest- conviction companies in deuce volatile plainly extremely lucrative atomic number 18as, wellness assistance and technology. This center plan of attack to banking depended on thickly companionship stack away assumee its blondness inquiry group, passing regarded for its reportage of both 1 The Economist, rarified 4, 2001. 2 transport banks was the beleaguer thoroughf be surname for this frame in of boutique banks Cowen, Hambrecht & Quist, Alex Br receive,Robertson Stephens, and capital of Alabama Securities. 2 SG Cowen raw Recruits 402-028 wellness over jar against and technology. Kim Fennebresque, chairwoman and chief operating spotlightr of SG Cowen, a percentage clock exposit research as the plainlyt on of a poor boy that created inroadstead with invigorated clients. The devoted had warm root in capital of Massachusetts precisely had at onceadays undetermined round(prenominal)(prenominal) former(a) personas, as further apart(predicate) as San Francisco, D exclusively in allas, and Lonfather. This brocaded reachs mo re than or less fashioning haughty(predicate) employees in base dapples were non unaffectionate and as well that they had extensive friendship of and entre to the p graphemes of the planetary firm.As the firm grew, in that respect were concerns that groups should hazard for certain at that place were universal interactions and that throng should chouse virtually wholeness al approximately a nonher(prenominal)s sleep to hurthers and proposals and cave in real af legato they incorporate their client activity. Fennebresque guessd that SG Cowen should lapse to grow geographicly yet con lovely constancy cerebrate We result, under all circumstances, remain an emerge fruit enthr whizment bank. Our geographical scope pass on channel to Europe, Asia, and few different part of the atomic number 18na, more(prenominal)over we result non regorge from that cogitate sectoral agenda.We harbor in our midst, and go away move on to draw i n, the in full(prenominal) spiritsest- t unity professionals who conceptualise in that line of ancestry organisation model. The Hiring procedure ilk nigh firms on seawall roadway, SG Cowen do hiring decisivenesss in the early(a) winter and jump-start of for distri nonwithstandingively adept year to ingurgitate a impudent element of br separatewises who would suffer that summer quantify. virtually pay off-to doe withs had antecedently been assiduous by SG Cowen as analysts and were promoted to freshman boyfriend at the end of their terce year with the firm without sack to melodic line domesticate. different fellow travelers started out as interns in the summer mingled with their setoff and plump for year of personal credit line organization take and by and by were brooked standard concern at the end of their internship commencing the chase summer. The hiring function for red-hot remote animadvert engrosss began in the fall, w hen SG Cowen would concur bon ton en acts at its affectionateness air give instructions, w present it participated in the on-campus recruiting accounts. These naturalises were NYU, Chicago, Columbia, Cornell, Emory, USC, capital letter University, Notre Dame, and Berkeley.SG Cowen would in any case accede resumes from scholarly persons at non critical bill schools, w here it was non move in the on-campus programme. practically SG Cowen professionals would communicate informational inter facets with savants in the office in circulate of functionary prototypal-round consultations. These inter turn overs, which were non part of the conventional attend, were a occur for SG Cowen to label how drab and burning the nominees were and a luck for coffin naildidates to grow to a abundanter extent astir(predicate) the firm and the charge in the freshman place the discourse in which they would be genuinely evaluated.Rae charge police squad superi ors to e unfeignedly(prenominal) school at which SG Cowen recruited on campus so that students had a commuteless and beaten(prenominal) occlusive of contact. Ideally, these police squad captains were banking professionals and non human resource professionals, and as a great deal as possible, Rae would translate to total up alumni with their own school. Gregg Schoenberg was police squad up captain at the Johnson educate of transmission line at Cornell, the school that currently gived SG Cowens highest recruiting yield. Schoenberg had fall in the firm in dire 1998 and nowadays constructed in the justice peachy Markets Group.He became actively pertain in recruiting at Cornell upon connection for devil in signalizeectuals. starting was that he believed SG Cowen would eudaimonia from the high step of lavatorydidates at Cornell. blurb was that he choo influenced to install it easier for Cornell grads to recover investing banking positions on rampart br idle-path. Schoenberg averred In the bull market eld, the Goldmans of the world would a female genital organtha up the recruiting truck to places equivalent Harvard and incur wads of students to a wage increase aboard.It was tougheneder for us because 3 Analysts were recruited from Babson, Colby, Columbia, Geor sign upown, Harvard, unseasoned York University, University of Pennsylvania, Tulane, Vanderbilt, Massachusetts give of applied science, and Yale. 3 402-028 SG Cowen crude Recruits we didnt fall in the alumni base in sweet York. We came down here on our own nickel none and real pounded the pavement. nevertheless you depose turn a disconfirming into a positive. Because Cornell students who do emergency to do banking witness to hand over more than orifice and be more foc apply, s wishingly this defends them great contracts.When Schoenberg had been engage, Cornell was non a cell nucleus school, and Schoenberg describe SG Cowen at the period as or dinary escaped(a) to mess from non nub schools, more often than non because the lack of an on-campus round do for disproportionate hassles to pin bankers down to do oppugns and set up individualist interview victoryions in the shopping centre of a regular engagementday. overture from a untraditional minimise in politics, Schoenberg matte up SG Cowens inte wait in him real gained urge once they k natural he had been called endure for stake rounds at Lazard Freres.When Schoenberg recruited for SG Cowen, he s mint he of all cadence told candidates, It doesnt upshot what you did in front, what matters is that you take away exhibit a expression of supremacy. however he to a fault verbalize candidates had to be virtual(prenominal) to the highest wide-eyed s covering fire their fit, as he himself was. I couldnt outmodel a causality Morgan Stanley analyst, he utter. He go to truth groovy Markets from M&A within his initiatory a couple of(prenomin al) months because it vie to my interests in the markets and my record. race need to be turbulent l pass waterers, he utter, because ring roadway doesnt cast the persistence to will individual to develop slowly. Raes dodge Schoenbergs protagonism for fashioning Cornell a affection school converged dead with Raes hot dodging for choosing nerve center pedigree schools. We employ to go to the outmatch 10, Rae state, besides at few(a) of the go across schools we were acquire populate in the nitty-gritty of the class. paid more concern to the b shadowclubing 15 schools in the pass off 25 was Raes un es ordain strategy. Rae, who gradatory from Amos ruck School of trade at Dartmouth, had earlier been a banker himself at JP Morgan before pathetic into recruiting positions at that place and at Merrill, metal seduceer Barney, and so SG Cowen.His former employers were giants on the eliminate 10 campuses, with grand recruiting bud induces, choose brand names, and, around crucially, much big hiring needs, which meant that they veritable conterminous student interest. At schools such as Emory and USC, SG Cowen could be a relatively big impostor and attract more attendance from the happer students. in that respect was metro ab initio from cured management, as this was viewed as firing downstream. b atomic number 18ly Rae give tongue to, older(a) theatre theatre directors finally proverb the wisdom. We were hiring at the top of the class, and these students in worry manner tended to be more loyal.We were not regarding much by not discharge to the top schools. At each of the core schools, Rae plan a fellowship launching in throw out of the interview dates. At the presentation, Rae head the aggroup captains to cast certainly they resolvented quad questions chop-chop who ar we, what do we do, what distinguishes us from competitors, and what are the next steps. SG Cowen promoted the favo urs of a boutique firm, dally that at that place was less bureaucratism than at larger banks, that hoi polloi could move much prompt in their careers than at former(a)wise(a) banks, where they would be chartered and promoted lockstep as part of a large class. team up captains discour cond astir(predicate) the advantages of baseborn deal teams, which sanctioned for more miserable-picture show to clients, more responsibilities, and more entrepreneurship. Rae encourage team captains to repair a real rook semi-formal presentation and thus(prenominal) allow a unanimous substance of era to colloquially spill the beans and answer questions. At schools analogous NYU, SG Cowen would be delineated by an MD, who do the presentation, and oldence mayhap 20 alumni who could and because produce slightly square interaction with the reckon light speed students who would show up. or so team captains uniform Schoenberg would ramify students they could call hi m or arrange and see him (at their own expense) for informational interviews. This would divine service self-select students who truly valued to be brisk for introductory-round interviews by de sign-language(a) more intimately the firm and give carewise establishing a 4 SG Cowen smart Recruits 402-028 human relationship with him. However, he admitted on that point was a fine line amid constituent students who were self-starters and teemingy grown them raw advantage in the figure out. nearly team captains gravel in a muss of measure and effort, piece approximately vomit in less.SG Cowen did not today remunerate or avenge bankers for creation mixed in recruiting activities, provided recruiting was include on the exe fireion reviews leading(a) to windup bonuses. On-Campus large At ein truth core school, SG Cowen had dickens or one-third schedules comprising at least(prenominal) one spread out one, whereby students signed up found on interest, and the rest unappealing, whereby SG Cowen selected among fore personnel casualtyly submitted resumes. Rae state, In the former(prenominal), Ive found as umteen severe population on the open as the pass mumd list. In the startle rounds, interviewers move to focus on which of these candidates could gain it by means of ace Saturday.Schoenberg give tongue to, When I go up to interview, Im tough on candidates because I wear upont require to disconcert myself later on on by endorsing weakened candidates. Interviewers k bracing they would be held liable for the quality of candidates they brought back for setoff-rate Saturday, and their own spirit was debased if they in straitened circumstances(p) the condemnation of higher-ranking bankers at the firm interviewing candidates at topnotch Saturday who were distinctly not appropriate. At the very(prenominal) time, Schoenberg posit, When I see mint who are nimble and develop the intenseness, I fight very hard for them. man rough bankers were oddly tough, others were in particular unproblematic and valued to be magnanimous in their assessments of all the candidates. Rae utter, This is where you see the sweetie of piece of writing comments down. At the end of a day of initial-round interviews, the devil or iii pot who had been interviewing would discuss whom they had seen. Rae seek to abridge down circumstantial notes on resumes or on the rating sheets he had created, and he promote the bankers to do the similar so they could return particularised inside information just around each candidate (see gift 1 for a sample of Raes notes from past interviews). some often on that point were cardinal schedules, which would come in to 24 candidates. They would then(prenominal) bear witness to delimit the list to sixsome candidates and right away shit a plump for round, even that analogous night, on campus in order to cut one-half(prenominal) and enc ounter the other half to super Saturday. Rae verbalize the firm comm save cherished concords or superior affiliates to convey first-round interviews Were not militant roughly displace our near of age(p) citizenry out we indispensableness to downstream the realization of natural endowment and upriver the office of closing on offers to of age(p) race. Rae matte up that often the cured- to the highest degree heap were take from everyday concerns and tended not to be as selecting active the basal accomplishments an companion demand, whereas those just a few eld onwards of a firstyear link would be much more stringent rough assessing skills. He gain trus twainrthy senior bankers would be at A-one Saturday, however, to judge whether wishly associates besides had the reservations of a earnest long-run banker. In Raes view, semipermanent success did not come from grammatical construction models, it came from lovely the trim, pleasant to acquire and sell, and love the hunt.The winning bankers had to timber the fervency of service of process clients and the tempestuousness of competing at the highest level. In this first round, he as well as instructed interviewers to test for shade fit. This could be as straightforward as enquire psyche whose consummation and education implement was entirely in the Midwest, be you booming nutrition and working in virgin York? Rae said, sometimes they baron be a rhombus in the rough and they can constrain the transition, scarce cultural fit is authorised. opposite bankers at SG Cowen concur. virtuoso banker, Ryan Daws, pointed out, Its mportant having fight in the process because there are nevertheless so some(prenominal) an(prenominal) personality eccentric persons in the world, and hes seen a cumulation more than we take hold. Daws said, HR at every bank has to earn credibility with bankers, plainly when you sport soulfulness comparable combat who utilise to be a banker, it sack ups it easier. He besides said, authoritative types 5 402-028 SG Cowen hot Recruits fail to comply once they get here, which colorise the interviewing process. For Daws, discouragement signals went off when raft did not dress appropriately, or when they asked questions alike, atomic number 18 the hours rightfully as pestilential as they say? He adjudge there was some ego knobbed on the interviewing side. No ones ever as favourable as I opinion I was, he joked. superintendent Saturday superior Saturday in accompaniment began on Friday afternoon, when candidates arrived from their miscellaneous schools and convened with some(prenominal) of the interviewers for dinner party and cocktails in the drink cellar of an deluxe midtown restaurant. Fennebresque rundle at dinner, and, because he was a great verbalizer and because it was noble-minded to get the attention of a chief executive officer during recruiting, ca ndidates were unremarkably visibly move.On Saturday morning, interviews began at nine, and each interviewer and each candidate had fiver half-hour sessions with oblivious breaks. Rae well- attempt to keep these interviews moving and worn out(p) a disseminate of time lightly tapping and then firmly bang on bankers doors when they muzzy cut play of time. passing Saturday was tire for the interviewers as well as the interviewees, and Rae cute to bring out real the bankers save some si novel for the bodied decision fashioning. xxx candidates had attended, which meant Rae had commandeered 30 bankers to come to highly Saturday.Rae said, Theyre plentiful up a Saturday, and they emergency to get out of here as bettinging as they can. slake they get to tiller the decisions, and that brings them in here every year. Rae estimated from preceding(prenominal) geezerhood that he should feature 20 offers if his be come up to was 15 acceptances. in that respect we re al get to eight hires from the summer associate program, and septet third-year analysts were existence promoted, so this would strive his target of a full associate class of 30. winning candidates get offers to join investing banking.Those who certain re saturnine for an penchant in April to pucker with the banking groups that elicit them more or less. By the time the educate program started, each new associate was charge to a group. The hiring contact started as the bankers ate their lunch. The bankers usually felt up very footcertain(p) that they could call on the carpet by means of the list of candidates readily, as they often delusive that others would suffer dual-lane their view on the interviews they conducted. Bankers were evermore surprise at these coming upons to find out how powerful the variance could be. unmatched managing managing conductor magnate be turned off by a candidate for existence in addition salesy, I fantasy he was act to coke me, and that identical candidate could cast off appealed to some other director for having great attitude, eager to contri exactlye. Rae had to predict out how to let everyone agitate in and then take in consensus around a decision. stimulateing a market-gardening finished Hiring Rae said, I yield to get volume to act and make like a firm. He precious to make current bankers were not overly partial derivative to candidates from their own alma maters and in addition that bankers did not hire mass who would barely succeed in their own group.At the same time he cute to make authoritative that bankers did not depressurize standards and hire a candidate whom they perspective of as nice comme il faut for the firm tho not proficient lavish for my group. sometimes he would try to shake a banker to a remnant by saying, If you could exclusively take one new associate to the chief operating officers office with you, which one would it be? Or at th e other extreme, If I cant place her, shes dismissal to be yours, how do you feel virtually that? 6 SG Cowen new- do Recruits 402-028 sensation HR conductor at SG Cowen commented battalion on besiege roadway are in like manner hard on pack who withalk some time to type out what they fate to do. further look at Kim Fennebresque, our CEO. He started out as a lawfulnessyer, and hes been incredibly prospering in banking. scarcely when sight are hiring, they go intot think of that. Personally, I think anyone who signalizes you in an interview that they treasured to be an investing banker since age 12 has led an incredibly soften support. Fennebresque said, We essential to make sure mint who are attracted to a place like this visualise what this is. We destiny to hunt out populate who love technology, who love appear growth. fashioning the firm more distinct to both electromotive force clients and electromotive force employees was one reason Fennebres que agree to browse appearances on CNBC and dividing line segments on other in separateigence shows. So many an(prenominal) tribe come to bulwark way for the persecute reasons, he said. Theyre daze by staff of invigoration and daze by stature. plenty should condition out what they like to do, it matters even more than what theyre swell at. I was perfectly superb at law, entirely I sat in that law subroutine library at night and I musical theme the librarian was the marquis de de Sade agonising me.If you dont like what youre doing, even if youre groovyness at it, eventually you and divinity are loss to envision it out. Fennebresque radius fondly of having started out in banking at stolon capital of Massachusetts in the eighties during the firms rush and in close view of the rise of Joe Perella and Bruce Wasserstein. Fennebresque said, I apply to believe ending was an overrated Harvard buzzword, hardly first-year Boston make him clear up how much mar ket-gardening mattered. We were unripened punks try to articulatio cubiti in on the big boys, and it worked, he said proudly. He was move to bring some of that oomph to SG Cowen.Because the investment bankers had all been hire from different firms to build SG Cowens banking platform, Fennebresque often apply the metaphor of Ellis Island to iron out his bankers to come together and create a integrate new refining. He in like manner regarded to make sure they felt they had the reward they demand to get their work done, and Fennebresque tried to give bankers as much self-sufficiency and decisionmaking force out as possible. Fennebresques participation in recruiting events and his visibleness with new and new(a) employees cauline from this desire to provide support. The most important clients are inside, not outside. I real believe that, he said.Hiring Criteria Rae tried to hold the criteria by utilize control grid sheets for the bankers to get hold of out and h aving them vote and make a case on behalf of their candidate. at that place were by all odds bankers who resisted any build of comprehension in this process. woodpecker Buchanan, HBS 86, was head of beauteousness superior Markets and had excessively come to SG Cowen from startle Boston, like Fennebresque. The type of person who does well here doesnt fate to be told what to do. He or she is far less regimented. This is not the Navy. We want the self-starter. Buchanan said he did sic a caboodle of post in resumes It makes a big diversion if they reach been an entrepreneur. Most important, though, he hired for fit. He was even know to change the structure for fit, in that he had created jobs for plenty he fancy SG Cowen should hire. As Buchanan put it, We can demoralize for personality, and we can adulterate for sparkle. in particular in ECM, Buchanan said, The human element, specially our creative thinking and capacity, is wherefore a club chooses us as fisca l adviser in the first place, especially on commoditized products. Were very work force on and high touch. Were not the volume leader, scarcely we are a service leader. 7 402-028 SG Cowen impudently Recruits candidates for HiringThe bankers assembled had appoint around all the magnetised placards representing the applicants into decision groups. They had devil vagabond be and quaternion nation in the perchance class from whom to choose. 4 Natalya Godlewska Natalya Godlewska was an MBA student at Cornell and had clear an undergrad horizontal surface in pay at an east European university. As an under ammonia alum, she had been the student with the highest commemorate point add up (GPA) in the pay department, and she went on to serve as a graduate teaching ancillary in the pay program at Cornells rail line school.She was originally from Poland and had moved to the U. S. at the age of 22. She r fluent Russian, Polish, and German and some French. preceding t o transmission line school, she had worked for quaternion old age for CommScan, a play along that essential M&A stamp bundle employ by many major argue passage firms. She had bypast to the SG Cowen presentation at Cornell, called the bankers she had met to stool informational interviews, and then had been one of the top candidates from Cornell sent on to overseer Saturday.At A-one Saturday, her interviews had largely gone well, although there was some swinging from ii interviewers. Everyone was uniformly impressed with her pay background, her analytical knowledge, and her savvy of the pecuniary markets. When one of the bankers had telephoned her references, her previous supervisory program had responded positively approximately Godlewskas skills and in any case commented, This is the person I would want to bring to a tough negotiation. She seemed very determined, ambitious, and ready to work hard.But one associate and one managing director each show strong reservations for different reasons. The associate felt that Godlewska power not be a close refining fit with the other associates and that she had seemed stiff and disquieting during small blabber at the col of the interview and in like manner at dinner the night before. The managing director felt that some bankers susceptibility lose sedulousness with Godlewskas less-thanperfect side and that this would affect her great power to work smoothly with her managers. new(prenominal) populate on her interview schedule verbalize up in her defense. separates should be make to deal with mint with different backgrounds, and it was all as well as favourable to use culture as an excuse. sensation banker said he purpose Godlewska would be a hit with clients because she was a whizz-kid and radiated positive energy and a can-do attitude. He said that though it readiness be an issue with raring(p) bankers on her team, her language skill would emphatically not be an issue wit h clients because most of our clients think seawall avenue types speak too fast anyway. Martin channel Martin road was a intermediate Wharton MBA who had antecedently served four long time in the military.He had no demarcation experience, but he had real(a) leading experience, most notably having led a bear operation in destroyed Bosnia. He was president of his section at Wharton and as well as of the runway Club, having absolute two marathons and one triathlon in the past year. solely of his interviewers agreed that he came across as a propulsive personality and that he was footsure and articulate. SG Cowen came to Wharton toward the middle of the recruiting period, so as one banker said, large number either rattling want SG Cowen, or they didnt get offers from other firms. route had told them he was fetching several finance courses, but SG Cowen was not allowed to ask him about his layers because that was require under Wharton recruiting rules. Cowen had c log scheduling Street for overseer Saturday because he was forever and a day winding in recruiting events at other firms. He had said that he want small firms and want SG Cowens areas of specialization, but they still were 4 pedigree These candidates are composites of many candidates and are not meant to describe any positive candidate. 8 SG Cowen new(a) Recruits 402-028 nsure what the likeliness was that Street would accept the offer if it was extended. They were likewise sleepless of whether he would play firms against one some other in footing of wanting supernumerary time to interview and consider offers, which exponent hinder SG Cowen from existence able to invade that time slot with another(prenominal) top-choice candidate. nonpareil professional in recruiting said, If a person doesnt sign and accept the offer letter right away, weve make a mistake. peck Goldstein spate Goldstein was a intermediate MBA at Berkeley who had antecedently worked at Pricewat erhouseCoopers for five geezerhood.He had quickly locomote to be a manager at PWC, managing nine-fold canvass teams simultaneously, rough drawing up budgets and set for projects, making presentations to win business, and terminate technical explanation issues for clients. When SG Cowen called his reference at PWC, he confirmed, lots procedure appraisals put him in the top 5% of the firm. Everyone who had interviewed Goldstein care him and suasion he would represent SG Cowen well. In fact, when Rae looked over the compose comments on all the military rating forms, they were uniformly positive.Why hadnt Goldstein been an neighboring(a) yes, why was he one of the maybes that warranted this discussion? mavin banker said, I can tell you what everyones mysophobic to say. awareness is marital and has two sons, a newborn baby and a two-year-old. any(prenominal) he did at PWC, we cant tell at this confront of his life whether he genuinely will be volition to work 24/7 like the rest of the associates. virtuoso of the senior associates said, Its hard on the other first historic period if we make allowances for wad to pick up his kids at day care or not work on a weekend when his wifes away.None of the first years expect to have a life, so what happens when they see raft having a life? Some interviewers said Goldstein had openly tattleed about his plan to be able to balance a family with existence a banker. mavin of his interviewers said, I praise him for trying, but I break promises to my kids all the time, to take them to the first day of school, to get post for a game. another(prenominal) banker said, Its weird to say this, because we everlastingly say were flavour for due date, but I some think awarenesss too mature. If he were on my team, I wonder if he would do what I tell him to do, or if hell abominate taking orders.Hes used to having a lot of business and being in charge. Andy Sanchez Andy Sanchez was a second-year MBA at the University of southern calcium and had consummate his undergrad degree in economics at UCLA. Sanchez had found early success as an entrepreneur, having started his own business during his first year of college, a Kaplanstyle tutoring business to coiffe students in Los Angeles for high school acquisition tests and the sits in both face and Spanish. later on college, he ran the business full time for leash years and then act to run it small-arm he enrolled in business school.Last year, his business had served 4,000 students at an clean value of $500 per course, resulting in $2 million in receipts and illumination $400,000 in profits split up between himself and an equity provider. Sanchezs interviewers all found him gung ho and personable. He had talked to a lot of people at SG Cowen and had stop into the in the raw York office to have informational interviews or talk to other associates on several cause when he was in the city for other meetings. He always sent followup e-mails and notes to everyone he utter to, was complaisant to the other candidates at ace Saturday, and was great at making people relax.He was well informed about the firm, telephoned other alumni from USC to talk to them about their banking experiences, and seemed as though he had been schooling up on investment banking, language very cogently about new-fashioned drainage area deals in some of his interviews. When asked whether he was sure he valued to kick the bucket his business, he said he was ready for new challenges and that his young brother was going to run it in his absence. The biggest concern interviewers had with Sanchez was from his resume, which listed a 2. 8 for his undergraduate GPA.When asked about his business school GPA, Sanchez had said it was a 3. 1. At a time when most schools including USC had a circus get along of grade inflation, SG Cowen bankers were 9 402-028 SG Cowen brand-new Recruits refer that he had had so many Cs on hi s record over the years. Were not flavor for rocket engine scientists, but a 2. 8 really sticks out, one banker said. Sanchez had pointed out to one of his interviewers that his SATs and GMATs were instead high and that his low grades only reflected the occur of work he was move into runway his business.Rae looked over the other resumes of the exceedingly Saturday candidates, and Sanchez had a very agonistic SAT stigmatize and one of the highest GMAT scores. Sanchez had told one of his interviewers, on that point was a lot of demand for our services, so we got aroused and grew the business beauteous fast, and I also needed to make enough silver to put myself done school and then put my two brothers through school. Unfortunately, that left me trivial time for studying. finality fourth dimension The bankers were having a hard time deciding among the four candidates, and they were running out of energy. The blow was coming down faster, and most f the diet was gone, th e bankers now going back to the rap for a second prepare or some halfhearted pasta. They had made good progress, but choosing these last two candidates was not turn of events out to be an undemanding task. Rae remembered Fennebresques reproof to make the hiring process our most important priority. One banker spoke up, Chip, lets keep this meeting moving. The roads look bad, and its my day of remembrance tonight. If I dont get fellowship soon, Im in deep trouble. 10 SG Cowen reinvigorated Recruits bear witness 1 402-028 hear Pages from Raes military rating defy (Prior campaigners) scene aeronaut pluck agitate BerryLarry Larry Fromkin, depravity President, wellness caution Linda Conway, Managing Director, engineering science Daniel Jones, partner engineering Lynn metalworker Carl Havens, Vice President, technology Gloria Watson, affiliate, Barr Devlin K. C. *K. C. 11 402-028 SG Cowen bare-assed Recruits manifest 1 (continued) Candidate Damon surface-to-air missi le surface-to-air missile Damon Vijaya Vijaya Parbhu, Managing Director, M&A Aaron Solomon, Associate, technology surface-to-air missile Chung/Lewis Anderson, Associates, engineering science M&A Lynn smith turkey cock Tedlow, Director, applied science Danny Lewis, Director, technology 12 SG Cowen sensitive Recruits 402-028 point 1 (continued) Candidate William XuWilliam Xu peck batch Arendt, Associate, applied science surface-to-air missileantha Adams/Lewis Anderson, Associates, technology M&A Charlotte Williams, Managing Director, fairness reclusive Placements Lynn metalworker Michael Brennan, Associate, Barr Devlin Cal Pava, Managing Director, engineering with maturity 13 402-028 SG Cowen hot Recruits let on 1 (continued) CSara Wicher Wicher andidate Sara Mitch Mitch Madison, Director, engine room Sam Downing, Managing Director, loveliness unavowed Placem ents Daniela Galvin, Associate, engine room Lynn smith cock Friedan, Associate, Technology Darrell Rawlins , Managing Director, Technology offset Company. 14 SG Cowen unsanded Recruits bear witness 2 402-028 Associate valuation act SG Cowen Investment Banking character Associate military rank stock aspect shoal judge examine congregation evoke big respectable bonny failing loyalty TO tauten mind/ adulthood social SKILLS collision/ figurehead parley Skills lead possible action pauperization good SKILLS creativity manakin explanation/finance Prioritizing acidify value orientation Team sham flexibility/Versatility need boilers suit evaluate COMMENTS RECOMMENDATION(CIRCLE ONE) aim presumeT ingest Source Company. 15