What Gutfreund said has become a legend at Salomon Brothers and a visceral part of its corporate identity. He said: One hand, one million dollars, no tears.
Gutfreund's statement, "One hand, one million dollars, no tears," has transcended its original context to become an integral part of Salomon Brothers' culture and legacy. This quote encapsulates the high-stakes nature of the financial world where quick decisions can lead to significant monetary gain or loss without emotional attachment. It reflects a mentality of detachment necessary to thrive in the competitive and often ruthless environment of Wall Street.
Such phrases can define corporate identities, illustrating the company's values and the mindset expected from its employees. In Salomon Brothers, this ethos emphasizes a focus on results over feelings, which is emblematic of the cutthroat spirit prevalent in investment banking during that era. The quote serves as a reminder of the intensity and urgency that characterize the financial industry, making it a piece of lore that resonates within the firm and its history.