The trading game A confession

Gary Stevenson

Book - 2024

"A vivid, blistering memoir that takes readers inside the high-stakes drama and hubris of the trading floor, a rags-to-riches tale of Citibank's one-time most profitable trader, and why he gave it all up--a Liar's Poker for a new generation" --

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Subjects
Genres
autobiographies (literary works)
BIOGRAPHY & AUTOBIOGRAPHY / Business
Autobiographies
Published
New York ; Crown Currency [2024]
Language
English
Main Author
Gary Stevenson (author)
Edition
First U.S. edition
Physical Description
xiii, 329 pages ; 25 cm
ISBN
9780593727218
  • Prologue
  • 1. Going Up
  • 2. You Want Some?
  • 3. Go Home and Ask Your Mum
  • 4. Thermostat
  • 5. Going Down
  • Postscript
  • Acknowledgments
Review by Publisher's Weekly Review

Former Citibank trader Stevenson's incisive and often humorous debut recounts his journey into and out of the financial industry. Growing up poor in Ilford, East London, Stevenson used a rubber tube connected to a faucet to take showers. Though he was kicked out of grammar school for selling drugs, his math acumen landed him a spot at the London School of Economics, where his shabby clothing and working-class accent garnered disdain. He got an opportunity to shine when Citibank held a student competition called "the Trading Game," a card-based simulation of financial trading whose winner would land an internship at the company. Stevenson took first place, and parlayed the internship into a full-time job in 2008. He quickly became Citibank's most profitable trader, netting $12 million in his first year. Gradually, however, he grew tired of the cutthroat environment and cognitive dissonance he felt when, for example, Citibank made $11 million after the 2011 earthquake and Fukushima nuclear accident in Japan caused interest rates to go down. In 2014, he left the company to pursue a degree in economics and educate the public about wealth inequality, launching a YouTube channel and publicly advocating for a U.K. wealth tax. Stevenson's sharp wit--he describes a coworker as having "the constant air of a 16-year-old trying to buy vodka"--enhances a fast-paced narrative that provides colorful context for his current wealth tax advocacy. It's an enlightening and frequently infuriating peek into the world of high finance. Agent: Chris Wellbelove, Aitken Alexander Assoc. (Mar.)

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Review by Kirkus Book Review

A British master of finance shows how the world of investment and trading isn't so far removed from organized crime. As a child, writes Stevenson, he would gaze up at the skyscrapers of the financial district, "those gleaming, towering temples of capitalism." A math whiz, but definitely an outlier in England's hidebound class system, thrown out of high school for selling a pinch of pot, he excelled in his studies at the London School of Economics and bested the sons and daughters of the rich and powerful. "The way I saw it, there was only one path for me into the City--beat all the Arab billionaires and Chinese industrialists to a top first class degree, and just pray to God that Goldman Sachs noticed," he recounts. Instead, Citibank came calling when Stevenson trounced other applicants for internship in a trading simulation that he steered through, even when the powers that be rigged it. Before long, he was earning millions of pounds per year. Granted, he notes, some of his earnings came at terrific cost to other people, as when he made millions on the Japanese earthquake and tsunami of 2011: "Some people thought the nuclear plant might blow up. That was good for my position. Up three and a half million dollars. Up four and a half million dollars. By a week in I was up six million." Along the way to wealth, Stevenson had disregarded a wise warning from a veteran--"Once you get in, you'll never get out"--and when he decided that the trading game was no longer for him, it was as if he were trying to quit the Mafia or a bike gang, a story he relates with considerable panache. A warning to would-be Wall Streeters that while the money is good, it can come at the expense of your soul. Copyright (c) Kirkus Reviews, used with permission.

Copyright (c) Kirkus Reviews, used with permission.

1 In some ways, I was born to be a trader. At the end of the street I grew up on, in front of the tall, concave wall of a recycling center, a lamp post and a telegraph pole stand four meters apart from one another, forming the perfect set of impromptu goalposts. If you stand between those two posts, take ten big steps backward and stare upward and between them, into the far distance, the light of the tallest Canary Wharf skyscraper will peek over that high wall, and wink at you. After school, as a child, I would spend long evenings kicking battered foam footballs in and around those goalposts, wearing battered school shoes and my brother's school uniform. When my mum would come and call me home for dinner, I'd look back and watch that skyscraper wink at me. It seemed to mean some sort of new life. It wasn't just the streets of East London I shared with those gleaming, towering temples of capitalism. There was something else too, some kind of shared belief. Something about money. Something about want. The importance of money, and the knowledge that we didn't have much of it, was something I always felt deeply. In one of my earliest memories, my parents gave me a pound coin, and sent me to the Esso garage to buy lemonade. At some point in the trip, I dropped that pound coin, and lost it. In my memory, I searched for that pound coin for what seemed like hours--­crawling under cars, scrabbling in the drains--­before returning home, empty-­handed, and in floods of tears. In reality, it was probably only thirty minutes. But thirty minutes is a long time when you're a child, I guess, and one pound was a lot of money. I don't know if I ever really lost that love for money. Although, now, when I look back and think about it, I'm not sure that love is the right word. Perhaps, especially when I was a kid, I think it might have been more of a fear. But whether it was fear, or a love, or a hunger, it only got stronger as I started to grow, and I was always chasing those pounds I didn't have. At twelve, I started selling penny sweets in school; at thirteen, I started delivering papers, 364 days a year, for £13 a week. By sixteen, my high school sales business had become considerably more adventurous, more profitable, and more illicit. But those small kills were never really the end game, and every evening, after the sun went down, I'd always look up at those skyscrapers, winking down at me from the end of the street. But there were many other ways in which I was not born to be a trader, and those ways were and are, very important. Because there are many, many, young, hungry, ambitious boys kicking broken footballs around lamp posts and cars in the shadows of East London's skyscrapers. Many of them are smart, many of them are committed, almost all of them would make all kinds of sacrifices to put on a tie and some cufflinks and go walk into those tall, shiny towers of money. But if you step onto those trading floors, which take pride of place in those glimmering skyscrapers where young men earn millions of pounds every year in the heart of what was once East London's docklands, you will not hear the proud accents of Millwall and Bow, of Stepney and Mile End and Shadwell and Poplar. I know, because I worked on one of those trading floors. Someone once asked me where my accent was from. He'd just graduated from Oxford. The Citibank Tower in Canary Wharf has forty-­two floors. In 2006, which was the year I first entered that building, it was the joint second-­tallest building in the UK. One day, in 2007, I decided to go up to the top floor of the building, to see what the view was like, and to see if I could see my home. The top floor of the Citibank Center was used only for conferences and events. This meant that, when it was not in use, the entire space sat totally empty. A vast, uninterrupted country of lush blue carpet, bordered on all sides by thick glass windows. I floated across the soundless carpet to the window, but I couldn't see the place where I lived. From the 42nd floor of the Citibank Center, you cannot see East London. You can only see the 42nd floor of the HSBC Tower. The ambitious young children of East London look up to the skyscrapers that cast shadows on their houses, but the skyscrapers don't look back. They look at each other. This is the story of how I, of all the kids playing football and selling sweets in those shadows, got a job on the Citibank trading floor. It's a story of how I became Citibank's most profitable trader, in the whole world, and it's a story about why, after all of that, I quit. These were the years when the global economy started to slip off the precipice from which it's still falling. At times, my sanity slipped with it. At times it still does. God knows, I didn't treat everyone the best. Harry, Wizard, JB, myself. All the others who really should have had names. I hope you can forgive me for telling your stories. They're all part of my story, you know? I'll dedicate it to Anish's grandad, who, when we were drunken teenagers, and he was a drunken old man, would mutter to us endlessly the only sentence that he knew well in English. "Life is life. Game is a game." We never really figured out what it meant. I still hope that one day we will. Excerpted from The Trading Game: A Confession by Gary Stevenson All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.