I don't have quite the negative view that he does. There have been many times over the years that my job has absolutely sucked, but it has now put me in a position to pursue something entrepreneurial. This is my shot to swing for the fences and hopefully make it really big. I have the financial stability and access to the right people to make it happen. Without banking, this may not have ever been an option for me.
Yes, banking comp will be lower and the industry will likely continue to shrink in the near-term, but deals will still need to get done. Companies will still need to raise money. The skills and relationships to make these transactions happen will still have some value.
During interviews, the primary answers given for why people want to break into the industry are the technical and soft skills that you develop and the rolodex that you build. If these really are things that people want, you will still have the opportunity to obtain them.
Particularly through my boutique experience, I have been able to meet a ton of incredible people at interesting companies. These people are now helping me as I pursue something on my own. Additionally, the experiences I have had advising companies will allow me to effectively avoid some of the common pitfalls that I have seen our clients make.