JAMES ARTHUR GEKIERE
Wall Streeters’ drug use is more than just people with money to burn looking for a good time.
While there’s an element of that, many insiders told BI they viewed their drug use as a performance enhancer.
Take Adderall, one of the most prevalent drugs in finance these days. The effects of the drug — keeping the user alert and focused — are viewed as beneficial when dealing in high-pressure, high-intensity roles like trading.
But there are risks, as one former investment banker described to BI “symptoms of psychosis” after an extended period of high-dose usage.
For others, drugs come into play when entertaining clients after work. A microdose of “magic” mushrooms is a way to loosen up around clients without risking an alcohol-induced hangover the following morning, according to another banker.
In an industry as cutthroat as Wall Street, where multiple colleagues could be fighting for a singular promotion, it’s no wonder so many view drug usage as a requisite of the job.
As one trader put it to BI: “One day, someone leaned over to me and said something to me like, ‘I forgot my Adderall,’ and I was like, ‘Oh, my God, is that how everyone is doing this?’”
The truth, though, is you can find success without abusing substances on the Street. Take Marty Chavez, a former longtime partner at Goldman Sachs who has spoken openly about his decision to stop drinking more than 20 years ago.
Chavez, who is now a partner and vice chairman at Sixth Street, previously said he initially thought getting sober in such a booze-filled industry would be a “catastrophe” for his career.
“And then I realized that's not real, none of that is real, that’s just the liquor talking. It’s just giving me reasons to take a drink,” Chavez said.
