Monday, March 4, 2013

The Other Side of Wall Street: John Thomas Financial

According to Businessweek Nicholas Gwiazda thought he’d found a door into the glamorous world of Wall Street in September when he answered a Craigslist ad from John Thomas Financial, which was looking for junior brokers. A couple of days later he was invited to tour the firm’s marble-floored offices, across the street from the New York Stock Exchange. The 24-year-old University of Connecticut graduate says he was told he could make hundreds of thousands of dollars a year after passing licensing exams. On his first day on the job, Gwiazda was handed a phone and told to call strangers across the country, advising them that a senior broker would follow up in a week with a good investing idea. He and other trainees worked 14-hour days, mostly on their feet, reciting memorized sales pitches. The pay was $300 a week. Gwiazda says he was fired after three months. “It was a glorified call center, honestly,” he says….

John Thomas has generated more than $100 million in revenue in the five years since it was started by Anastasios “Tommy” Belesis.

Read all about it at popular

No comments:

Post a Comment