In CIB we have an MD who in the last 2 month has hosted 2 co-----l parties, 2 golf tournaments, 1 outdoor concert at a winery, 1 monster truck rally and a spa day event all of which included drinks/meals/ and parking. The outdoor concert included VIP seating. Total spend in 45 days over 50K. Each event was done on / during work hours except the concert/ Monster car event. MD’s make base pay 600K plus bonus. Looks more like a party planner then a financial MD at a bank especially in Corporate Investment Banking…
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I once went to a big WF business dinner reception. Many managers were heavily drunk. I was talking to this drunk Sr. manager one on one (other people probably could not hear our conversation because of the loud noise). He said he loves money and wants to make more money. But he does not want to share his wealth with other lowly employees, so he wants to make sure rich executives and managers maintain invisible barriers to block low class people. I am not kidding, he really said that.
One of the Sr. managers used to brag to me that they frequently spent $20K on a business dinner party for a small team of Sr. managers. He also said he has flown on a corporate jet with some executives. He said it was cool to be part of those perks.
Also, only 50k for all that actually sounds pretty cheap!
Need more context here. Who are these events for? Their employees or are they schmoozing clients? Or are you saying they are just doing this themselves with some of their 600k to emphasize how much they get paid and how much time they’re wasting during work hours?
Presumably that was for Corporate Clients and not the lowly employees which would make sense.
Did he gain clients? How many and what revenue will result from it?
Yeah, and I bet the MD even lives in a nice house drives a luxury car too.
Make sure you raise this topic in your next interview and see where your logic takes you.