Career
Fink started his career in 1976 at First Boston, a large New York-based investment bank. Eventually taking charge of First Boston's bond department, Fink was instrumental in the creation and development of the mortgage-backed security market in the United States. At First Boston, Fink was a member of the Management Committee, a Managing Director, and co-head of the Taxable Fixed Income Division; he also started the Financial Futures and Options Department, and headed the Mortgage and Real Estate Products Group.
Fink added as much as $1 billion to First Boston’s bottom line, and was successful at the bank up until 1986, when his department lost $100 million due to his incorrect prediction about where interest rates were headed. Fink learned from this experience to more fully understand the risks, and he decided to start a company that would not merely invest clients' money, but would provide sophisticated risk management as well.
Read more about this topic: Laurence D. Fink
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