The Bigs by Ben Carpenter

Author:Ben Carpenter
Language: eng
Format: epub
ISBN: 9781118918715
Publisher: Wiley
Published: 2014-06-03T00:00:00+00:00

My dislike for firing people was not the principal reason I eventually became less enthusiastic about managing Greenwich Capital day-to-day, but it certainly was a contributing factor. Though we had much greater stability of personnel and management at Greenwich Capital than the typical Wall Street firm (and thus less firing to do), after my 14 years in leadership roles, I nevertheless had more than enough of it to last a lifetime. The truth is, firing people is a type of “creative destruction” which is central to capitalism and free markets. But that's economic theory. In the real world, it's painful for everyone involved.

One thing you need to understand when people get fired: it often is not a reflection on their abilities. All it means is that particular person was, or was judged to be, not the right person for the job they were in at that time. This was especially true at Greenwich Capital where most everyone was a top professional to begin with. The proof of this was the not insignificant number of employees who were fired by Greenwich Capital and went on to enjoy great success at other firms where they were in the right job at the right time.

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