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<ul class="summary-list"><li>Idaho incumbent Sen. Jim Risch has defeated Democratic challenger Paulette Jordan, per Decision Desk HQ.</li><li>The state overwhelmingly voted for President Donald Trump in the 2016 presidential election.</li><li>In-person voting closed at 8 p.m. local time.</li><li>See the live coverage and <a href="https://www.businessinsider.com/2020-senate-election-results">full results from the U.S. Senate elections.</a></li></ul>Idaho junior Sen. Jim Risch has successfully defended his seat against Democratic challenger Paulette Jordan, per a projection by Decision Desk HQ.Risch is finishing his 12th year and his second term in the Senate. He easily won reelection in 2014 after defeating his challenger by <a href="https://ballotpedia.org/Jim_Risch">30.6 percentage points</a>. Jordan is a former Idaho state representative and a citizen of the Coeur d'Alene tribe.In the <a href="https://www.nytimes.com/elections/2016/results/idaho">2016 presidential election</a>, Idaho voted for President Donald Trump over Democratic nominee Hillary Clinton by 31.7 percentage points.In-person voting closed at 8 p.m. local time on Election Day.Sabato's Crystal Ball with the University of Virginia Center for <keyword id="6358883" type="UNKNOWN" weightage="60" keywordseo="politics">Politics</keyword> <a href="https://centerforpolitics.org/crystalball/2020-senate/">called</a> the match-up "safe" Republican ahead of Election Day.<h3><a href="https://www.businessinsider.com/2020-senate-election-results">See Insider's full guide to the race for the US Senate here.</a></h3>

Idaho's Jim Risch is projected to keep his Senate seat and fend off Democratic challenger Paulette Jordan

<ul class="summary-list"><li>President Donald Trump won Idaho, per Decision Desk HQ.</li><li>Idaho has voted for a Republican president in each of the last 12 <keyword id="6355644" type="DEFINITION" weightage="60" keywordseo="elections">elections</keyword>.</li><li>The state holds four electoral votes.</li><li>All four of the state's congressional seats are held by Republicans.</li><li>See the live coverage and <a href="https://www.businessinsider.com/2020-election-results">full results from the US presidential election.</a></li></ul>President Donald Trump won Idaho, per Decision Desk HQ.Idaho has voted for a Republican president in each of the past 12 elections, reliably serving as a Republican stronghold. There are no major down-ballot races in the Senate, House, or gubernatorial level in the <keyword id="7600569" type="UNKNOWN" weightage="60" keywordseo="2020-election">2020 election</keyword>.Idaho is firmly in Republican control, with the GOP holding both houses of the state legislature, governor, and all four congressional seats. Idaho has four electoral votes and was <a href="https://projects.fivethirtyeight.com/2020-election-forecast/idaho/">not expected by analysts</a> to be competitive.

Donald Trump has won Idaho

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Toby MelvillePedestrian pass the offices of Goldman Sachs in London April 20, 2010.</div></div></div><ul><li>Goldman Sachs, known for flashy deals and fixed-income trading, is making gains in debt capital markets. </li><li>The bank has doubled DCM revenues since 2010 with a simple strategy, and the debt underwriting unit has potential to become "a much bigger business," according to John Waldron, co-head of the investment banking division.</li><li>Still, growing from here will be harder as JPMorgan, Bank of America and Citigroup compete to keep their share of the business. </li></ul>What do you think of when you think of Goldman Sachs? For many, the answer's flashy deals and high flying traders. The firm ranks way ahead of its competition for US M&amp;A advisory revenues, with a 14% fee share in the first nine months of the year, according to Dealogic. That's a full five percentage points ahead of JPMorgan in second. Quarter after quarter, the bank trumpets its No.1 position in M&amp;A <a href="http://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2017-q3-results.pdf">towards the top of its earnings release</a>. The analysts who cover the bank tend to want to talk about its stuttering fixed-income trading unit, in contrast. Nine-month revenues are down 23% year-on-year, and <a href="http://www.businessinsider.com/goldman-sachs-plan-for-its-misfiring-bond-business-2017-9/#its-not-so-bad-1">executives have had to set out their strategy to improve results</a>. But there's another business at Goldman Sachs <a href="http://www.businessinsider.com/goldman-sachs-earnings-results-bond-underwriting-quietly-crushing-it-2017-10">that's quietly doubled revenues since 2010</a>. And it's not big wins that have gotten it there, so much as connecting the dots. Goldman Sachs' debt-underwriting business has produced revenues of $2.03 billion, the highest for the first nine months of the year."Given that they have always been a strong investment banking firm, it makes sense that they would tune up DCM, especially in light of the fact that the issuance environment has been very favorable for years and thus they've been able to aim at growing share of a growing pie," Guy Moszkowski, managing partner at Autonomous Research US, told Business Insider. <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Goldman SachsJohn Waldron</div></div></div><h2>The white space</h2>The strategy is straightforward, says John Waldron, co-head of the investment banking division at Goldman."We looked at our business - I'd say before the financial crisis, but it was clarified after the financial crisis - and we asked, where do we have relative strength, and where do we have relative weakness?" Waldron told Business Insider. "It was patently obvious back then that we had real strength in M&amp;A and ECM, and we were a mid-tier player in debt. We said that's the white space."To develop that white space, the bank set out to:<ul><li>Build off of Goldman's strong standing in M&amp;A, both with corporate buyers and private equity firms;</li><li>Ramp up the relationship lending book.</li></ul>In M&amp;A, that meant emphasizing that a banker's job didn't begin and end with an M&amp;A mandate. "A lot of our bankers in 2002-2007 timeframe would have thought their mission was to get M&amp;A business, and if they missed the investment grade bond deal, they'd still feel like they had done their job," Waldron said. Rather than having Goldman Sachs provide M&amp;A advice, and another bank write a check to fund the deal, the bank's now pushing a one-stop shop. For example, when Amazon struck a deal to buy Whole Foods earlier this year, <a href="http://www.businessinsider.com/wall-street-is-handing-amazon-137-billion-to-buy-whole-foods-2017-6">Goldman Sachs was sole M&amp;A adviser and the so-called "left lead" on the financing</a>, putting together a $6.85 billion debt package, with the bank itself committing $3.5 billion, and GS Lending Partners putting in $3.35 billion. Bank of America also signed up to lend $6.85 billion. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Business Insider</div></div></div>Then there is the buyout business. Goldman Sachs' has long been known as a premier player with private equity firms, often running sales processes for sponsor-backed companies and advising on acquisitions. But more recently, Goldman Sachs has added some firepower in leveraged lending. "Since they are now a bank, and have found good sources of deposit funding - and they are good risk analysts - it makes sense that they would channel those attributes into lending of all types, including the sponsor loans," Moszkowski said. The bank ranks second for financial sponsor-related loans in the US for the first nine months, according to Dealogic, up from eighth. It's in the mix with the likes of JPMorgan and Bank of America Merrill Lynch, commercial banks with much bigger balance sheets. The leveraged finance franchise even got a shoutout in the bank's latest earnings release. "We've always been thought of as a good risk manager in the block trade business in equity capital markets, for example, so it made sense to apply that same expertise in LBOs," Waldron said. <h2>A ticket</h2>The bank has also grown its relationship-lending book, going into more run-of-the-mill revolving credit facilities with large companies. These loans aren't that attractive from a return perspective, but corporate treasurers often see them as the price of admission: banks often won't get more attractive business without a lending relationship.The challenge for many banks is the next step - winning the attractive business. Bankers gripe about big loan commitments that aren't matched with returns on strategic transactions. For Goldman, getting the balance right between a focus on returns and patience took time. "In the early days we were maybe myopically focused on, 'What's the return on the loan?'" Waldron said. "We've moved to managing that vintage of a loan over a three- to five-year basis. We've learned to think about it in an elongated time frame, and we're going to be patient, and we're going to earn it."To be sure, the gains in Goldman Sachs' debt business have been earned at a time of historic low-interest rates where debt revenues across the industry have been growing. Revenues have moved in sync with financial advisory revenues. Should interest rates go up, M&amp;A activity drop, or both, the bank's debt capital markets revenues could take a hit. In addition, it's likely to be harder to grab market share gains from here. While Goldman Sachs ranks fourth in US marketed DCM volumes for the first nine months, up from sixth, the third-placed player, JPMorgan, is 3.4 percentage points ahead. Bank of America Merrill Lynch and Citigroup both have double-digit market shares, also, versus Goldman Sachs' 7%. But Waldron is hoping the business can get bigger. For a start, the bank's structured finance business, which includes everything from aircraft lease financing to collateralized loan obligation financing, is one of the fastest growing parts of the investment bank, according to Waldron.And Goldman Sachs' is betting on a pick-up in big deal activity in the next couple of years. US inbound M&amp;A volume dropped 39% in the first nine months of the year, with a relative dearth of mega-deals largely behind the decline.But there are signs that the kinds of complex, consolidation deals that often come with big financing packages could pick up. CVS is reportedly <a href="http://www.businessinsider.com/cvs-aetna-takeover-creates-an-amazon-buffer-2017-10">in talks to acquire Aetna</a>, while Rockwell Automation recently <a href="http://www.businessinsider.com/rockwell-automation-emerson-deal-report-2017-10">rejected an unsolicited purchase offer from Emerson Electric</a>."If what we think is going to happen happens, which is more endgame consolidation, that would be really good for this business," Waldron said. "If we could exercise those muscles in more places, we'd be talking about a much bigger business."Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/richard-turnill-blackrock-chief-investment-strategist-interview-2017-10">We talked to the chief investment strategist at $6 trillion fund giant BlackRock about stocks, bitcoin, and the Fed</a></h3> <div> </div> </div>

A unit at Goldman Sachs has quietly been crushing it - and is poised to become 'a much bigger business'

There are different reasons why individuals become investment bankers (ibankers). 
Why they yearn to practice the sacred art of investment <keyword id="6354778" type="ORGANIZATION" weightage="60" keywordseo="Banking">banking</keyword> (ibanking). Though there are people who enter this esoteric world of high finance by pure chance, and with little effort, they are anomalies. In the vast majority of cases deep-seated motivations propel the uninitiated to persevere until the gates of entry to that prestigious world open before them.
Most of those motivations can be grouped into a handful of categories (see diagram below for examples). They also explain why so many bankers agree to work unusually long hours, to put up with abnormally high levels of stress and to sacrifice personal and leisure time. Take a look at the faces of people who have been in the business for over 10 years, especially in a front office role. Many wear their sacrifice on their face – though too few of them realise this.
For those of you currently in the business, next time you attend the Monday morning meeting just take a nice, long look around the room at the seniors bankers present. Is it not unusual that many of them are probably 10 years younger than they look? I know it took me less than a year at the bank to give birth to most of the grey hairs I presently sport.
So why do so many people accept, amongst other things, the premature ageing that comes with the territory? Different reasons.
Hypnosis: dangling a shiny pendulum
In the case of university students it tends to stem from psychological attraction. Convinced to put forth an application after being mesmerized by the words and tone of voice of recent grads in polished suits at campus recruiting events. Never mind that the speaker has had stress-induced diarrhea for the past month, working round the clock to make a deal happen, and has been literally pissing out his @ss every morning at work.
Benjamins (US) / dosh (UK) / fric (French) / dinero (Spanish) / foulous (Arabic) / qián (Chinese)
Let there be no doubt that chief amongst the reasons is the motivation to earn a lot of <keyword id="6354840" type="PERSON" weightage="60" keywordseo="money">money</keyword>. See, for many bankers, and banker-wannabes, it’s a given that the entrepreneurial route is the path which ultimately leads to the greatest riches. However, entrepreneurship is beset with pitfalls and risks. Therefore, given the very calculating nature of bankers, the optimal choice is a career which is less risky than entrepreneurship yet at the same time relatively more lucrative than other roles.
If you consider it safe to be employed and risky to be an entrepreneur, then investment banking can be considered one of the best safe bets in terms of compensation.
There are bankers who spring out of bed at 6am every weekday to get ready for work as if called into a meeting by God. The raison d’être for this group is to toil through all the days of the year until one very particular day in the year. Bonus day.
Whether it is earned in €, $, £ or ¥, on a good bonus day it will feel as if God came down to earth and kissed him or her on the forehead.
On bonus day you may notice for the first time that some of your colleagues actually have teeth. Year-round glares turn into ear-to-ear smiles. During the year you’ll see colleagues get engaged, marry, become parents and take off on week-long holidays to the Seychelles. However, you will not see them wear anything remotely close, i.e. as BIG, as the smile they’ll walk into work with that day in anticipation of the handout. The stress, grey hairs, hair loss, stomach ulcers, eczema, skin rashes, to name a few undesirable aspects of the job, are justified by the paper handed to you which contains your bonus for the year. If it is a great handout then the day after the beneficiary will glow like a prophet. Let’s hope it’s a good year, ey!
The <keyword id="15482" type="COMPANY" weightage="60" keywordseo="lifestyle">lifestyle</keyword>: la dolce vita
From fine Asian restaurants serving mouth-watering black cod with miso and expensive French wine to luxury hotels nestled on hilltops in remote exotic islands, the list of activities enjoyed by bankers can be out of reach to some people in relatively lower-paying industries. Whether the bankers truly appreciate the $100 main or £275 bottle of red wine served at Chez Quelqu’un or rather enjoy the <keyword id="6356030" type="UNKNOWN" weightage="60" keywordseo="status">status</keyword> associated with eating there when the restaurant next door offers more delectable food at a third the price, does not matter here. It’s the lifestyle the job affords that some gravitate towards.
Some chaps and chapettes want the opportunity to hang out with a Barbour jacket-wearing crowd or a Brooks Brothers posse. Makes them feel special.
For others the right lifestyle includes being able to send their kids to a school which will prep them for entry into <a href="http://www.etoncollege.com/" target="_blank">Eton College</a> (UK), <a href="http://www.exeter.edu/" target="_blank">Philips Exeter Academy</a> (US) or <a href="http://www.rosey.ch/" target="_blank">Le Rosey</a> (Switzerland).
Many like doing the rich person’s routine such as attending niche art exhibits where you’re served champagne, engage in inane small talk and pretend that you’ve done the rounds in art circuits since birth. Reminds me of an ex-colleague who’d always take half an hour to peruse art reviews online, jot down a few key phrases and throw them around at the events like he did a post-doc at École des Beaux-Arts in Paris.
Let’s not forget the fine food:
“Yes, to start with I’ll take the caviar appetizer, followed by the veal fillet, cooked in aubergines, with confit of veal breast, with pepper and lemon, and…oh…as it appears divine I’d also like the artichoke and black truffle soup with the layered brioche and mushroom. Thank you.”
Status: symbol of financial success
For some it’s the prestige that comes with the job which matters most. Many bankers love knowing that their friends refer to them as a ‘high flying finance guy / gal.’ All of a sudden people around think of you as a financial whiz. Relatives and friends will call you and question you on how to get mortgages, successfully refinance loans, invest in gold, buy into a tech start-up or even how to tip in restaurants. Your opinion on all things monetary suddenly matters very much. That is, even if all you do in your day-to-day job is to give loans to handful of South African corporates and that in reality you’re as knowledgeable on mortgages or commodities as a tourist guide in Giza (Egypt) is about Norwegian forestry.
I’ve know some ibankers who’ll complain about the job on daily basis and carry their utter disdain for their work life on their foreheads. But when you run into them at a rooftop lounge on a Friday evening surrounded by an attractive young crowd of non-finance people you’ll hear them describe what they do as if they’re Thomas Crown.
<div class="image-container center click-to-enlarge" style="width:601px"><div class="image"><a title_source="" title_caption="" class="zoomin" href="http://static2.businessinsider.com/image/504a55b9ecad047809000002-960/why-become-a-banker.png"></a></div></div>
True love
Some people know they want to work in finance from a young age. True, it’s rare but when you meet them in a bank you’ll recognize it right away. More often than not they’re very sharp. Everyone in the team will either love or hate them. There is no in between. At a junior level (i.e. analyst / associate) they are typically the guys who make far fewer mistakes in presentations and models, digest information and data the quickest and generally appear to feel most at home in the building. It is almost a given that they’ve breezed through their finance studies in university. Some of them probably could have joined a bank straight from school rather than attend university.
When these worshippers of finance walk across the trading floor or past the Head of M&amp;A’s office they’ll fight hard to keep a stupid smile from manifesting itself. They cannot help it. The trading floor is like a playground for them. The Head of M&amp;A’s office like a throne. And if they receive a nod of acknowledgement from the man inside that office they may rush to the bathroom, lock themselves in a stall and cry out of joy for the job they consider a blessing. They probably hear Vivaldi’s Four Seasons (Spring) in their heads when they walk around the bank on a busy Monday morning, a difficult day for most humans. Or perhaps Beethoven’s Ode to Joy – the part where the entire ensemble comes together in joyous harmony.
For these special souls, the enjoyment they derive from reading the Financial Times on a Friday morning is tantamount to a sustained mini ejaculation.
I once spotted one of them in the bathroom. Thomas, who attended the UK’s leading boarding schools and spoke as if he were an earl, was an Equity Capital Markets (ECM) associate and we occasionally worked on deals together. He was probably headed over to chat to a Sales guy and decided to make a pit stop beforehand. He surely thought he was the only person inside the toilets. I was slightly out of his range of vision at the urinals. Anyway, he’d finished washing his hands and was now staring at himself in the mirror:
Thomas: “Star ECM associate ladies and gentlemen. Rain maker! ”
This catches my attention and I quickly notice he’s not on his phone. His smile reminds me of the smile on a friend’s face the day he became a father. He went on chatting to himself.
ECM associate: “Walkin down the trading floor. Smile at the FX guys, “hey Cyrus how’s cable*”, wave to the EM traders, ‘yo Ravi how the Abu Dhabi bonds doing? Has the sheikh farted again?” *note: cable is the exchange rate between the US Dollar and British Pound 
He suddenly bit both lips and looked down. He was overwhelmed by it all. I nearly bit through my lower lip trying to hold myself from bursting with laughter.
Great expectations
For some, a career in finance is expected of them from a young age. That was certainly the case with Guillaume, a Swiss M&amp;A analyst I met in London during training.
Guillaume: “Most of our family and friends are in finance. My father is a private banker. My older brother is a hedge fund analyst. The pay maintains the lifestyle we like. The lifestyle our friends also have, bien sur.”
He tells me this as he brandishes a ring with his family crest on it as if he were a 17th century musqueteer. Has anyone told him there are under 30-year old dotcom-ers who have made more in 5 years than his ancestry combined? And they wear flip-flops and Billabong shorts to work.
Tour of duty: Operations In &amp; Out
The people in this group are those who’ve planned the mission from day 1. They have given themselves two or three years to immerse themselves in that world, work like a horse, learn as much as possible about finance, hone their presentation and Excel skills, add some eyebrow-raising bullet points in the resume / cv and get out before it’s too late. Once the tour of duty comes to an end they tend to head back to university for graduate studies, launch a start-up, spend a year backpacking around Latin America flirting with locals and smoking local herbs, set about writing an ebook they’ll make available for download on a personal blog for $39.99, move into an Ashram in Uttar Pradesh and massage each other thinking it will lead to enlightenment and practice minimalism, etc.
Sadly, only some of the people who swear an oath to the tour of duty on that very first day fulfill their mission. Everybody in finance reading this knows exactly what I’m talking about. To those in the business: how many times have you told yourself, ‘just one more year…just one more bonus’? To those who have friends in the business: how many times have you heard them insist they’ll soon leave their job? Most end up MIA (missing in action). Once behind enemy lines and captured people slowly forget the original plan, which is easily overshadowed by the perks of the job inside the golden cage. That is precisely what happened to Carlos, a friend of a friend.
He was on a two year plan. So he said. Six years later – though you’d think it more like 15 years looking at his face and what’s left of his hair – he still insists departure is imminent. A few months ago I ran into him in a lounge in New York. Rihanna’s What’s My Name started to play and he began to dance. You could call it that, if you were looking through a kaleidoscope. In some parts of the world he’d get violently beaten with a dead monkey and have his head shaved with a butter knife for looking that bad. He used to dance with a modicum of style I was told. But after sitting on a chair crunched over a computer 12+ hours per day modelling on Excel for six years shit happens.
The people
One attraction of working in an investment bank is that you’re sure to work alongside some bright minds. The reason for that is very simple: investment banking promises enormous wealth and an exciting career and, therefore, it attracts some of the sharpest, most intelligent and driven individuals in academia and the workplace.
I can’t deny that I’ve met some impressive people in the bank. Having said that, I’ve also met a great deal of legendary imbeciles.
Nonetheless, some ibankers join and stay in the business because of the people.
Chance, circumstance or the alignment of the stars
Some stumble into the business by sheer chance, much like one accidentally steps in dogshit. It just happens. They’re at the right place, at the right time, and opportunity presents itself.
It just so happens that nerds (intelligent but single-minded persons obsessed with a nonsocial hobby or pursuit) are most likely to have this happen to them. Why? They’re natural chess masters, have an engineering degree from a top-ranked global university and, most important of all, give off the exact impression a managing director wants to see in a potential recruit: “I’m a loser, will work like a dog, make few mistakes and rip open my scrotum doing the splits on two chairs like Van Damn if you ask me to.” Hired!
Why I became an ibanker
My goal objective was clear from day 1: learn as much as I can; work with some very talented and intelligent individuals; gain the relevant skills; make the right contacts; work on large deals; and when the time is right jump and do my own thing.
Having investment banking experience on a resume / cv no doubt strengthens your profile in the business world.
Of course money and the element of prestige also played roles. Yet they were not the sole driving factors for me. Besides, the big money you read about in the media only goes into the pockets of a select few in banks. It takes some time before you earn the big numbers. Also, the banks will always give you just enough to make sure you stay another year, and another, and another.

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Idaho's Jim Risch is projected to keep his Senate seat and fend off Democratic challenger Paulette Jordan

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A unit at Goldman Sachs has quietly been crushing it - and is poised to become 'a much bigger business'

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