Training Wheels Summary and Analysis

Associate training began in mid-August and appeared to have as its only goal the induction into a lifestyle of "limousines and expense accounts." Nothing new about investment banking was truly imparted. Rolfe and Troob soon discovered that all new associates had been told they were the "golden child" who would be nurtured and protected. During this three-week training period, various heads of departments each explained their little piece of the DLJ enterprise. Overall, however, training focused on an associate's purpose for being. He/she were not paid to think, but, rather, to produce lots of factual data that would make companies look good ,so that the large investors would want to acquire them. If the deal is brokered successfully by the managing directors, the associates then have more work to do, and the hours would be long.

As ominous...