If your startup is only in the development or idea stage, there is almost no better predictor of failure - I mean, utter failure, scorched-earth bankruptcy - than raising too much money in the first round.
Steve JurvetsonRead
Investment banking is not a business; it is a personal service where bankers work hand in hand with their clients. And it is a service that must not simply be about making bigger and bigger deals that reap rewards for only a small group of executives.
Interpretation
What this quote means
Investment banking prioritizes personal relationships and ethical service over solely profit-driven motives.
In this quote, Felix Rohatyn emphasizes the essence of investment banking as a personal service that revolves around understanding and collaborating with clients, rather than merely focusing on closing larger deals that benefit only a select few. The quote critiques the notion of investment banking as solely a revenue-generating enterprise, highlighting the importance of values such as integrity, service, and client relationships within the industry.
Themes
Investment BankingPersonal ServiceClient RelationshipsEthicsBusiness Values
In practice
Example use cases
In a speech about the importance of ethics in finance, you could reference this quote to underline the role of personal relationships in professional services.
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