It’s June on Wall Street, which means more outdoor coffee chats, summer rentals in the Hamptons, and hordes of young people taking their inaugural steps toward a financial services career.
Investment banking internships tend to kick off in early June, while training for first-year investment banking analysts typically starts a few weeks later.
One of the top considerations undoubtedly on the minds of these newcomers is how to show their bosses they’re the right people to bet on for future promotions or job offers.
In an effort to help them along, Business Insider asked people who’ve made it on Wall Street to reveal the best advice they’ve received over the years that influenced the direction of their lives and careers.
We spoke to Denis Coleman, Goldman Sachs’ chief financial officer, who shared how his trust in his boss (David Solomon before he was CEO) paid off when it came to a career move he initially didn’t want.
We also heard from Lauren Belmonte, head of technology equity capital markets in the Americas at Morgan Stanley, who shared this piece of memorable advice she got from her mentor when she was starting out: “If someone you respect asks you to go sharpen pencils for them, you should do it.”
The pencil analogy may feel dated in an age of AI chatbots and Excel spreadsheets, but the premise of the advice offered by both of these top executives involves saying “yes” to things we may feel are below us if we want to earn our place at the table and prove that we’re genuinely interested in contributing to the company’s success.
Frank advice like this can be hard to find in the buttoned-up hallways of Wall Street banks, which is why we are presenting Coleman and Belmonte’s advice in their own words, lightly edited for length and clarity.
Denis Coleman
Firm: Goldman Sachs
Title: Chief Financial Officer
Courtesy of Goldman Sachs
Soon after I made partner at the firm, I was asked if I would be willing to change geographies from New York to London and transition from running a large developed business to leading a smaller activity. My first reaction was to simply ask: Why would I trade a large opportunity for what seemed like a smaller one?
The co-head of my division at the time and the champion for this career move was David Solomon, who also happens to be my current boss, and he was quick to point out that I was looking at the opportunity the wrong way. It was not about trading from a big business to a small business but rather seizing an opportunity that could make a meaningful difference for the firm.
His guidance reframed my thinking. I moved to London, and over the ensuing years for a variety of reasons, our European financing business grew significantly.
The push to move to London was not only a great career move for me, but also enhanced our ability to compete in EMEA. The lesson was equally important: Trust the firm, trust the people you work with, and be willing to take risks with your career. That’s how you end up making a difference.
When I was a junior analyst at Goldman Sachs, I was given a piece of tactical advice that would shape how I looked at career development: If you are looking to accelerate your career, identify the aspects of your boss’s job or the tasks they are responsible for that don’t necessarily require their personal oversight, and offer to take on the responsibility.
You will free your manager from some of their less strategic tasks, enabling them to spend more time and energy on the things that benefit the business the most. In addition, as a more junior party, taking on these responsibilities will give you an opportunity to gain exposure to things that a more senior person is usually tasked with.
You need to work hard and do your job with excellence, but you can separate yourself by volunteering to take on more to develop your skills and free up the time of those above you.
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Lauren Belmonte
Firm: Morgan Stanley
Title: Head of technology equity capital markets in the Americas, managing director
Courtesy of Morgan Stanley
When I started working at Morgan Stanley as an associate out of business school, I had the fortunate opportunity to partner with Jim Runde — a legendary banker on Wall Street with a multi-decade career. I met him at the stage in his career where he was focused on developing talent across our investment banking teams.
In our regular coffee catchups, he would share very practical, actionable advice including on building relationships with clients (“of course, turn up prepared and ready to ask for the business, but always turn up to meetings early”) or on building trust in a team (“praise in public, criticize in private”).
One piece of advice that has been very impactful to my career was his focus on seeking out opportunities with smart, interesting people. He would say, “If someone you respect asks you to go sharpen pencils for them, you should do it.”
This advice has stuck with me in part because the example itself is extreme — nobody is sharpening pencils at Morgan Stanley — but also because it aligns with my experiences to date.
Jim’s counsel was that it matters who you are around and not the specific task you are focused on. I actively seek out opportunities with varied colleagues at Morgan Stanley as well as with clients across industries because of his advice. There is no doubt that opportunities arise from working with dynamic people and it brings out the best in you. Now as I lead our technology IPO business, I look to partner with energetic founders and insightful investors as it brings out the best in my work, and it also keeps me learning and growing.
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