Sunday, 1 December 2013
The Accidental Investment Banker: Inside the Decade That Transformed Wall Street
This book records the thoughts of Jonathan A. Knee as he traverses the investment banking world in the 1990's and early 2000's. The "Accidental" in the title is included as he did not aim to go into banking, but was roped in by a friend and subsequently stayed for a few years. He gives an insider's view on Goldman Sachs and Morgan Stanley and his opinions about how the banking world has changed in this period. The book is useful for those who want a peek into the investment banking world and the attitudes and practices inside it. There is no lurid expose of the excesses of the industry, but the author has recorded the mentality of the people working in it. He neither condemns nor glorifies the industry, but does attempt to make some explanation for the observations he sees while inside the industry. The narration is peppered with references and facts and personal accounts (read: feuds) that occurred so that it is not just a one-sided commentary nor is it just a mere thesis about how the banking industry works. It is also interesting to read his observations as an outsider and to see how the author is moulded to become part of the culture.I feel that this book is good for those curious about what is like inside two of the top investment banks or for those looking to break in.
Recommended: If you are interested in IB