Quit the bitching
Times are tough right now, 100 hour weeks are the reg. There’s no light at the end of the tunnel. But what did you fucking expect? Apparently one of the GS13 analysts joined a top group on the street and didn’t know what a banker’s 9 to 5 is.
After they spent their nonexistent free time putting together a deck about how hard their lives are, their lives are now the discussion of CNBC and other main stream news outlets. Let’s be very clear: this is no way, shape, or form a good thing for analysts.
Does it suck working these hours without the bonuses of pre-2008? 100%. But shining a public light on our lives will do nothing but make it fruitless. A 96 hour workweek sounds insane to the average American, but so does bitching about only making a $40k bonus. There is always a populist backlash of our industry being in the public light.
If you wish your bank would hire 50% more analysts and cut your bonus, then go work in consulting or start a business, but don’t fuck it up for those of us that knew what we signed up for.
haha
Hardoooooo
Certified cringe
I'd be mad about a 40k bonus tbh. Also relax with the hardo shit. You literally changed nothing by posting this. Nothing will probably change in banking anyways, which is something that should be self-evident to everyone, so I really don't understand why you posted this since your on the "winning" team.
While I don't agree with everything you say, I will the general public's attention on it has been a pretty bad thing...lots of outrage at how much we're making. Definitely a possibility that banks just hire more and cut bonuses if this gets any traction on mainstream outlets.
Seems like this is almost a way to get out of media spotlight. Look all these bankers are "poor" don't come after us.
Only problem I see is managing work flow.
GS 13 analysts are the backbone of our society
If they are the backbone to society. Society needs to go a doctor stat.
I don't quite follow your train of thought. You think societal pressure is going to affect Analyst salaries/bonuses negatively because of these news articles? What has all of the media hullabaloo about CEO bonuses and executive pay done over the past 20 years?
We're going to get taxed more under Biden and liberal states (you in NY and me in CA) for sure, which sucks. People talk about "marginal taxes" but forget it takes marginal hours to earn those marginal dollars, which means those 12 AM - 2 AM hours are practically worthless.
Worst case scenario in my mind is that nothing happens / there is no bank response. Everything else is icing on the cake. But damn, dude, people have died under these working conditions before. Nobody listens inside the bank until something leaks to the press. Unfortunate but true.
OP you are missing the point entirely.
As tech continues to surpass finance as a lucrative career (with less hours and better culture), the quality of people wanting to do IB gets worse every year.
I've noticed a lot more non-targets, socially awkward types, and absolute cringe hardos getting into IB over the past few years.
The very smart, socially polished, elite college students simply won't put up with the hours and nonsense when FAANG and unicorn startup world will pay them 120 base plus 60 bonus minimum coming out out undergrad (with many being well over 200k depending on their engineering aptitude).
Or they go into consulting where the culture is much better
Frankly, the only college kids reaching out to me nowadays for coffee chats are legit socially awkward losers or mega hardos(that have no friends). No hate to those trying to get into IB, but its been a lot worse recently
If IB doesnt change I expect the talent pool to continue to dry up
There's plenty of people working 100 hour weeks in this world making far, far, less. Some people work on their feet, some people work in mines, some countries like Korea and Japan expect IB hours for the starting office worker but without the IB compensation. If you don't like it, then leave to pursue other opportunities. It's as simple as that.
you are a simpleton
because theres people working sweatshop hours in other countries earning less, top talent in the usa should just bend over and do the same and feel appreciative of the opportunity
no...top talent can simply walk away and work for FAANG. Unless you change that mindset you have, eventually the only people willing to work in IB will be people from India and China who already work sweatshop hours. Have fun with that.
Top talent absolutely should walk away and work for FAANG and I think that's already really true; the best and brightest are already studying CS and working for FAANG. With that being said, I wouldn't underestimate the pool of American workers who want to work in investment banking, the supply of spots is far exceeded by the number of sharp and talented applicants. I don't think IB will attract the 99.9th or 99th percentile of the top talent when that exists, but it will attract the 97th and 98th percentile, which is quite frankly, good enough.
Is there a reason why you think an employee shouldn’t negotiate a better deal for himself? Do you not understand that pushing back on the demands is just that?
I support that. Employees should do whatever maximizes their compensation and work environment and employers should do whatever they can to attract top talent and maximize their bottom line. Everyone acts within their incentives and I think that banks should probably improve if they want to retain top talent.
100% agree
It is incredible that juniors in finance that theoretically know more about economics than a socialist don’t understand that “bitching” to get a better deal, whether it be pay/hours/conditions, is a rational action to maximize value.
Should be fun working with you, hardo. Seems like the classic guy that even if he has nothing to do stays in the office till 1am doing non-urgent tasks that could have been done any other time.
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