They’re cheap, they’re kitschy, and investment bankers love them
When strolling the hallways of his first internship in investment banking, Alex R. kept noticing small trinkets crowding the desks of executives and junior analysts alike, as if each workstation grew its own skyline made up of knickknacks. Some were simple: glass prisms the size of a coffee mug with a company’s name and the bank’s logo etched on the surface. But others were much flashier. Some…
In the world of investment banking, small trinkets adorn executives' and analysts' desks, ranging from simple glass prisms to elaborate figurines adorned with 3D printing and lighting. These objects, known as deal toys, symbolize the successful closure of a transaction and serve as participation trophies for those involved. While outsiders may find the concept perplexing, within the finance industry, these toys are highly coveted as a sign of achievement.
The tradition began in the 1970s when bankers sought more permanent recognition for their work, moving away from newspaper tombstone ads that listed underwriters and deal details. Eventually, banks started embedding digital prints of deals into lucite, creating long-lasting memorabilia. Over time, a cottage industry of toy manufacturers emerged to meet the demand for these unique gifts.
Today, the $60 million deal toy industry employs designers and salespeople, producing bespoke toys using advanced technologies like 3D printing. The market has experienced a resurgence after a decline following the 2008 financial crisis, driven by larger deals and technological advancements. Design preferences vary across regions, with American analysts often favoring grander designs compared to their European counterparts.
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