Bear Stearns Investment Banking

Challenge
Build vs. Buy new talent is a major decision in the investment banking world. All IB banks need calling officers who are skilled at business devel- opment to position them for when a company is ready to do a deal they hire their bank. The gap from Associate (core function analytics) to VP (core function managing deal process) to MD (core function calling) was deter- mined to be increasingly difficult. The existing model did not provide a clear path for assisting young bankers to bridge these gaps.

Action
Detailed an applied research study that resulted in the development of online exit interviews, climate surveys, and work function surveys. The ob- jective was to define the observable, trainable, and measurable core com- petencies (knowledge and skills) and traits (preferable personality traits that were aligned to the role of IB and the Bear culture). The objective was to facilitate the bankers’ life cycle and to move young bankers from execu- tion to revenue generation.

Solution
Consultations with corporate leaders and the workforce resulted in facilita- tion, development of materials, implementation of policies and process for Project Deal Maker, a fully integrated situational development program for new calling officers. In addition, a new performance management model was developed that was to be integrated into a new IT enterprise model, along with new core competencies for all levels of bankers (associated to SMD), a training program for closing skill gaps, and success metrics. This program was taken to JP Morgan and later named Rain Maker.