Bankers tell the truth? That’s a likely story
Trump, Brexit, giant sinkholes in Japan – there’s plenty happening in the world to make this year a tough one for anyone, including bankers. Clients, for their part, are taking the opportunity to squeeze every penny out of the banks that come knocking. But bankers are finding ways to make the most of a bad situation.
I was out with some chums at the Captain’s Bar the other day and happened to catch snatches of a conversation between two young bankers. One of them was boasting about the quality of clients his firm works with.
He touted a successful loan his firm underwrote for a borrower that was so well known they did not even bother to organise roadshows for the deal.
I wondered why he felt this was something to be celebrated. Because for me, hitting the road and getting the chance to visit international destinations on someone else’s dime was one of the perks of the profession.
But a little while later, the chap was joined by a colleague who agreed that the roadshows did not happen — not because of the quality of the client however, but because the company did not want to pay for it.
I could not help but chuckle at the other fellow’s ability to put a positive spin on the story — something I might have done too back in the day. But I did feel some relief that I was no longer in the game as I don't have the energy for the one-upmanship it requires.
If any clients are reading this, don’t be such a penny-pincher and buy those boys a drink.