Configuración hardware de la estación

Being promoted to MD is a high point in a banker’s career; they have reached an elite position. Although, in Globank, the candidates do not take an active part in the formal promotion process it is seen by most of them to be a very stressful and emotional period to go through. As one candidate explained on hearing about her appointment:

“I was pleased but it felt like a bit of a bruising, it was a marathon, it was a long period, it felt like it was a real route march” (Angelique, appointed).

And later when she reflected on the whole year in which she was promoted:

“I can remember personally saying I will have to resign [if she hadn’t been promoted], I couldn’t possibly stay. So it is the most bizarre connection of, on the one hand, being totally invested and totally wanting to be part of the leadership of the firm etc. but on the other hand realising that it could all come to an end tomorrow if the outcome isn’t ….”

(Angelique, appointed).

She did not finish her sentence. It was as if she could not contemplate the thought of not being promoted.

Some candidates insisted that, as they played no active part in the formal promotion process, they just got on with the ‘day job’, pushing thoughts of promotion out of their minds. Yet they too admitted that they experienced stress and anxiety as each week towards the final decision went by. Another who had been very confident from the outset that he would be appointed admitted:

“ ……. so it’s a relief. I mean, I say that it wasn’t, you know, that I wasn’t concerned, but of course you think about it every day and it’s…because it’s a big…you know, it’s stressful because it’s a big…it feels like a big event and you feel very relieved” (Simon, appointed).

Understandably, with the MD appointment being so sought after and so much having been invested in getting to the position, the outcome, whether promoted or not, heightens emotions. Candidates who were not promoted expressed very strong feelings about the outcome of the process and, sometimes, how it was handled:

“And I try not to be emotional with these things but you can’t help it but if it is a ‘no’ the rejection part of it and you have to deal with that” (John, not appointed).

“I was very upset. I mean I was really upset at not being promoted, and I was upset at the way it was handled. I got very upset […] we were celebrating Christmas lunch when the [announcement] came out, but after lunch I was upset and wanted to leave. And I say, ‘I have to go’. I left; I was not in a mood to be… I mean I like the team a lot, but I was not going to be a happy camper around anyone, so I left. I was upset for some time” (Paulo, not appointed).

There was also frustration about why they had not been successful when others had:

“It’s particularly irritating I think in my case because the previous year they’ve appointed two or three people on the staff side, all of whom have a lot less experience than I do. And don’t get me wrong, I’m not trying to say that I’m brilliant or whatever; but I kind of also know I’m better than quite a few of them” (Anna, not appointed).

Those who had been appointed were immensely happy, others were relieved.

Being promoted to MD was, for many, the pinnacle of their banking career. In fact some saw it as joining an ‘elite club’ to which they had worked hard to gain a membership ‘badge’:

“Special, it’s very, very special. It’s a very important move within one’s career, it’s one that you only get once. There’s no more promotion after that” (Nigel, appointed).

“You do feel a little bit, ‘My God, we’ve just joined an elite club and we should feel proud’” (Thomas, appointed).

In IB most successful candidates hear about their appointment via a phone call from a global business head (as most are based in New York), in Markets this is usually done face-to-face. For almost all appointed candidates the point at which their promotion was confirmed was a highly emotional experience for them:

“They bring in the MDs who’ve made it to give them a little speech and welcome them to the club, congratulate them. Which is fantastic.

Cringey, but it makes you feel special. Definitely the right way to do it. I think Globank are great at that (Peter, appointed).

“And I have to tell you, Patricia, the level of super senior engagement, not just on email… these people, this is [name of global banking head] he phones everybody. My goodness! That’s when I think it also hits home that this is fantastic recognition. I’m talking to my boss’ boss’ boss […] So he wasn't like doing this just for the sake of doing it and he talked with me on the phone and I said, "Yeah I think this is really my day." (Angelique, appointed).

Whilst the confirmation ritual is a positive experience for the candidates the symbolic nature of the announcements reinforces the elite status of the position and the power of the privileged few who have the power to confer it. And afterwards some found that they felt that were treated differently within the bank on a day-to-day basis:

The fact of having the MD head is completely different internally, the way people listen to you, the access. And probably, I don’t know whether this is right or wrong, but this is the result of the fact that people know how strong, how hard is the MD process so somehow they recognise that you passed it. Especially these days” (Joseph, appointed).

Here, Joseph is alluding to the fact that the number of MD positions have

decreased over the last few years due to the economic downturn and that, consequently, competition for places is so much greater and much more coveted.

4.5 Chapter summary

Strategically and commercially, only a limited number of MD seats are available each year and competition for places is fierce. This chapter has demonstrated that the MD promotion process in Globank is complex, and multi-layered.

Candidates are able to describe the different stages of the process but remain unclear about how decisions are made at each stage. What is clear from the findings is that candidates have no involvement in this formal part of the promotion process; instead they must rely on support and sponsorship from MDs and increasingly senior business heads and leaders. Candidates must build this support and sponsorship long before the formal process begins. It is within this context that SC thrives and can be seen as an important contributor to a candidate’s success in being promoted to MD. Further analysis of the data will identify how this support is built and the role that SC plays in this; it will also reveal the differences in the role of SC, if any, between those who are and are not appointed, and between men and women. This will be the focus of Chapters 5 and 6.

CHAPTER 5: Social capital and preparation for