Since it seems like supersized paydays are a thing of the past, will trading continue to entail the grueling hours and tough environment? As I understand it, the reason traders/bankers/financial professionals worked so hard was for the trade off of millions of dollars; now that the money is gone, will employers be able to demand so much? Will so many young people go into banking? Obviously there is no way to know for sure, but what do you see for the future?
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Things around my office have definitely slowed. A big part of it is the slow deal environment, but there is definitely also an element of "I'm not working 100 hour weeks for $70k/year". If you want us to work past midnight, you'd better pay us past midnight.
I'm sure that the attitude CaptK mentioned is apt.
I think the people who have made it through the holidays employed should be happy they still have a job.
The next quarter is right around the corner as is the next round of layoffs.
We're about to enter a Great Depression. Don't you want a president who's already dressed for it?
Things will pick up again but even if bonuses will be lower for the next few years, I highly doubt analysts will start telling MDs "no, I cannot have that on your desk tomorrow morning" because they don't want to work all night. The vast majority of analysts use banking for a steppingstone to PE, HF, MBA, or something non-finance related. Harvard or TPG couldn't care less how much you made as an analyst; they want you because you worked your ass off and have more experience than someone coming out of the back office at a Fortune 500 company. There will always be college grads aspiring to be atop the financial world even if they have to live off a "measly" $65k salary and $20k bonus at age 22.
Very true; I am definitely in that category!
At the same time, I definitely think that a positive effect(if you could really call it that) students can take from this crisis is that it separates the kids going into IB solely for $ from those who really want to work in finance.
don't forget the 10k signing. and if you're at GS/ms, 70k salary.
still, i could probably do better at a consulting firm these days...
nothing will change on the street. decadence was,is,and will be the mentality of this business. from time to time we go thru this type of cleansing to weed out all the twits. capitalism at its best. those who cry shouldn't be in this business.
Let's not fool ourselves, almost everyone in finance is here for the money. You show me someone who likes turning a book at 2am and I'll show you someone who is full of shit. All the smart kids used to go to med school because that's where the money was. Where ever the money is next, that's where the herd will follow. Like they say, the answer to all your questions is money.
I definitely don't see banking getting the attention it got before if the money is no longer there.
until they get whacked.
"sorry mr.VP I can't do your homework tonight"
whacked.
"sorry MD i cant work this weekend"
whacked.
whacked whacked whacked layoffs layoffs layoffs
interesting, still believe that the greediness of investors would eventually find some way back on the street
the market is correcting itself. Those who work their ass off for less for a few years and can deal with it will be rewarded in the end.
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