IBG to acquire a Ferrari Enzo
IBG's winning formula for changing the stereotype about the GSB
Guru Gupta
Issue date: 4/1/04 Section: GSB News
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From highly reliable sources, Chicago Business has learnt that the Investment Banking Group (IBG) has put forward a proposal to the Dean of Students Affair office for buying a 2004 Ferrari Enzo for IBG members. The Enzo is considered one of the most desirable and expensive cars in the US, with a steep price tag of about $653,000. The
new IBG co-chairs have taken inspiration from the admission brochure as well as from speeches by Deans Snyder and Martin. They believe that IBG members should be well acquainted and trained in the "tools" (read toys) they will require the most once they hit it big time in the profession. The IBG conducted a survey of its members and found that an overwhelming 80% of the student body that joins the IBG does so in expectation of someday driving a Ferrari. Greg Kennedy, an IBG co-chair, told Chicago Business that the IBG organizes many seminars but has yet to offer hands-on training in the area that is closest to the heart of most IBG members. The Ferrari Enzo definitely makes heads turn and the ability to drive one while handling the attention a proud driver of an Enzo rightly deserves will be one of the biggest takeaways for the IBG members from their days at the GSB. Chicago graduates have faced the stereotype of being nerdy. But things are about to change soon. The IBG will book slots for its members to drive around in the Enzo. "We want to change the image of Chicago GSB students interested in banking. We will provide them a debonair, dashing image consistent with the investment banking profession," said Kennedy. Experiencing driving the Ferrari Enzo while in school will be a step in preparing Chicago graduates to be "confident and ready to face the challenges when barbarians arrive at the gate".
The car will be available to the bankers who are visiting the GSB for presentations. The news of Chicago GSB buying a Ferrari Enzo has spread across Wall Street like wildfire. Many banking associates have already expressed an interest in spending a couple of days in Chicago in the fall just to get an opportunity to drive the Enzo. These visits will be dovetailed with official presentations and cocktail receptions. Associates across Wall Street work more than a hundred hours a week in expectation of being able to drive a Ferrari someday. However, it remains a mirage for most of them since they either quit banking or get fired before they could own one. Given the exclusivity of the Ferrari Enzo, it is impossible for most people to lay their hands upon the car for even a test drive. An opportunity to drive the Enzo is enticing banking associates across the Street and they are volunteering in overwhelming numbers to lead recruitment efforts at the GSB this year. But in a surprise development, at least four investment banking CEOs have indicated to the IBG their intention of visiting the campus in October and November. This may have something to do with their secret desire of driving a Ferrari Enzo, which will be considered too flashy for their image in New York. Mulie Jorton, a director in Career Services, believes that as per her initial estimate, the number of bankers who are expected to visit the campus this Fall will at least quadruple. "We are bringing the entire Street to Chicago this fall before we takeover New York with Bank Year," a beaming Kennedy mentioned. GSB students will have very easy access to normally reticent bankers this year. In addition to attracting bankers from New York, IBG plans to use Ferrari for furthering the cause of its member body. Based on the result of a competition, selected pre-recorded elevator pitches by IBG members will be played in the car while bankers are driving it.
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new IBG co-chairs have taken inspiration from the admission brochure as well as from speeches by Deans Snyder and Martin. They believe that IBG members should be well acquainted and trained in the "tools" (read toys) they will require the most once they hit it big time in the profession. The IBG conducted a survey of its members and found that an overwhelming 80% of the student body that joins the IBG does so in expectation of someday driving a Ferrari. Greg Kennedy, an IBG co-chair, told Chicago Business that the IBG organizes many seminars but has yet to offer hands-on training in the area that is closest to the heart of most IBG members. The Ferrari Enzo definitely makes heads turn and the ability to drive one while handling the attention a proud driver of an Enzo rightly deserves will be one of the biggest takeaways for the IBG members from their days at the GSB. Chicago graduates have faced the stereotype of being nerdy. But things are about to change soon. The IBG will book slots for its members to drive around in the Enzo. "We want to change the image of Chicago GSB students interested in banking. We will provide them a debonair, dashing image consistent with the investment banking profession," said Kennedy. Experiencing driving the Ferrari Enzo while in school will be a step in preparing Chicago graduates to be "confident and ready to face the challenges when barbarians arrive at the gate".
The car will be available to the bankers who are visiting the GSB for presentations. The news of Chicago GSB buying a Ferrari Enzo has spread across Wall Street like wildfire. Many banking associates have already expressed an interest in spending a couple of days in Chicago in the fall just to get an opportunity to drive the Enzo. These visits will be dovetailed with official presentations and cocktail receptions. Associates across Wall Street work more than a hundred hours a week in expectation of being able to drive a Ferrari someday. However, it remains a mirage for most of them since they either quit banking or get fired before they could own one. Given the exclusivity of the Ferrari Enzo, it is impossible for most people to lay their hands upon the car for even a test drive. An opportunity to drive the Enzo is enticing banking associates across the Street and they are volunteering in overwhelming numbers to lead recruitment efforts at the GSB this year. But in a surprise development, at least four investment banking CEOs have indicated to the IBG their intention of visiting the campus in October and November. This may have something to do with their secret desire of driving a Ferrari Enzo, which will be considered too flashy for their image in New York. Mulie Jorton, a director in Career Services, believes that as per her initial estimate, the number of bankers who are expected to visit the campus this Fall will at least quadruple. "We are bringing the entire Street to Chicago this fall before we takeover New York with Bank Year," a beaming Kennedy mentioned. GSB students will have very easy access to normally reticent bankers this year. In addition to attracting bankers from New York, IBG plans to use Ferrari for furthering the cause of its member body. Based on the result of a competition, selected pre-recorded elevator pitches by IBG members will be played in the car while bankers are driving it.