Blacks On Wall Street And Other Money Streets

Ebony, Feb, 1999 by Lynn Norment

Several executives interviewed agreed that an MBA is necessary to open doors on Wall Street. "In my business, an MBA is absolutely necessary," says Merrill Lynch's Raymond McGuire. "I would say that what it takes to succeed here, if I could capture it in a few words, would be unequivocal commitment to excellence and distinction."

Natural-born competitors seem to fare well in this high-stakes business. Michelle L. Collins, who co-founded the $70 million private equity investment firm Svoboda, Collins in Chicago a year ago, says: "The successful person [in finance] is naturally competitive. Not in a destructive way, but constructively, in the sense that success is important in terms of having the satisfaction of winning. It does not necessarily mean making the most money. I should add that it does for some, but it's not enough of a motivator for me personally, though it is a by-product of success in this industry."

John Utendahl acknowledges that he is "extremely competitive," and he constantly strives to do better. "Contentment often breeds complacency, and I never want to be satisfied with the status quo," he says. "I always want to be challenged by what can be." Several finance experts featured here have a background in competitive sports. Utendahl played college basketball at Long Island University. Rogers was captain of his basketball team at Princeton. Ronald Blaylock, CEO of Blaylock & Partners, was a teammate of Patrick Ewing at Georgetown.

Blaylock, who heads what is considered one of the top Black firms on Wall Street, says that in addition to taking courses in economics and accounting and accumulating a diverse academic background, he would advise those aspiring to a career on Wall Street to get involved in team sports. "As much as Wall Street is about individual performance and achievement, the people who really hit the lights out understand how to be a superstar without compromising the team goals and culture," says Blaylock. His investment banking firm has been involved in numerous major deals, including a $2.9 billion deal for Pacific Gas & Electric Co., a $150 million deal for Texaco Capital Inc., separate $300 million deals for Ford and GMAC, and a $2.5 billion deal for Southern California Edison Co.

Money is the commodity, but, as Michelle Collins pointed out, it also is the motivation for some. And for both individuals and companies, it is the measure of success. Those who excel on Wall Street are paid well for their efforts. Compensation ranges from $125,000 for starting MBAs to millions of dollars annually for savvy Wall Street executives who negotiate megadeals.

Finance executives say that though their positions may appear lofty, they are obtainable. McGuire explains that he grew up in inner-city Dayton, Ohio, where his hard-working parents emphasized education. "My mother did everything she could to be sure that I received the best education that money could buy, even though we couldn't afford it," he says. "... There was no silver spoon. I've got a lot of silver now, but I wasn't born with a silver spoon."