Many have attributed aggressive risk taking as one of the causes of the financial crisis, but Wall Streeters are now turning towards testosterone therapy in hopes of gaining back that edge amid a competitive and speculative job environment within the financial industry.
The Financial Times is out with a fascinating article on how testosterone therapy businesses in New York are surging because of Wall Streeters eager to use the the hormone to meet the demands of their jobs and come out on top in an industry where job opportunities are slowly shrinking.
The business of testosterone therapy has taken off so rapidly that Cenegenetics, a male hormone therapy company, will be opening up a New York office near the NYSE next month. The growth of Cenegenetics since the financial crisis reflects the popularity of testosterone therapy: revenue at the company last year was $60 million, nearly double from $37 million in 2007.
We’re pretty sure we’ve seen Cenegenetics commercials on CNBC featuring their signature Dr. Jeff Life—the oddly muscular 70-year-old man—so the company definitely knows what their target consumer base is.
Take John, a 40-year-old executive at a venture capital firm, who asked that his last name not be used. He went to Dr Bissoon feeling lethargic and unable to handle the 12-hour working days common at his firm. His regular doctor told him he was probably stressed out and depressed and should take antidepressants, which he felt did not adequately address his problem. “Wall Street is a play hard, work hard environment,” John says. “I now have a bit more of an alpha male personality, and I’m able to get by on less sleep. It’s the positive side of aggression. You change your mentality and start looking positively at the future.”
Lionel Bissoon, the doctor the FT interviewed for the story, said he has seen both men and women that work in finance come in for doses of testosterone because of stress and pressure from their professions. Testosterone is able to help people focus better and feel more confident about the work they do, according to Bissoon. A majority of Bissoon’s patients are high level executives that express worry about the prevailing effects of the financial crisis, job cuts on Wall Street and heavy competition among co-workers.
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