At the intersection of technology, finance and the Pacific Rim.

Monday, July 31, 2006

It's a Banker's World

Citigroup Investment Banking recently snatched a team of investment bankers from Lehman. The team comprises six experienced bankers in the financial institutions industries, led by a 20 year veteran IBer.

I have written on this topic a bit previously. When recruited previously by other financial institutions, I was asked the question of whether I could bring others with me. In each case, I declined--felt uncomfortable poaching the talent from a good employer. In one case, it was so blatant that I declined the job offer outright. And yet, in reflection, it was probably a misperception.....bringing your own team brings cohesion to your effort in a new organization. When moving to a new organization you are a stranger in a strange land; even if it is the same industry, the feel of the organization is totally different. As you grow in an organization, we are taught to look upwards in the organization for promotion; but actually much of your market value will be based on your ability to instill loyalty and confidence from your subordinates--and much of your protection as you move across to other organizations may also come from this loyalty.


Blogger ky choi said...

This sort of a team moving is very common in the Korea service sector where the team works rather than the machine does. But, as you mentioned, this imposes the ethical questions and unseen burden on the followers who risk getting knocked out due to his boss's failure to settle in a new organisation,and become a missing child. However, I totally agree that this sort of loyalty is essential for a successful CEO as we've seen in Fiorina case of HP.

5:57 PM  

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