Over two decades ago, the investment bank where I worked introduced a new rule: pitch books couldn’t exceed 20 pages. Dubbed “Thin to Win,” the goal was to lighten the load for junior bankers and sharpen our client presentations. Our COO explained that studies showed audiences tuned out after 10 pages, remembering only three main points. Despite sounding like a win-win, the initiative lasted barely a month.
Investment banking is a labour-intensive business; junior staff handle detailed, deal-specific tasks that require attention to detail, familiarity with context, and an ability to manage uneven work flow punctuated by intense spikes. Throwing extra hands on deck doesn’t reduce the workload. In fact, it can muddle coordination, dilute institutional knowledge, and water down accountability. Indeed, one of the first questions you ask when preparing a presentation is “who is holding the pen?”.