Gary Stevenson, a former top-performing trader at Citibank, provides an unfiltered account of his six years in investment banking, detailing the extreme culture, moral compromises, and systemic issues he observed. He describes a world of lavish excess, endemic drug use, aggressive management tactics, and fierce competition driven by daily profit-and-loss reports. Stevenson reveals how he leveraged unconventional methods, including winning his job through a rigged card game, to become highly profitable by betting on global economic weakness and growing inequality. His narrative explores the personal toll of this environment, his disillusionment with a system seemingly uninterested in societal well-being, the "gangster-like" threats he faced upon attempting to leave, and his subsequent pivot to public education on economic inequality.
Gary Stevenson's Unfiltered Journey Through Investment Banking
0:03 A Profitable Trader's Perspective: Gary Stevenson, Citibank's most profitable trader in 2011, shares his experiences, including feeling threatened by the bank, which made him realize the parallels between bankers and gangsters.
0:32 Mad Banking Culture: Describes the early career environment as "mad," featuring hazing rituals (e.g., buying 100 burgers) and lavish social events, including a $20-30k night in a Vegas club, which starkly contrasted with his poor background.
1:53 The Cost of "Sitting in Your Seat": His desk generated "enormous amounts of money," allowing traders to afford significant losses from bad bets without officially appearing to lose money.
2:14 Cocaine Culture: Stevenson, a non-user, realized many colleagues, some reportedly spending £80,000 annually, used cocaine to sustain the demanding hours and intense partying.
3:18 Aggressive Colleagues: Recounts an incident where a wealthy colleague, Rupert, reacted with violent growling and smashing a door on the trading floor after a minor joke, illustrating the volatile atmosphere.
5:52 Broker Quid Pro Quo: Brokers used lavish entertainment (celebrity parties, holidays) to create informal obligations for traders to engage in deals, a practice Stevenson eventually rejected by instituting a "Nando's Only Rule."
8:24 Management Disconnect: Describes management as a "cesspool" of individuals who couldn't succeed as traders, focused on internal politics, and often overlooked questionable practices if profits were high.
8:56 Unconventional Promotion: Became the Swiss Franc Trader at 22 by simply asserting the role to a new, seemingly unaware boss, who accepted his self-promotion.
10:01 Absurd Management Behavior: Shares anecdotes of a boss apologizing for a £400k salary (thinking it insufficient) and another boss throwing a phone at a colleague's head to calm him down, highlighting the unusual work environment.
11:15 HR's Limited Role: HR was rarely involved; issues were typically handled internally, reinforcing a "pirate ship vibe" where "dodgy" dealings were often overlooked if they generated profit.
12:25 Significant Loss: At 23, he lost $8 million in a week due to an unexpected Swiss interest rate cut, though he believed his underlying bet was correct but wasn't allowed to hold the position.
12:58 P&L as the Ultimate Metric: The daily circulation of individual profit and loss (P&L) figures created an intensely competitive environment, clearly ranking traders and influencing social interactions.
14:01 Initial Bonus & Motivation: An unexpected first bonus of nearly £400,000 ($700k) intensely focused him on trading, driving him to become a "machine."
15:08 Profiting from Calamity: Made significant money by betting on economic weakness, notably during the 2011 Japanese nuclear disaster and earthquake/tsunami, defending his actions by stating he didn't cause the events.
16:51 Impact of Bonus Cap: Discusses how an EU law capping bonuses relative to salary led to massive salary increases and reduced incentives for risk-taking.
17:01 Winning His Job in a Card Game: Secured his internship/job at City Bank by excelling in a "trading game" (a maths-based card game) where he leveraged prior knowledge of the rules and arbitrage, eventually winning despite the final round being rigged to test his resilience.
23:05 A Day in the Life: Describes his routine: early start, intense morning trading, Nando's for lunch, relaxed afternoon due to global handover, and an early finish, contrasting his lifestyle with hard-partying colleagues.
26:04 Role as an Interest Rates Trader: His job involved borrowing and lending money based on predictions of economic strength, eventually managing "rich world currencies" and handling volumes near a trillion dollars daily.
28:27 Disillusionment and Bet on Collapse: His major success in 2011 stemmed from betting on growing inequality and the eventual "collapse" of society, a realization that prompted his desire to leave banking.
30:03 Threats upon Leaving: When he tried to quit, his boss threatened him with legal action, implying the bank could find reasons to sue, using "gangster-like" intimidation.
31:28 Lack of Responsibility: Realized that politicians, academics, and media figures were not actively working to "fix" the collapsing global economy, leaving him feeling a void of responsibility.
33:28 Forced Leave & Reflection: The bank sent him to Tokyo for 18 months, effectively sidelined, which ironically gave him time to reflect on his career and the financial system.
34:55 Post-Banking Mission: Now works to educate people about inequality, explaining how compound interest and the actions of the wealthy contribute to the erosion of the middle class, drawing parallels to "The Big Short."
35:51 Overcoming Unproductivity: Struggled with feelings of unproductivity after leaving the high-pressure environment, but now funds his educational work through past investments and occasional trading.
38:30 Ongoing Restrictions: Unable to confirm or deny signing an NDA due to legal reasons, indicating that despite leaving, legal restrictions still govern what he can disclose about his banking career.