How Millionaire Bankers Actually Work | Authorized Account | Insider
AI Summary
Gary Stevenson, author of "The Trading Game," provides an authorized account of his time as Citibank's most profitable trader in 2011, detailing the intense and often bizarre culture of investment banking. He recounts a world of lavish parties, hazing rituals, and widespread cocaine use among colleagues, describing the environment as a "pirate ship" where internal issues were handled without HR intervention. Stevenson, who came from a poor background, found the social scene alienating despite the immense wealth, eventually instituting a "Nando's only" rule for broker meetings to avoid excessive socializing. He explains how he secured his job through a rigged card game designed to identify specific personality types and how the banking environment, particularly before the 2008 financial crisis and subsequent EU bonus caps, incentivized extreme risk-taking. His personal success stemmed from a bet on global economic weakness and societal collapse, a realization that deeply impacted him. Stevenson also shares a chilling anecdote about being threatened with legal action by his boss when he tried to leave Citibank, highlighting the coercive power dynamics within the industry. He now dedicates his time to educational work, explaining economic inequality through his YouTube channel, funded by his continued personal trading, and believes that the current trajectory of compound interest will lead to the rich consuming the middle class. He feels a responsibility to warn people about these economic realities, despite facing skepticism and the difficulty of transitioning from a high-stakes trading career to public education.
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