Discreetly Striking Gold

The collapse of Lehman Brothers was a significant event for me. It happened just as my partner and I had relocated to London. We'd sold all our furniture about a month earlier, finished clearing out our apartment back home, and all our belongings had just arrived in a shipping container the weekend before the collapse. We had just signed a two-year lease on an apartment.

And neither of us had a European passport.?

That meant that the clock started ticking. I had 60 days to find a new job in London before losing my work permit, and the odds were against me.

I was faced with two options: compete for a job in London against 15,000 freshly laid-off workers, most of whom had European citizenship, or cut my losses, head back home, and start over.?

It was a choice between bad and worse.?

In 2021, I initially thought about checking in on what happened to the analyst class of 2008—my class.

For those unfamiliar with the world of investment banking, the 'analyst class' refers to a group of recent graduates hired by a bank to start their careers as junior financial analysts. These entry-level positions are highly competitive and typically filled by top graduates from prestigious universities.

Investment banks hire analysts in 'classes' or cohorts, usually bringing in a new group each year. These analysts typically commit to a two-year program, during which they work long hours, learn the intricacies of financial modelling, and support senior bankers in various tasks such as creating presentations, conducting research, and assisting with deals.

The analyst program is often seen as a boot camp for the finance world, known for its gruelling hours and steep learning curve. However, it's also viewed as a launching pad for lucrative careers in finance, consulting, or business leadership.

Our class, the analyst class of 2008, entered this high-pressure world at a particularly tumultuous time - just as the global financial crisis was unfolding. This timing would have a profound impact on our careers and lives, shaping our experiences in ways we couldn't have anticipated when we first accepted our offers."

I began my joruney by creating a folder on my Google Drive called '+13' - as in 13 years after 2008?.

That was the easy part.

Then came 3 years of mapping out a class of over 100 analysts from all over the world, reaching out to each one I could find personally, and conducting in-depth interviews. Most of the interviews were conducted via Zoom or Teams, lasting about an hour, with a predefined format of around 15 questions.

But how do you find 100 people after more than a decade?

I began by digging through the depths of my Gmail and found an Excel sheet that was sent at the beginning of the class, containing the names of about 50 analysts. I focused on social networks, with LinkedIn proving to be the best source. I drafted an email saying, "Hey, we were in the same class, let’s talk." Some responded, others ignored.

With the publication of the first article about the project, I reached out again to those who had initially ignored me, hoping to renew their interest. In some cases, it worked.

Around the 20th interview, I struck gold. The interviewee had kept the analyst class CV book.

Back in 2008, the bank compiled all the resumes of the new analysts into a book that was distributed to the recruiting managers. Around 2018, a decade after the collapse, one of the managers found the CV book while clearing his desk. He asked #20 if he wanted it, otherwise, it would be shredded. # 20 Kept is and thanks to him, I was able to piece together the complete list and backgrounds of the analyst class of 2008

A short disclaimer: Bankers aren't fond of being in the spotlight when it comes to their personal lives, preferences, and choices. Some made this condition clear before the interview, while others brought it up during our conversation. To honour my promise to the interviewees, I have changed all names and identifying details in presenting their stories.

I'd like to take this opportunity to thank all of you who have subscribed. The level of interest this project has generated has truly surprised me. If you've found this valuable, please feel free to share it with others who might be interested.

Next week, I'll be presenting a demographic breakdown of our analyst class: their origins, academic backgrounds, and the various paths that led them into banking. Stay tuned.