Finance bros have better luck closing at the gym – MarketWatch

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In the basement exercise room of Swerve Fitness’ new Midtown outpost, financial services up-and-comers James Green, 26, and Brent Craft, 30, both Manhattan residents, pump their legs on stationary bikes — while squeezing in a bit of business.

“This is an efficient way to network, socialize and get your exercise,” says Green. “There’s a sense of friendly competition here that provides a good way of meshing with people.”

These days, if you want to find Wall Street’s savvy deal-makers mingling and bro-ing it up, skip the steakhouses and booze dens: They’re more likely to sweat it out on treadmills and rowing machines than to guzzle Moët.

“Five years ago, I would have taken colleagues out for big lunches or dinners,” says Maximilian Roos, 30, CIO of the hedge fund Sixty Capital, and a Midtown resident, who favors Pilates-style studio SLT. “Now it’s more likely to be a workout class.”

Millennials’ obsession with health is helping drive the trend. According to a 2014 study by Allidura Consumer, GSW and Harris Poll, 95 percent of millennials say “health is paramount,” and 49 percent participate in “intense exercise regimens.” But the phenomenon doesn’t stop with 20-somethings.

When it comes to schmoozing with clients, Erik Castro, a sales trader at a European bank in Midtown, began migrating seven years ago from meat meccas like Sparks to twice-weekly sessions at fat-shedding palaces such as Barry’s Bootcamp, SoulCycle and EVF.

“When I started pitching clients on working out with me, the universal thing that came [back] was, ‘Sure, I’ve got to do something for my health anyway,’” recalls Castro, a 40-year-old Upper East Sider. “I get face-time with them and we both stay in shape. How many steak dinners can we do?”

Plus, for those who track their BMIs as closely as the S&P, bonding results from huffing and puffing. “Misery loves company!” says Charles Caffray, 39, of Greenwich, Conn., the managing director in cross-asset sales at the financial services firm BTIG. “There are times in CrossFit when you’re lying on the floor, praying to get through the session, and your client is going through the same thing right alongside you.”

Fitness studio owners understand this implicitly — partly because some of them hail from the world of finance themselves. “You get your workout in and connect with clients,” says Chelsea Kocis, a co-founder of Swerve Fitness who was formerly in equity sales at Bank of America.

But it can also serve as a test of what potential employees or co-workers are made of. Recalls Joey Gonzalez, CEO of Barry’s Bootcamp: “I remember one executive who told me he doesn’t hire people based on their ability to perform, but on their ability to push themselves.”

It’s a concept that’s familiar to Vito Sperduto, 46, head of US mergers and acquisitions at RBC Capital Markets. A fitness fanatic, he organizes exercise-oriented get-togethers, like a mini Olympics at Chelsea Piers, to build company camaraderie.

“The people who were team leaders in the office were also team leaders in the [mini] Olympics and fitness challenges,” says the Upper West Side resident, adding that events like these result in a competitive spirit — and supportiveness. “Everybody wants to one-up each other and nobody lays back.

“At the same time, we’re pulling for each other,” he says. “You don’t get that sense in a restaurant, eating steak and drinking wine.”

Finance bros have better luck closing at the gym – MarketWatch}