A perennial hangover used to be the cost of doing business on Wall Street.
Now dealmakers are trading in bars and strip clubs for high-end spin gyms like SoulCycle, Barry’s Bootcamp, and Flywheel Sports, according to a trend piece from Bloomberg.
“You’re saying let’s go spin this morning, get a sweat and grab a juice after,” said [BTIG/Cyc Fitness’ Steve] Starker, whose company has studios in Austin, Texas, and Madison, Wisconsin. “There’s still the ones that love to be entertained with a good bottle of wine, steak and quiet conversation, but so many people are more health-conscious these days.”
Equity salespeople told Bloomberg they pitch meeting at an intesne, obnoxiously expensive New York spin class because it often appeals to traders’ competitive nature.
The 5 a.m. session at SoulCycle in Tribeca, a block a way from Goldman’s headquarters, is particularly popular. SoulCycle has been around New York since 2006, when somebody realised rich people were actually willing to pay the average monthly gym membership for one spin class.
And a post-work sweat means traders can eschew the three-hour steak dinner for a quick 45-minute session — and be back home to tuck the kids in.
Business Insider Emails & Alerts
Site highlights each day to your inbox.