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McKinsey Tells Banks to Focus on Making Money

Matt Levine, Bloomberg, McKinsey Tells Banks to Focus on Making Money, here.

One of my great skills as an investment banker was saying no. Clients or other bankers would come to me and say “oh, can we do this ridiculous thing?” and I would say “no” or “no you dummy” or “that’s a really interesting idea, let me take it back to my team,” or whatever the context-appropriate version of “no” was. And then the ridiculous idea would never darken my door again and I could get back to the important business of pitching people on my ridiculous ideas.

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