What Type Of Person Thrives In The Banking Industry According To A Wells Fargo Managing Director Of Corporate And Investment Banking
Success in corporate banking demands a "mindset of getting to yes," persistently pursuing deals while also possessing the wisdom to discern when to say "no," even if it means walking away from significant time and effort investments. This ability to constructively challenge superiors, coupled with a reputation for thoughtful decision-making, proves invaluable for long-term success and fosters high-value professional relationships.
Persistent, Creative, Patient, Able to say 'no', Open to feedback
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Eric Frandson
Managing Director, Corporate & Investment Banking
Wells Fargo
UC Berkeley
UC Berkeley, MBA
Anthropology, Sociology
Finance (Banking, Fintech, Investing)
Sales and Client Management
Scholarship Recipient, Took Out Loans, Worked 20+ Hours in School, Transfer Student
Video Highlights
1. A persistent and creative mindset is crucial for success in this industry, as it involves navigating challenges and overcoming obstacles to achieve goals.
2. The ability to say "no" is essential, as it involves knowing when to quit and avoiding mistakes by not forcing unrealistic outcomes. Building credibility through careful decision-making is key.
3. Having open and honest relationships with colleagues, where constructive feedback is encouraged, is very important, even at a senior level. This involves being able to receive criticism and learn from others' perspectives.
Transcript
How would you describe people who typically thrive in this industry?
Banking is a very broad term in business. It includes sales and trading, investment banking, and corporate banking.
From a functional perspective, when you interface with customers, your role is to have a mindset of "how do I get to yes?" Some situations are easy, so you take the easy wins and move on. Other times, there are naysayers, doubters, blockages, or headwinds.
You have to be persistent and creative, sometimes patient. You accept "no," but you keep going. That mindset is critical because if you didn't have it, a robot could do the job. It takes that human dimension.
The other thing for longevity is learning when to say no. By "no," I mean knowing when to quit. You have your mindset, but then there's a point where the answer is no after going through the decision trees. This is hard when you, your team, or a customer have invested a lot of people and time.
It's better to say no at the right time than to try to force it, as that's when mistakes are made. Over time, you develop a brand and reputation. When Eric says no, people understand he doesn't do it lightly, and there's credibility there. You don't want to be the person who says yes to everything, because people won't trust you, and it's not realistic.
As a senior team member dealing with a junior colleague, looking from the junior's perspective, it's important to have a relationship where you can say, "Eric, you're making a mistake. You have a blind spot." This can be scary when dealing with someone immature at the senior level.
You want the ability to say, "I see something you don't see," or "I don't understand this. Please explain it to me." I need someone who isn't a "yes person." I've been doing this for over two decades and am competent, but I still have blind spots. I need people to prevent me from making fatal mistakes. That's a higher-value relationship, and it's something I personally value highly in this business.