Investment Banks' ethos and values just empty words?
Disclaimer: prospective intern view
As I write all the motivational letters and go through questions like "Why work at this BB" or scroll through websites on the values of the business, one thing strikes me as odd:
All the banks mention how important responsibility, ethics, core business, inclusivity etc are, however, it just seems to me like a charade to keep up appearances and none of them actually do it, because (enter anything like Epstein accounts, Malaysia bonds, CumEX scheme, countless money laundering allegations etc).
While I understand that there will always be bad apples, history seems like it is a repeated violation of their own values, which brings me to the point of writing the motivational letter: is writing about the company's ethos just a way to make recruiters hear what they want to hear, which very few people (higher management?) only believe? Is there actually anything else that makes you want to work at a bank you are at currently, except incentives like bonuses, good deal flow etc? Something that you can pinpoint to the culture of this specific bank?
I think you're looking at two totally opposite sides of the pendulum... yes much of the talk about ethos is just words, but you also basically named the top 5 scandals of the last decade as what "normal" operations are. Most banks are not inherently wicked institutions.
The average bank job is just that, a job... you are not going to be saving the world but you also probably won't be committing elaborate corporate tax fraud either. In IB, your job is to advise companies on M&A and that is what you will do. IB is a bit of a tougher culture in general but as a junior the time spent with your class is very fun, lots of camaraderie, and many people like the type of work they do even if it is very long hours. If you want to talk about culture you need to network with people at the bank, not pull BS from their website.
Don’t bother worrying about the “ethos” of investment banking (or the NBA for that matter). You won’t have the opportunity to decide whether or not to enter the industry, in all likelihood.
As a “prospective intern,” there is an entire universe of financial concepts you don’t understand. Rather than struggling with these issues, or even bothering to understand what investment banking is (why are you talking about epstein or malaysia lol?), you’re focused on pointless abstractions. You’re more “homeless man’s socrates” than “razor sharp future IBD analyst” from what i can tell.
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