Why Did Michael Bloomberg Choose Salomon Brothers Over Goldman Sachs?

David Senra, reading Bloomberg by Bloomberg, says Michael Bloomberg chose Salomon Brothers over Goldman Sachs even though Goldman paid more. In 1966, when Bloomberg was 24, Goldman Sachs offered $14,000 a year and Salomon offered $9,000. He wanted the Salomon job, but he had no money, student debt, and no way to live in New York on $9,000. He did not own another suit, had no apartment, and had no cash in the bank. Student loans had covered tuition after a part-time job as a school parking-lot attendant fell short.

Asked how much he needed, he said $11,500. Salomon kept the salary at $9,000 and added a $2,500 loan. Fitting into Salomon and loving the industry was an understatement. He reveled in it every minute of the day.