Schwarzman: Client loyalty belongs mostly to the institution, not individual talent
Stephen Schwarzman · #69 Stephen Schwarzman: What It Takes · Nov 12, 2019 · at 23:48
Blackstone CEO Stephen Schwarzman reflects on co-founding Blackstone in 1985 after leading M&A at Lehman Brothers, finding corporate clients initially refused to hire an independent firm.
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“When you leave an established place, apparently that changes people's views of you. Not in terms of your capability, but maybe it's not you. Maybe it's just the firm where you're working, but for your own ego-driven reasons, you think it's you working at the firm that creates the business. Well, I learned it was mostly the firm.”
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