Buying In, by Laura Hemphill, who apparently has a background in financial services, follows the "conversion" of first-year analyst Sophie Landgraf at the fictitious investment banking firm Sterling. When the story begins, Sophie is uncertain and full of self-doubt, snooping through her superiors' office to learn more about them and how they came to be a success. By the end of the story, even as she has lost her job and the big merger deal she was on the task force with out of her hands, she comes back for more, confident that now she knows how to play the game.
Though the story takes place during the period of collapse that rippled through Wall Street in 2007 and 2008, Sophie is tasked with a merger project that has absolutely nothing to do with what caused the Great Recession. Rather, she and her colleagues, and arguably Sterling itself, are casualties of this collapse. But this doesn't make the story any less compelling. The time period serves to add a poignant note to Sophie's Sterling saga, in which all the work she puts into the AlumiCorp-Roll-Rite merger deal is no longer given credit.
The story is Sophie's story, but we get into the heads of the other major players in the merger deal: Ethan Pearce, the man in charge; Vasu Mehta, the VP of the Industrial Group; and Jake Hutchinson, the CEO of AlumiCorp who takes a shine to Sophie, and a victim of much bad luck himself. Through these other characters we get an idea of how the financial services industry works and what it does to people. Ethan is self-serving and ruthless; Vasu is disillusioned and depressed; and Hutch has no time for phoniness and typical bankers' spin.Interestingly, glimpses of Sophie's possible future can be seen in the lives of the other characters, even those whose heads we don't get into. There is Vasu, who has given so much of his life in years and in days to this company, starts to miss seeing his daughter grow up and visiting his ailing mother before she passes away, questioning why he was giving so much for this company that hardly appeared to value him at all. There is Nancy Cho, in whose office Sophie finds evidence of a pathetic love life and personal dissatisfaction, even as Cho puts on a front of satisfaction with her success. Then there are the people of Sophie's personal life, who express active disagreement with the choices Sophie is making and her dedication to a job that seems to yield no real satisfaction. And one of whom, her boyfriend Will, rejects her for this choice. One wonders if it will be long before this happens to the others.
Even with all the hard work she put into the project, Sophie was in the end just a number, a cog in the machine; yet it doesn't even put her off from further pursuing the financial services industry. This makes Sophie's character a fascinating if frustrating figure, especially in the face of making it in a male-dominated industry. We witness her conversion in full, as she internalizes Sterling superiors' words of wisdom and warning, and twists her mother's advice to fit her own motivations.
The only apparent reasons she broke into the industry in the first place were one, to live in New York and two, to make a lot of money. She's coming in with the "right" reasons, perhaps, but with the "wrong" attitude, such as the idea that she would be able to trust anyone she worked with, no matter how much time she spent with these people. And in the end, when she was thrown under the bus with all the rest, instead of looking into other, perhaps more self-fulfilling (rather than self-serving) career paths, she doubles down and negotiates her way to a job at Ethan's new firm.
As a person who knew enough about the investment banking industry to understand that it's unfettered capitalism at its worst, but certainly not that much about the ins and outs of the industry (like, wtf is a "model"?), I found this to be an enlightening read. But even by the end of this story, one nagging question still remains, one that Will early in the book asks Sophie herself: why is this important? What sort of satisfaction is she getting out of this; being barely able to get by on her own, when plenty of other people doing other jobs do the same thing? (perhaps not on such an expensive scale, but still.) I at first interpreted it as a phase Sophie was going through, in reaction against her parents' blase attitude about money...and the fact that, especially after her mother's death, her family appeared to have none. (Though now that I think about it, I wonder...does Sophie have no other living relatives other than her father? There is no mention of any. I suppose it's possible, but still...)
