Dealbreaker reports that an analyst in BarCap's TMT investment banking group was miffed enough about the no-shows at an analyst program farewell event to have penned the following:
From: [redacted]
To: BarCap TMT Group
Sent: Wednesday, June 27, 2012 12:21 PM
All,
At last night’s event, we were disappointed by the poor representation of senior bankers. We truly appreciate Pat, David and Ranjot for showing up and expressing support and gratitude. However, the fact that only three of 21 senior bankers decided to show up speaks to a fundamental flaw in the culture of our group.
Many of us sacrificed nearly all other priorities in our lives during the course of our analyst program for the collective advancement of the group. We were rewarded with experience and compensation, but leadership is more than that. Leadership involves appreciating the work of others, often through small and effortless gestures.
Attending a farewell event and chatting with folks is one of those gestures. The fact that this is a continuously absent concept in our group’s culture is one of the main reasons why many of us, who are otherwise capable and valuable to the franchise, are choosing to pursue outside opportunities.
Analyst (and Associate) retention and quality will continue to be challenging in this group unless attitudes change, regardless of compensation.
We sincerely wish you and TMT the best, and truly appreciate the years of experience, training and knowledge.
Regards,
[redacted]
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