Summer Analysts Under Fire
Tough luck, monkey. You should have been born sooner. That is the reality of today’s SA at his/her Wall Street gig. Though all of you came prepared for the hellish hours and the top-down managerial abuse structure, you probably expected better than what you’re getting. But that’s life once the trickle down faucet ceases to drip it last drops.
I know the article was posted earlier this week, but I still would like to get a poll going as to your opinions on the subject. As Wall Street banks tighten their belts, it is no surprise that the bottom of the totem pole is feeling it the most.
Chase interns took a firm-sponsored trip in white Hummer limousines to the trendy NoHo nightclub Butter, where they partied before retiring to swank rooms at the Hudson Hotel, according to a person who was present. The next year Lehman Brothers took interns to Jones Beach for a concert featuring OK Go and the Fray, and Credit Suisse paid for its interns to take gourmet cooking classes, according to former interns at the banks.While hard work has been customary among young finance workers for years, after-hours benefits once made the long days more palatable. In 2006, a group ofJP Morgan
Does this sort of news make any of you guys think twice about your decision to join the Wall Street rank and file? It is indeed looking more and more like the next generation of monkeys will have a far less prestigious and enjoyable climb up the vines of power, wealth and influence.
I haven’t had a chance to speak to any current SAs about this situation so I want to solicit some opinions. Is this current trimming of the fat something that worries you guys? How have you adapted and most importantly… does it really matter?
From my understanding, some of the greatest business leaders were born out of the economic shrinkage that took place during the great depression. I'm really excited about the opportunities that this recession, and its shrinking of the financial sector and its general glut will create for us newbies.
LOL
I hope this is some uber-subtle trolling here.
This is the kind of talk that sounds good to your clueless Columbia professors, but don't ever talk like this at a superday, in an interview, or any time within earshot of a banker.
Why not?
Fuck that. I'd always hoped for the perks.
dont give a shit as long as i get an offer
This. We still have events, albeit not as glamorous. I'm here to get an offer though, not to go clubbing.
If cutting costs is less perks, I'll take that any day over less jobs.
Non-comp expenses these days are peanuts compared to salaries. This isn't the liar's poker era where briefcases are getting sent to CT in limos. One of the signs I knew I had to get out of a previous company was when they clamped down on color printing. In my area at least, its not like people were printing out tons of stuff in color unnecessarily and then lighting it on fire, they were printing out presentations and graphs that needed to be in color. I can't imagine any significant savings came from it. Maybe firmwide, one job might have been saved by this, and that's a mere rounding error on most MD's bonuses.
The perks in this business are long gone. Last year a guy on my team flew out to HK, and they made him fly coach. When I started at the end of the .com boom, people were flying to Chicago in private jets.
Lately I have been starting to think this business is over. It used to be that you put up with the shit to get the perks and money. The perks are gone, and the money, while still good, isn't it what it used to be. I plan on staying until the next "good period" and see what becomes of the industry. As of right now though, I am very willing to trade a lower paying job with fewer hours than I am right now.
If perks are what you are after, go into advertising. The drink cart still comes by on Friday's at Conde Naste.
haha gourmet cooking class... wtf
Also I think everyone is getting squeezed now, not just SAs
If you want to be an analyst in China, you need at least a Master's and the perk is being employed.
Ivy kids are so pampered it's not even funny anymore.
new york interns = soft, I'm an SA at a BB in asia and work every sat/sun, up to 120 hours a week, and these kids are complaining about 85....you kidding me?
At least in my division, those in asia are borderline incompetent. The 120 hours a week is less impressive when you take into consideration the results that are produced.
HAHA
word.
that's why GS is firing a thousand in new york and hiring a thousand back in singapore (strong SGD actually makes it even more expensive)...because you guys are sooooo efficient
All that means is that there is more business in Singapore right now. It really says nothing about the quality of employees in either place.
I heard banco popular received free bachata lessons in washington heights
Haha the Lazard SAs had a fully-paid trip to the zoo for the grand opening of the new reptile exhibit
hahaha awesome
I would guess there are 30-40% too many people working on wall street -can't lever up those balnce sheets to drive ROEs anymore - let the shrinkage begin!
Interesting that you think people at the bottom of the pile are getting it the worst in the current situation. In a recent and particularly brutal round of job cuts at a certain BB, I know for a fact that it was the middle that was squeezed the worst.
When word comes from the top to cut 10% of your budget, unless you're a small team, canning an analyst or two isn't enough. Firing an director won't work either, because you'd far overshoot your target. So it's the associates that get squeezed out.
That said, it isn't funny to come into work one morning and find you're suddenly expected to do someone more senior's job (and your own) - for your salary.
Doing a senior's job is easy - small talk in the office, make phone calls to foreign officials and bone hookers in the p.m. What am I missing?
At the BB I was at... WAS... Many IBD people did not receive offers.
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