5. War Stories
If I were to pick a word that characterized 1992, it would be survival. I didn’t scale the learning curve as quickly as I would have liked, but I had a seat at the table and that had to mean something.
At Morgan Stanley, we were measured by four criteria: personal performance, departmental performance, divisional performance, and overall firm performance. If any of those elements were sub-par, it would invariably trickle down; Wall Street firms, despite their out-sized pay packages, had an uncanny knack of dangling a bigger and better carrot in front of their people.
With the recession of 1989-1991 fading in the rearview mirror, the mood on our desk was optimistic. We had a monster year, and I had made considerable progress forging ...
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