Hiring now - and looking for losers

Wall Street sign

Every loser can win.

Bloomberg News reports that Inside One Equity Partners are as many as eight Olympians and even more of their world- or Olympic gold medals, said managing partner Dick Cashin, who competed internationally as a rower and now hires former college athletes while recommending others do the same.

'Everybody thinks sports is about winning', says the 60-year-old Cashin, who didn’t earn a medal as a member of the 1972 U.S. Olympic team. 'For me, it’s more about losing and then figuring out a way to win. It’s those things that make working with athletes and hiring former athletes a reasonable thing to consider'.

Seeking accomplished jocks with good grades, especially women, for entry-level positions is becoming de rigueur on Wall Street, where New York-based Drum Associates in February opened what it describes as the first division of an executive search firm that caters exclusively to current and former college athletes.

While athletes have for years worked in finance-related jobs, companies these days demand more than just a famous face with glory-days tales shaking the hands of prospective clients, says Keith Murnighan, the Harold J. Hines Distinguished Professor of Management and Organization at Northwestern University’s Kellogg School of Management in Evanston, Illinois.

'In the old days, the only skill required was signing autographs', Murnighan said in a telephone interview. 'Now they’re not just hiring any athletes. They’re hiring smart athletes - people who are disciplined, used to taking direction but able to take initiative. The other thing is they have a high pain tolerance'. 

Hit the link below to access the complete Bloomberg article:

Wall Street Hires Losers Turned Winners After College Athletics

Bank of America Says Net Income Rebounds as Expenses Ease

JPMorgan Said to Settle CFTC London Whale Trading Probe

 

image: © ToonariPost

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