The three words are out.
Restaurants give their favorite customers free add-ons, and so should Goldman Sachs.
Bloomberg News reports that that’s the message Pablo Salame, the firm’s co-head of trading, had for his troops in April at a town hall meeting after the division posted the worst first-quarter results in more than a decade, according to people who attended the event or watched a taped version distributed internally.
Too often top clients are confronted with a tangle of fees from disparate desks that don’t work together, or they’re snubbed entirely attempting transactions deemed too small by a misguided trader, Salame, 51, told the gathering, one of the people said.
He said he was tired of losing. In an impassioned speech, Salame likened the problem to a regular at a restaurant who asks for butter on his steak, only to be rebuffed by penny-pinching chefs in the kitchen.
“Just add butter!” Salame implored his team.
The three-word slogan quickly became both a rallying cry and an internal joke, and blue baseball caps emblazoned with the phrase in white lettering were passed around - reminders that are now scattered about trading desks on the fourth and fifth floors at Goldman’s headquarters in Manhattan, one of the people said.
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