Sg Cowen

In: Business and Management

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rP os t
9-402-028

REV: JANUARY 19, 2006

THOMAS DELONG
VINEETA VIJAYARAGHAVAN

We are who we recruit.

op yo SG Cowen: New Recruits

— SG Cowen professional

Chip Rae, director of recruiting at SG Cowen, looked out the conference room window at the falling flakes and wondered how fast the snow was accumulating. Most of the firm’s bankers had come in from Connecticut or Westchester to participate in the Super Saturday recruiting event, and he knew they were anxious to get home before the weather deteriorated and made travel dangerous.

tC

The interviews had finished at noon, and the candidates from various graduate schools had left for their flights right away. Now, the bankers were eating lunch, discussing interview results and making decisions. They were sitting in “Giants Stadium,” the bank’s largest conference room, and
Rae had set the tables up in a U-shape so that he could stand in the front and still communicate with all 30 bankers. He posted placards with all the candidate names on the bulletin board and moved them around as they came up for discussion.

No

The hiring meeting had moved rapidly through a number of candidates. The decision makers had agreed on candidates who were firm “yeses” and some other clear “nos.” Now was the tricky part: there were four candidates still left. Each person had some strong support among their interviewers but had also raised some questions. To reach the ideal class size after factoring in expected yield, Rae wanted to give out only two more offers.

Investment Banking Industry in 2001

Do

Consolidation in the investment banking industry was widespread, as major firms bought small banks, bought retail brokers, and considered partnering with commercial banks. Mergers and acquisitions (M&A) and equities remained the highest-margin businesses but also very volatile, as
deal…...

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