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• The TACO trade and court ruling on tariffs

• E-mail etiquette: the secret unwritten rules of written communication

Markets Recap / Deal News

Interviewing this week? Here’s some content for your conversation.

Wall Street Email Etiquette: Best Practices for New Hires

Communicate Like a Pro from Day One

As you step into your new role at an investment bank — whether as a summer intern or full-time hire — your performance will be judged not just by your financial modeling skills, but also by how you communicate. In banking, emails are more than just messages; they’re a reflection of your professionalism, attention to detail, and understanding of the high-stakes environment you’ve just entered.

Here are our top ten tips to help you communicate appropriately and effectively in the financial services industry.

1). Wall Street’s Email Code of Conduct Is “Business Casual”

What do I mean by this? Think of the most formal way you can address someone, and it probably looks like “Dear. Mr. / Ms. Smith”. Now walk it back a bit and you get “Hi John —”. That is the correct tone for 99% of Wall Street email greetings.  

• Avoid slang, emojis, and informal greetings — it’s “hi”, not “hey” or “what’s up”. 

• Always address recipients on a first name basis without “Mr.”, “Ms.”, or other honorifics.

• Addressing someone as “ma’am” or “sir” in the U.S. will feel out of place.

2). Check (and Double-Check) Spelling, Grammar, and Formatting

Precision matters. A single typo in a model could cost millions — so attention to detail in emails is a proxy for your overall work quality.

• Run spell check.

• You cannot have homophone or possessive errors (e.g., “your” vs. “you’re”, “their” vs. “there”, “it’s” vs. “its”, etc). 

• Keep formatting clean and consistent.

• Align bullet points, use standard fonts (Times New Roman, Arial, Calibri, Helvetica) in a range of 10-12 points, and avoid color unless necessary.

3). Keep Subject Lines Clear and Concise

Try not to send emails without subject lines. The subject line of your email should be descriptive, but to the point. Some examples below:

• “Please Review: Draft CIM for Company XYZ”

• “Updated Fed Forecast: Questions from Client ABC”

• “Q2 Financials: Prep for Client Call”

This helps recipients prioritize and find emails quickly in an overflowing inbox.

4). Address Emails in Descending Order of Seniority

The most senior addressee goes first. If it’s an internal email addressed to an M.D., a V.P., and an Associate, their email addresses should be inputted in that exact order. If it’s an external facing email, the client always goes first.

Be mindful of how you use address boxes.

• To: Primary recipient(s).

• CC: Those who need visibility.

• BCC: Use sparingly — typically reserved for large distribution lists where recipients would not want their email addresses shared with one another.

5). Be Responsive…Not Reckless

One of the easiest ways to make a positive impression is to consistently convey a sense of urgency. 

When you receive an email, try to respond quickly even if it’s just to acknowledge receipt. It’s perfectly reasonable to say, “Received — will follow up with any questions” or “Understood — I will make these edits ASAP”. 

That being said, speed must not come at the expense of accuracy. 

If you need time to respond thoughtfully, don’t just ghost someone. Communicate that need: “This is a great list of questions — let us work on these and plan to reconnect tomorrow before the number”.  

6). Make It Easy to Read

People don’t read, they scan. We don’t need a novel. We don’t need flowery prose. A strong email is clear and to the point.

The structure of your email should be:

• Intro/Context: Why you're writing.

• Action/Request: What you need (approval, review, input).

• Next Steps: What happens next, and when.

Example:

Hi Team,

Please find attached the updated model for ABC Corp, incorporating feedback from yesterday’s call.
Key changes include adjusted revenue projections and a revised DCF.
Please let me know if you have any questions — otherwise, I’ll circulate to the client by EOD.

Best,
[Your Name]

7). Just Because Your MD Does It…Doesn’t Mean It’s Okay for You

Shorthand responses like “pls” and “tx” or “ty” are incredibly commonplace in communications on Wall Street. However, there is a direct implication in using that shorthand: it’s that you are so busy and important that you can’t possibly find the time to write out “please” and “thank you”.  

You have to earn the right to be that busy and important.

And you — as a new hire, or a junior person communicating up the chain of command — have not yet earned that right.

So if your M.D. writes the dreaded one line “pls fix”, your response should be “Attached please find the revised model. Please let me know if you have any questions or additional feedback. Thank you”.

8). “Reply All” with EXTREME CAUTION

Before clicking “Reply All,” ask: Does everyone on this chain need to see this? 

First, double check to see if any email addresses are OUTSIDE the firm. If you accidentally send confidential information outside the firm, you may not have to worry about email etiquette for much longer, as this could be the end of your job.

Second, if it’s an email with just two or three recipients, you probably do need to include everyone. Taking someone off a small group email might cause offense, or lead to miscommunications down the line. 

If it’s an email with more than two or three recipients, be thoughtful about who is critical to each step along the way, and who’s merely been cc’ed for visibility.

If there’s a large distribution group copied, be VERY careful. When in doubt, ASK someone you trust if the information you’re sending is indeed necessary for the broader group. Chances are, it’s not. 

9). Follow the “Wall Street Journal” Rule

My first day of training, I was taught “never put anything in an email that you wouldn’t be comfortable having printed on the front page of The Wall Street Journal”.

This is the ultimate rule that you should live by when composing emails on the job.

Your email habits will be closely observed by your team — and monitored for legal reasons. 

10). Use AI Judiciously

AI is becoming increasingly integrated into our written communication. Use it with caution.

It’s okay to use AI to check your spelling and grammar, or to get you “unstuck” when staring at a blank page.

However, many firms may have strict rules around using AI on the job to avoid disseminating confidential information.

Moreover, AI gets it wrong sometimes. Any content it generates for you is pulled from the internet, and not all internet source material is created equal. YOU need to develop the knowledge and skills to determine what is accurate and what isn’t.

Meticulously check over any AI-generated text not only for accuracy, but also for tone.

Written communication is just like any muscle. You have to train that muscle through practice in order to build a strong skill. If you rely on AI to do all the work for you, you’ll only ever be as good as your AI — which is available to everyone. Without practice and application of independent thought, you’ll lose (or fail to develop) a skill that could elevate you above your competition.

The Bottom Line

Clean, clear, and professional communication is the foundation of trust — especially in a fast-paced, high-stakes industry. It’s the easiest way to demonstrate your competence (or lack thereof). Follow these rules, and you’ll be set for life when it comes to professional written communication. 

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