Navid Mahmoodzadegan, set to take over as CEO of Moelis & Co. in October, advocates for the elimination of a hazing culture prevalent in investment banks. Despite his criticism of hazing, he stresses the importance of hard work and performance. Mahmoodzadegan, who co-founded the firm, believes that the industry should focus on creating a better environment for junior bankers while still expecting them to be diligent. The changing work dynamic, including a return-to-office mandate, reflects a broader shift in the investment banking culture.
When I was going through the ranks, there was a little bit of a hazing mentality to some of the work. We need to change that.
You can't be a high-performing athlete in any position on the athletic field if you're not working hard and pushing yourself a little bit.
Mahmoodzadegan noted that the company is not 'fully there yet' when it comes to stopping hazing among staff.
We should remove some of the excess out of that experience, allowing for a healthier work environment in investment banking.
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