Private Equity Boss Has A Message To All Those Interns Whining About How Tired They Are

Private Equity Boss Has A Message To All Those Interns Whining About How Tired They Are

LINETTE LOPEZ

54 MINUTES AGO 335

David Rubenstein, founder of one of the most powerful private equity firms in the world, The Carlyle Group, has a message for all the young people on Wall Street concerned about burning out on long hours.It’s about love (via CNBC’s Carl Quintanilla):

That tweet sparked a pretty interesting Twitter conversation, with one respondent telling the story of how he was once called in at 10:00 pm on Christmas Eve to prepare a model for a deal.

Bank after bank has announced cuts its investment banking junior staff’s hours. Not just the interns, but also the junior analysts that come in year after year, work for long hours through a haze of caffeine and paper cuts, and hope that seniority will shave off some of the hours that have made their lives hell.

It’s not like interns (especially) are doing high level work either. They’re putting together pitch books and making sure that everything is in order for their bosses when they have to meet with clients. That’s part of the reason that interns have to work when senior bankers get to go home.

Good to know that, Rubenstein, one of the guy’s at the top can understand and sympathize with their predicament.

One veteran trader (not investment banker, there’s a difference) told Business Insider that, as a junior, he remembers his friends in investment banking coming home at 5 am, sleeping for a few hours, and then taking a car back to work. He thought they were nuts.

“My perception of i-bankers has always been that they want to make a lot of money without a lot of risk,” he said. “But they all fail to realize that wasting time is the biggest risk of all.”

That’s some Wall Street real talk right there.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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