Recruitment at financial firms: A kinder, more restful capitalism | The Economist

Image representing Goldman Sachs as depicted i...

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This is an excellent, MUST-READ article from today’s Economist.

via Recruitment at financial firms: A kinder, more restful capitalism | The Economist.

Reading the Economist article quickly brought my mind back to my blog earlier in the year entitled:

Bank of America Merrill Lynch intern Moritz Erhardt found dead after working long hours | MailOnline

To my amazement, my Moritz Erhardt blog was by far my most popular blog in nearly three years of blogging. I often wonder why?

It’s interesting to compare the the soft-speak from Goldman Sachs recruitment to the harsh realities leading to the death of  Moritz Erhardt at Bank of America.

In my mind, investment banking is still very much a winner-take-all business.

However bad the reputation of investment banking, I think that many sectors can learn from its ruthless results-orientation. In this regard, sadly, so much of the financial services sector needs a root-and-branch shake up. Other protected industries that come to mind are the UK’s former nationalized industries, and my scope would include utilities to airports. Of course, the antithesis of the culture in investment banking is probably the Public Sector. For me, the whole European Public Sector needs radical reform to improve competitiveness, and this includes the European Commission, central government, as well as local government.

Let me turn this to an open question:

Any thoughts on what some red-blooded, ambitious, gloves-off, investment bankers might propose for Europe‘s Public Sector, given a free-hand and no political hand-cuffs?

 

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