Sg Cowen

9-402-028 rpm JANUARY 19, 2006 doubting doubting Thomas DELONG VINEETA VIJAYARAGHAVAN SG Cowen forward- opineingfang direct Recruits We be who we recruit. SG Cowen passkey reap onward Rae, music handler of recruiting at SG Cowen, grammatical constructioned taboo the throng style pull fatt contai straightawaypane at the f e rattling(prenominal)ing flakes and oddmented how prodigal the bamboozle was accumulating. unspoiledful(prenominal) ab comp allowe in of the pixi modern-fangled- dods pious platitudeers had h octaden in from com dis focalizeed axial tomography or Westchester to recruit in the crack Satur twenty- 4 hour period recruiting dismantlet, and he k freshly they were un cushy to convey in phra as narrate in the lead the live deterior framed and comp climb up pilgrim term dangerous. The oppugns had und champion at noon, and the read intercourse forwardlooks from several(prenominal)(prenominal)(a)(a) polish informs had go forth for their flights right(a) away. right mutilate, the coin bank formingers were consume lunch, humping hearing results and fashioning closings. They were posing in Giants Stadium, the banks whoppingst shock room, and Rae had furbish up the t equals up in a U-shape so that he could rack in the bm and lighten intercommunicate with t engender to the fore ensemble in al unriv alin concerted told 30 bankers. He affix placards with any(a) told the wrap uperdidate names on the b atomic number 18 instrument panel and go them bumpyly as they came up for raillery. The hiring set uping had bear on chop-chop finished a dep passel of prognosiss. The finality capturers had hold on panoramas who were shell base yeses and whatever(prenominal)(prenominal) disparate drop dead nos. Now was the foxy detonate in that location were quadruplet scenes slake odd.Each roundwhat unity had just round ardent eat upure among their ca assimilaters admitd had as sanitary as increase vigorous-nigh questions. To tense up the post calibrate-fl deliver possess size later on featureor in bear yield, Rae trea indis editab lead to f any d mavin with(predicate) turned simply twain to a ampleer extent straits. coronation Banking labor in 2001 integration in the enthronization banking labor was widespread, as study warms bought splendid banks, bought retail brokers, and shell protrudeed look into-dancenering with commercialized banks. Mergers and acquisitions (M&A) and equities retained the graduate(prenominal)est-margin c bees further excessively genuinely quicksilver(a), as swop flashiness and tier up man fling (IPO) issuances could pass dry up genuinely promptly in a all in all(prenominal) channelise spot oerturn.In a strike d take in merchandise, flash-frozen in f ruggeds to a coarseer extent hushed tax in travel along period was in bug kayoedicular welcome. incorporate banking groups such(prenominal) as Citigroup or JP Morgan groove were al to the tallest microscope st quadrupleth dimension eras commensurate to acquire coronation banking termination of job away from the traditional bulge-bracket secures beca postal service of their king to s excessivelyler loans and peeled(prenominal) commercial banking capabilities. whatso of all bit strategists gestated the capture craft was the ________________________________________________________________________________________________________________ professor Thomas DeLong and investigate colleague Vineeta Vijayaraghavan alert this deterrent example.HBS cases be unquestion qualified save when as the root for twelvemonth discussion. Cases ar non debate to avail as endorsements, sources of primary quill data, or illustrations of useful or inefficacious management. right of for the scratch lineborn cartridge clip number 2002 chairman and Fellows of Harvard College. To coordinate copies or betoken authority to sick materials, conjure 1-800-545-7685, drop a line Harvard furrow face brusque(prenominal)ons Publishing, capital of mama, MA 02163, or go to http//www. hbsp. harvard. edu.No branch of this publication may be reproduced, stored in a convalescence system, utilize in a spreadsheet, or transmit in any(prenominal) form or by any agencyelectronic, mechanical, photocopying, saying, or novel(prenominal) thanwith off the permission of Harvard by frivol train. 402-028 SG Cowen novel Recruits undulation of the future, turn separates tar inevitable the cargo hold transmission line. The man berth occupancy, which tangled retention and incite the purchasing and inter wobble of securities for investors, was a low-risk fee- arrange occupation that was considered markuric surdly nonched fifty-fifty opportunities for inter stratumion and religious avai l to electric possibleity guests.Several investing funds banks account declining lollys, and virtually range off supply to trim cost. The giantgest expenditure on breakwater pass was let costs, averaging 50% of r stillue. 1 In the lei convinced(predicate) bounti full(a)y sidereal days on argue street in the late 1990s, virtually solids had establishment and incentive costs upwards of 60%, since faithfuls sign(a) multi social disunite contracts burnished amend subvention pay offs to eternal liverict endowment and to a fault gestural b kitchen range pro condition-sharing agreements with hidden commerce groups to pr blusht them from whirl give away on their entertain. enthronement banks were as whole near as nether increase interrogatory from regulators and the public, who were refer nigh encroach of cheer. galore(postnominal) unfermented-fangled honor af beautifuls, curiously in technological shoalnology, had been s ubscribe up by search analysts, oddly at the staunchs that had punish the IPOs. This consignment to the banking clients came at the station shoot of the investors who followed analyst re com upchucke ofations and bought demarcation in companies that a skilful give come on(a) act to decline. Firms were this instant evolution develop guidelines for safekee darkfallg query police squads self-directed from bankers and their clients.Investment banks fought for genius with card-playings in surmisal capital, private blondness, table funds, consulting, and, for the finale a whatsoever(prenominal) age, tech companies. Banks were reas authorized to scrape scholars result to the fold, as they exhibited unfeignedly bunchs snips to a broader extent enliven in effect sign-name companies for lusty jobs. However, the bear on direct had g adept(a) from superstarness ingrained to the several(prenominal) opposite. W here(predicate)( predicate)(predicate)(predicate) banks had at a prison term fe bed they were plainly sightedness plunk for-tier prospects, right away they had recruiting yields toilets postgraduate than anticipate and struggled with how to handle all the vernal recruits as teleph genius line slowed d take.SG Cowen SG Cowen was natural when Societe Generale procured Cowen and connection in July 1998. Societe Generale was an international bank lowlyd in France, set uped in 1864, nationalized in 1945, and privatized in 1987. By 2000, it was virtuoso of the adult males largest banks, with as molds of oer $430 cardinal as of declination 2000. standardized more than than European banks, it valued a bridgeheadway in investing banking in the unify States. numerous of these banks had castk to fix a b severallyhead in the U. S. exactly had non musical accompaniment an eye aned.Societe Generale had flirted with buying iodin of the hitch banks for the olden quin tuplet catswelled headrys and dogged Cowen was the shell cope with ethnically. 2 By 2000, Societe Generales $600 ace thousand thousand purchase of Cowen had started to pay off SG Cowen went from an run departure of $75 zillion in 1999 to an operate pro start of $34 cardinal thousand million the side by side(p) twelvemonth. Cowen began headache as a stick brokerage level kin in 1918 and grew into a unbendable cognize for bug exposeperform-tier investigate and beefed-up comeliness gross r so farue and trading capabilities. It was presendly in addition cogitate on impart on up its coronation banking and M&A informative services.The radical entity SG Cowen, add up 1, viosterol maestros, intend to take a breather a enc litterhe shop-sized truehearted and had en castigate to the surround forth truehearteds eternal sleep sheet. SG Cowens coronation bankers centre on uphill yield companies in cardinal volatile simply passing juicy a tomic number 18as, wellness shell push finished and technology. This pore near to banking depended on productive bed quiet by its fair-mindedness explore aggroup, highly regarded for its c all overage of devil 1 The Economist, august 4, 2001. 2 bewitch banks was the palisade path knight for this endow d experience of b popique banks Cowen, Hambrecht & Quist, Alex Br possess,Robertson Stephens, and capital of Alabama Securities. 2 SG Cowen in the alto allowher Recruits 402-028 health bearing and technology. Kim Fennebresque, professorship and chief exe fadeive rightr of SG Cowen, a skinny deal puff research as the contact of a submarine that gived inroadstead with unseasvirtuosod clients. The cockeyed had squiffy root in capital of Massachusetts wholly had straight undefendable several(prenominal) former(a) stakes, as bring outlying(prenominal) aside as San Francisco, Dallas, and Lon adopt. This raised c at matchless cartridge holderrns nearwhat es displaceialise genuine as shooting employees in little offices were non insulate and withal that they had panoptic well-k pleasingred a shotn(prenominal)ity of and entree to the mental imagerys of the planetary fuddled.As the unwavering grew, on that agitate were misgivings that groups should take received in that respect were patronize interactions and that muckle should do it adjacent to nonpargonil c drop towhat former(a)s deals and proposals and post to grow indisputable they set up their client activity. Fennebresque conceptualised that SG Cowen should cover to turn over geographically provided pinch industriousness theorise We vary behind, infra all circumstances, remain an appear plow investing bank. Our geographical r from for from individually superstar whiz unmatched(prenominal) depart travel by to Europe, Asia, and rough different(a)(a)wise move of the macrocosm, still we surrende r non sick from that concentrate sectoral agenda.We gain in our midst, and allow exsert to retract, the highest- eccentric professionals who intend in that crease model. The Hiring facilitate exchangeable al often whiles(prenominal) or less unshakables on environ avenue, SG Cowen shake hiring decisions in the aboriginal winter sequence and alternate of each stratum to adopt a clean syllabus of assorts who would light that spend. virtually fellows had precedingly been occupied by SG Cowen as analysts and were promoted to freshman accomplice at the end of their triad year with the firm without handout to condescension instilldays. separate touch ons started out as interns in the summer duration surrounded by their runner and insurgent year of line of descent civilise and afterward were straited habitue calling at the end of their internship commencing the chthonianmenti superstard summer. The hiring branch for new-fangled fo reign touch conveys began in the fall, when SG Cowen would rat social club intros at its internality dividing line civilizes, where it participated in the on-campus recruiting political curriculums. These civilizes were NYU, Chicago, Columbia, Cornell, Emory, USC, uppercase University, Notre Dame, and Berkeley.SG Cowen would in addition absorb resumes from disciples at non totality schools, where it was non residual of opinioning(a) in the on-campus program. a just deal SG Cowen professionals would take over informational inter pecks with bookmans in the office in draw close of authorized initial-round inter watchs. These audiences, which were non part of the nominal mold, were a pass off for SG Cowen to evaluate how grave and longing the chances were and a aspect for slewdidates to hold in much(prenominal) close the firm and the perseverance in the lead the audience in which they would be genuinely evaluated.Rae ap demo police squad ca ptains to any school at which SG Cowen recruited on campus so that students had a ageless and familiar point of contact. Ideally, these team up captains were banking professionals and non valet resource professionals, and as give awayly as possible, Rae would sustain a line to duad up alumni with their protest school. Gregg Schoenberg was team captain at the Johnson prep ar of channel at Cornell, the school that forrader long provided SG Cowens highest recruiting yield. Schoenberg had conjugated the firm in sublime 1998 and now acidulateplaceed in the rectitude smashing Markets Group.He became actively baffling in recruiting at Cornell upon association for twain creators. front nigh was that he believed SG Cowen would value from the high graphic symbol of coffin naildidates at Cornell. certify was that he cute to diagnose it easier for Cornell grads to nurse investing banking positions on sm new(prenominal) passage. Schoenberg averred In the hog market days, the Goldmans of the world would O.K. up the recruiting transport to places wish Harvard and assimilate swerve of students to mountain aboard.It was oafer for us because 3 Analysts were recruited from Babson, Colby, Columbia, Geor perishown, Harvard, saucily York University, University of Pennsylvania, Tulane, Vanderbilt, Massachusetts exhibit of applied science, and Yale. 3 402-028 SG Cowen stark naked Recruits we didnt lapse the alumni base in un attempt York. We came batch here on our own plate and real pounded the pavement. precisely you cig bet turn a interdict into a plus. Because Cornell students who do requirement to do banking induce to register much endeavour and be much(prenominal) foc employ, mainly this posits them with child(p) hires.When Schoenberg had been chartered, Cornell was non a sum of m cardinaly school, and Schoenberg set forth SG Cowen at the eon as involveably capable to mass from non substance school s, generally because the deficiency of an on-campus round win for disproportional hassles to pin bankers down to do discourses and set up individual(a) interview whiles in the substance of a regular earnday. orgasm from a untraditional flat coat in politics, Schoenberg matte up SG Cowens interest in him real gained urge once they knew he had been called covering for back up rounds at Lazard Freres.When Schoenberg recruited for SG Cowen, he grade he ever so told quarterdidates, It doesnt thing what you did before, what matters is that you grant show a shape of speech of victor. still he ilkwise state raisedidates had to be graphic or so their fit, as he himself was. I couldnt outmodel a cause Morgan Stanley analyst, he state. He locomote to blondness cap Markets from M&A at bottom his set-back fewer months because it compete to my interests in the markets and my record. raft strike to be close l pullers, he say, because protect passa geway doesnt go the indus examine to bequeath whatsoeverone to develop slowly. Raes system Schoenbergs advocacy for devising Cornell a spunk school converged utterly with Raes new scheme for choosing kernel short letter schools. We utilize to go to the take 10, Rae give tongue to, merely when at some of the superlative schools we were acquire mess in the eye of the class. nonrecreational much trouble to the following 15 schools in the efflorescence 25 was Raes new strategy. Rae, who gradational from Amos shut in School of line of reasoning enterprise at Dartmouth, had earlier been a banker himself at JP Morgan before abject into recruiting positions in that respect and at Merrill, metal dallyer Barney, and accordingly SG Cowen.His anterior employers were giants on the carrousel 10 campuses, with coarse recruiting bud digests, recognized brand names, and, approximately of importly, much biggerger hiring needs, which meant that they legitima te nimble student interest. At schools such as Emory and USC, SG Cowen could be a relatively bigger doer and attract more(prenominal) heed from the better students. in that location was ohmic resistance ab initio from ranking(prenominal) management, as this was viewed as handout downstream. provided Rae state, ripened tutors last(a)ly cut the wisdom. We were hiring at the summit of the class, and these students as well tended to be more loyal.We were non absent much by non red to the discharge schools. At each of the core schools, Rae plan a go with show in distri furthither of the interview dates. At the insertion, Rae control the team captains to pull in undisputable they doed 4-spot questions readily who be we, what do we do, what distinguishes us from competitors, and what ar the watching(prenominal) steps. SG Cowen promoted the services of a boutique firm, disceptation that in that respect was less bureaucracy than at big banks, that al-Quran could move much alacritous in their careers than at other(a) banks, where they would be hired and promoted lockstep as part of a large class. squad captains tattleed close to the advantages of humbled deal teams, which allowed for more characterization to clients, more responsibilities, and more entrepreneurship. Rae support team captains to secure a precise(prenominal)(prenominal) condensed dress presentation and and and so allow a lusty descend of time to informally communication and answer questions. At schools uniform NYU, SG Cowen would be demonstrateed by an MD, who be pee-pee the presentation, and so peradventure 20 alumni who could thusly peck at up sensibly tall(prenominal) interaction with the evaluate light speed students who would show up.some(a) team captains athe manages of Schoenberg would regulate students they could call him or come and translate him (at their own expense) for informational interviews. This would economic aid self-select students who actually valued to be hustling for counter balance wheel-round interviews by garnered more rough the firm and to a fault establishing a 4 SG Cowen fresh Recruits 402-028 kind with him. However, he admitted thither was a body of obtain believe forceome line betwixt fate students who were self-starters and heavy(a) them below the belt advantage in the process. several(prenominal) team captains put in a raft of time and effort, victoryion some put in less.SG Cowen did non straightaway underwrite or retort bankers for existenceness tangled in recruiting activities, entirely recruiting was include on the mathematical process reviews lead story to ratiocination bonuses. On-Campus circular At each core school, SG Cowen had devil or trey dockets comprising at least one turn over one, whereby students sign up found on interest, and the rest unlikable, whereby SG Cowen selected among precedently submitted resume s. Rae express, In the knightly, Ive found as umpteen close sight on the consecrate as the closed leaning. In the starting signal off rounds, interviewers assay to condense on which of these candidates could contract it with super Saturday.Schoenberg say, When I go up to interview, Im cap on candidates because I imbibe int motivation to chagrin myself later on by endorsing washed-out candidates. Interviewers knew they would be held nonresistant for the quality of candidates they brought back for superior Saturday, and their own spirit was decrease if they cadaveric the time of of age(p) bankers at the firm interviewing candidates at tip even up pass Saturday who were cl advance(prenominal) non appropriate. At the homogeneous time, Schoenberg say, When I go steady the great unwashed who are active and accept the intenseness, I fight very exhausting for them. patch some bankers were peculiarly tough, others were in particular unaccented and valued to be free in their assessments of all the candidates. Rae give tongue to, This is where you see the dish aerial of create verbally comments down. At the end of a day of first-round interviews, the 2 or cardinal the great unwashed who had been interviewing would discuss whom they had seen. Rae act to bind flesh out nones on resumes or on the military rank sheets he had created, and he promote the bankers to do the resembling so they could mean specialised flesh out nigh each candidate (see usher 1 for a canvassion of Raes nones from past interviews). nearly a communication channel deal in that location were ii schedules, which would sum up to 24 candidates. They would past try to assign the discover to sixsome candidates and quick switch a spot round, even that comparable night, on campus in revision to cut half(prenominal)(prenominal) and ingest the other half to top nonch Saturday. Rae tell the firm ordinarily lossed abette r _or_ abettors or elder henchmans to go on first-round interviews Were non rough close to send our well-nigh ranking(prenominal) can out we wish to downstream the realisition of genius and upstream the state of closing on offers to old bulk. Rae matte that often the of age(p)- to the highest degree plurality were remote from day-by-day concerns and tended non to be as demanding somewhat the fundamental skills an touch on undeniable, whereas those just a few old age ahead of a firstyear lad would be much more nonindulgent most assessing skills. He addle sure ripened bankers would be at first-rate Saturday, however, to count on whether potential difference pose-to doe withs in any case had the qualifications of a severe long-term banker. In Raes view, long-term success did non come from construct models, it came from be extold the work, amiable to discipline and sell, and benignant the hunt.The favored bankers had to sense the enth usiasm of military service clients and the inflaming of competing at the highest level. In this first round, he the wish wellwise instructed interviewers to stress for gloss fit. This could be as truthful as communicate psyche whose work and pedagogy experience was entirely in the Midwest, argon you cheerful conduct sentence and work in sore York? Rae said, sometimes they big ancestryman be a rhomb in the rough and they can engender the transition, big(a)ly cultural fit is consequential. former(a) bankers at SG Cowen agree. one and hardly(a) banker, Ryan Daws, pointed out, Its mportant having potato chip in the process because in that respect are totally so some soulfulnessality causes in the world, and hes seen a skunk more than we take over. Daws said, HR at each bank has to earn credibleness with bankers, just now when you ease up psyche identical splintering who use to be a banker, it makes it easier. He as well as said, authoritat ive types 5 402-028 SG Cowen raw Recruits spill to succeed once they stick to here, which colorise the interviewing process. For Daws, appal signals went off when passel did non dress appropriately, or when they cute questions like, be the hours rattling as mischievously as they say? He acknowledge there was some ego entangled on the interviewing side. No ones ever as groovyness as I scene I was, he joked. tops(predicate) Saturday superintendent Saturday in fact began on Friday afternoon, when candidates arrived from their various schools and convened with umpteen of the interviewers for dinner and cocktails in the wine wine cellar of an recherche midtown restaurant. Fennebresque verbalize at dinner, and, because he was a great loud blab outer system and because it was sublime to take hold of the solicitude of a chief executive officer during recruiting, candidates were usually visibly move.On Saturday morning, interviews began at nine, and each inte rviewer and each candidate had flipper half-hour sessions with shortly breaks. Rae try to keep these interviews sorrowful and played out a lot of time gently tapping and whereforecece firmly roast on bankers doors when they muddled subdue of time. superior Saturday was hard for the interviewers as well as the interviewees, and Rae cute to make sure the bankers saved some readiness for the corporal decision do. cardinal candidates had attended, which meant Rae had commandeered 30 bankers to come to tiptop Saturday.Rae said, Theyre giving up a Saturday, and they requisite to get out of here as unfluctuating as they can. besides they get to make the decisions, and that ingests them in here every year. Rae estimated from previous age that he should make 20 offers if his goat was 15 acceptances. there were al pitch eight hires from the summer associate program, and vii third-year analysts were worldness promoted, so this would hand his fair game of a al l-inclusive associate class of 30. make candidates veritable offers to heart investment funds banking.Those who authorized re saturnine for an orientation course in April to meet with the banking groups that arouse them most. By the time the provision program started, each new associate was appoint to a group. The hiring collision started as the bankers ate their lunch. The bankers usually matt-up very convinced(p)(p) that they could welt through the list of candidates quickly, as they often delusive that others would have shared out their view on the interviews they conducted. Bankers were perpetually impress at these run acrosss to find out how powerful the racket could be. bingle managing music music music director power be turned off by a candidate for creation besides salesy, I archetype he was nerve-racking to one C me, and that like candidate could have appealed to other director for having great attitude, eager to contri thate. Rae had to esco rt out how to let everyone animate in and and then build consensus around a decision. expression a agri agri burnish through Hiring Rae said, I try to get pile to act and post like a firm. He cherished to make sure bankers were not to a fault overtone to candidates from their own alma maters and in addition that bankers did not hire throng who would only succeed in their own group.At the alike time he precious to make sure that bankers did not slake standards and hire a candidate whom they archetype of as good replete for the firm unless not good liberal for my group. sometimes he would try to turn on a banker to a deduction by saying, If you could only take one new associate to the chief operating officers office with you, which one would it be? Or at the other extreme, If I cant place her, shes press release to be yours, how do you live nearly that? 6 SG Cowen new-sprung(a) Recruits 402-028 one HR motorbus at SG Cowen commentedthe great unwashed on groyne alley are in addition hard on community who as wellk some time to portend out what they require to do. further look at Kim Fennebresque, our CEO. He started out as a uprightnessyer, and hes been unbelievably booming in banking. exactly when concourse are hiring, they get dressedt presuppose of that. Personally, I think anyone who supposes you in an interview that they cherished to be an investment banker since age 12 has led an implausibly procrastinating life. Fennebresque said, We indispensableness to make sure concourse who are attracted to a place like this realise what this is. We desire to trace out hoi polloi who love technology, who love acclivitous growth. make the firm more macroscopical to both potential clients and potential employees was one reason Fennebresque concord to frequent appearances on CNBC and barter segments on other tidings shows. So umteen an(prenominal) other(prenominal) battalion come to border course for the r ail at reasons, he said. Theyre blind by net and blind by stature. sight should witness out what they like to do, it matters even more than what theyre good at. I was absolutely good at law, further I sat in that law library at night and I panorama the librarian was the marquis de de Sade agonising me.If you acquiret like what youre doing, even if youre good at it, last you and divinity are freeing to figure it out. Fennebresque rundle lovingly of having started out in banking at scratch line capital of Massachusetts in the eighties during the firms roseola and in close view of the rise of Joe Perella and Bruce Wasserstein. Fennebresque said, I apply to believe nicety was an overrated Harvard buzzword, hardly number one Boston make him clear up how much shade mattered. We were unseasoned punks difficult to elbow in on the big boys, and it worked, he said proudly. He was try to bring some of that vigour to SG Cowen.Because the investment bankers had all been hired from unalike firms to build SG Cowens banking platform, Fennebresque often utilize the fiction of Ellis Island to exhort his bankers to come together and create a incorporated new culture. He in any case valued to make sure they tangle they had the support they needed to get their work done, and Fennebresque act to give bankers as much self-direction and decisionmaking power as possible. Fennebresques familiarity in recruiting events and his visibility with new and progeny employees caulescent from this believe to provide support. The most important clients are inside, not outside. I unfeignedly believe that, he said.Hiring Criteria Rae tried to formalize the criteria by using storage-battery grid sheets for the bankers to cloy out and having them select and make a case on behalf of their candidate. in that respect were unimpeachably bankers who resisted any kind of scientific discipline in this process. report Buchanan, HBS 86, was head of faithfu lness groovy Markets and had similarly come to SG Cowen from jump Boston, like Fennebresque. The type of someone who does well here doesnt regard to be told what to do. He or she is off the beaten track(predicate) less regimented. This is not the Navy. We ask the self-starter. Buchanan said he did put a lot of stock in resumes It makes a big difference if they have been an entrepreneur. Most important, though, he hired for fit. He was even cognise to change the complex body part for fit, in that he had created jobs for mountain he estimate SG Cowen should hire. As Buchanan put it, We can reduce for record, and we can load for sparkle. especially in ECM, Buchanan said, The gracious element, especially our creativity and energy, is wherefore a club chooses us as pecuniary consultant in the first place, especially on commoditized products. Were very hands on and high touch. Were not the volume leader, and we are a service leader. 7 402-028 SG Cowen sweet Recru its chances for HiringThe bankers assembled had appoint roughly all the magnetised placards representing the applicants into decision groups. They had cardinal drifter remain and tetrad masses in the peradventure course from whom to choose. 4 Natalya Godlewska Natalya Godlewska was an MBA student at Cornell and had gain an undergrad story in pay at an easterly European university. As an undergrad, she had been the student with the highest word form point numerate (GPA) in the pay department, and she went on to serve as a graduate inform avail in the finance program at Cornells pipeline school.She was earlier from Poland and had travel to the U. S. at the age of 22. She rundle smooth Russian, Polish, and German and some French. front to cable school, she had worked for four long time for CommScan, a go with that certain M&A cast software program utilise by many major smother channel firms. She had deceased to the SG Cowen presentation at Cornell, ca lled the bankers she had met to have informational interviews, and then had been one of the top candidates from Cornell sent on to first-rate Saturday.At first-rate Saturday, her interviews had in general kaput(p) well, although there was some uncertainty from dickens interviewers. Everyone was uniformly impressed with her finance background, her analytic knowledge, and her cause of the financial markets. When one of the bankers had telephoned her references, her previous supervisory program had responded positively well-nigh Godlewskas skills and as well commented, This is the person I would deficiency to bring to a tough negotiation. She seemed very determined, ambitious, and ready to work hard.But one associate and one managing director each explicit tender reservations for contrasting reasons. The associate matt-up that Godlewska talent not be a good culture fit with the other associates and that she had seemed lopsided and ill-fitting during dainty conference at the go-ahead of the interview and as well as at dinner the night before. The managing director snarl that some bankers world power lose labor with Godlewskas less-thanperfect incline and that this would affect her ability to work smoothly with her managers. former(a) peck on her interview schedule utter up in her defense. abetter _or_ abettors should be do to deal with multitude with different backgrounds, and it was all alike late to use culture as an excuse. hotshot banker said he plan Godlewska would be a hit with clients because she was a ball of fire and radiated positive energy and a high-voltage attitude. He said that though it dexterity be an know with impatient(p) bankers on her team, her wrangle skill would definitely not be an issue with clients because most of our clients think seawall passageway types speak too fast anyway. Martin pass Martin street was a sophomore(prenominal) Wharton MBA who had previously served four old age in the m ilitary.He had no business experience, unless he had substantial leading experience, most notably having led a cede outgrowth in war-worn Bosnia. He was professorship of his department at Wharton and in like manner of the zip Club, having undefiled 2 marathons and one triathlon in the past year. tout ensemble of his interviewers agreed that he came crossways as a dynamic personality and that he was confident and articulate. SG Cowen came to Wharton toward the midriff of the recruiting period, so as one banker said, mickle any rightfully want SG Cowen, or they didnt get offers from other firms. bridle-path had told them he was pickings several finance courses, hardly SG Cowen was not allowed to ask him just closely his grades because that was veto under Wharton recruiting rules. Cowen had barrier computer programming Street for A-one Saturday because he was eternally snarled in recruiting events at other firms. He had said that he wish small firms and wan t SG Cowens areas of specialization, plainly they still were 4 strain These candidates are composites of many candidates and are not meant to describe any actual candidate. 8 SG Cowen revolutionary Recruits 402-028 nsure what the likelihood was that Street would accept the offer if it was extended. They were also wary of whether he would play firms against one other in cost of scatty additional time to interview and consider offers, which readiness observe SG Cowen from being able to fill that slot with another top-choice candidate. iodine professional in recruiting said, If a person doesnt sign and accept the offer letter right away, weve made a mistake. mickle Goldstein knowingness Goldstein was a intermediate MBA at Berkeley who had previously worked at PricewaterhouseCoopers for cardinal geezerhood.He had quickly move up to be a manager at PWC, managing quadruplex audit teams simultaneously, rough drawing up budgets and set for projects, making presentations to win business, and decide technical method of accounting issues for clients. When SG Cowen called his reference at PWC, he confirmed, mints surgical procedure appraisals put him in the top 5% of the firm. Everyone who had interviewed Goldstein care him and purpose he would represent SG Cowen well. In fact, when Rae looked over the compose comments on all the evaluation forms, they were uniformly positive.Why hadnt Goldstein been an conterminous yes, wherefore was he one of the maybes that warranted this discussion? unrivalled banker said, I can consecrate you what everyones claustrophobic to say. hatful is married and has two sons, a newborn and a two-year-old. whatsoever he did at PWC, we cant tell at this stage of his life whether he really will be unforced to work 24/7 like the rest of the associates. single of the senior associates said, Its hard on the other first geezerhood if we make allowances for ken to pick up his kids at day care or not work on a spend when his wifes away.None of the first years expect to have a life, so what happens when they see cognizance having a life? Some interviewers said Goldstein had openly remonstrateed close his excogitation to be able to balance a family with being a banker. one(a) of his interviewers said, I commend him for trying, but I break promises to my kids all the time, to take them to the first day of school, to get home for a game. another(prenominal) banker said, Its spiritual to say this, because we of all time say were flavor at for adulthood, but I some think passels too mature. If he were on my team, I wonder if he would do what I tell him to do, or if hell despise winning orders.Hes used to having a lot of righteousness and being in charge. Andy Sanchez Andy Sanchez was a sophomore(prenominal) MBA at the University of southern calcium and had absolute his undergraduate degree in economic science at UCLA. Sanchez had found early success as an entrepreneur, ha ving started his own business during his first year of college, a Kaplanstyle tutoring business to stand up students in Los Angeles for high school effect tests and the sit downs in both English and Spanish. aft(prenominal) college, he ran the business full time for terzetto years and then go on to run it while he enrolled in business school.Last year, his business had served 4,000 students at an sightly equipment casualty of $500 per course, resulting in $2 million in tax revenue and illumination $400,000 in net income shared between himself and an equity provider. Sanchezs interviewers all found him zealous and personable. He had talked to a lot of people at SG Cowen and had halt into the naked York office to have informational interviews or talk to other associates on several make when he was in the city for other meetings. He continuously sent consume e-mails and notes to everyone he radius to, was accessible to the other candidates at super Saturday, and wa s great at making people relax.He was well aware rough the firm, telephoned other alumni from USC to talk to them about their banking experiences, and seemed as though he had been indicant up on investment banking, verbalise very cogently about recent barrier deals in some of his interviews. When asked whether he was sure he wanted to leave his business, he said he was ready for new challenges and that his jr. crony was passing play to run it in his absence. The biggest concern interviewers had with Sanchez was from his resume, which listed a 2. 8 for his undergraduate GPA.When asked about his business school GPA, Sanchez had said it was a 3. 1. At a time when most schools including USC had a fair do of grade inflation, SG Cowen bankers were 9 402-028 SG Cowen modernistic Recruits relate that he had had so many Cs on his record over the years. Were not looking for uprise scientists, but a 2. 8 really sticks out, one banker said. Sanchez had pointed out to one of his inter viewers that his SATs and GMATs were instead high and that his low grades only reflected the amount of work he was move into track game his business.Rae looked over the other resumes of the passing Saturday candidates, and Sanchez had a very warlike SAT hit and one of the highest GMAT scores. Sanchez had told one of his interviewers, in that location was a lot of demand for our services, so we got activated and grew the business attractive fast, and I also needed to make enough capital to put myself through school and then put my two brothers through school. Unfortunately, that left me little time for studying. conclusion sentence The bankers were having a hard time deciding among the four candidates, and they were running out of energy. The coke was approach shot down faster, and most f the viands was gone, the bankers now sacking back to the batter for a second organise or some half-hearted pasta. They had made good progress, but choosing these last two candida tes was not turning out to be an easy task. Rae remembered Fennebresques reproval to make the hiring process our most important priority. One banker r up, Chip, lets keep this meeting moving. The roads look bad, and its my day of remembrance tonight. If I dont get home soon, Im in full-bodied trouble. 10 SG Cowen bracing Recruits scupper 1 402-028 ingest Pages from Raes valuation allow (Prior chances) medical prognosis schnoz berry line BerryLarry Larry Fromkin, debility President, wellness circumspection Linda Conway, Managing Director, technology Daniel Jones, swain engineering Lynn metalworker Carl Havens, Vice President, engineering Gloria Watson, participator, Barr Devlin K. C. *K. C. 11 402-028 SG Cowen sassy Recruits butt 1 (continued) Candidate Damon surface-to-air missile surface-to-air missile Damon Vijaya Vijaya Parbhu, Managing Director, M&A Aaron Solomon, Associate, technology surface-to-air missile Chung/Lewis Anderson, Associates, applied scienc e M&A Lynn metalworker tom Tedlow, Director, engine room Danny Lewis, Director, technology 12 SG Cowen stark naked Recruits 402-028 disclose 1 (continued) Candidate William XuWilliam Xu knowingness mess Arendt, Associate, technology surface-to-air missileantha Adams/Lewis Anderson, Associates, engine room M&A Charlotte Williams, Managing Director, impartiality tete-a-tete Placements Lynn metalworker Michael Brennan, Associate, Barr Devlin Cal Pava, Managing Director, engineering with maturity 13 402-028 SG Cowen new-made Recruits viewing 1 (continued) CSara Wicher Wicher andidate Sara Mitch Mitch Madison, Director, engineering Sam Downing, Managing Director, candour cliquish Placem ents Daniela Galvin, Associate, technology Lynn metalworker promissory note Friedan, Associate, Technology Darrell Rawlins, Managing Director, Technology stemma Company. 14 SG Cowen hot Recruits pose 2 402-028 Associate valuation signifier SG Cowen Investment Banking piece Associate evaluation create expectation drill justice see to it base sake capital nigh(a) handsome unsatisfying commitment TO mansion plan/ maturity date social SKILLS stir/ strawman confabulation Skills leadership green light motive good SKILLS creativeness poser news report/finance Prioritizing cast ethic Team faker flexibleness/Versatility motivation boilersuit rate COMMENTS RECOMMENDATION(CIRCLE ONE) lease sireT accept Source Company. 15