When did modern investment banking culture come about?
50-100 years ago, a banker was a respectable stately gentleman in a tweed suit, with a handlebar mustache, a pocket watch and a pocket square. There’s even a former MD lecturing at my college who more or less fits that description.
Now, at least from what I can gather, a banker is a 25-year-old sex-crazed drug addict who goes “clubbing” and gets wasted every night.
I’ve been reading through WSO for a few weeks and many of you guys have no class. I love finance, I sure as hell love money, I’m personable and communicable and I think I’d do well in the industry, but I will never subscribe to the degeneracy that I see exhibited here all too often.
Anyway, I’m not butthurt, I’m just interested if some older members here would like to comment on when this shift in the culture occurred.
Also, if I match the former description (if not in looks at least in mindset), should I be looking for jobs elsewhere?
Since time immemorial, young monied men have enjoyed the bawdy pleasures of the city. Your respectable 1920s Morgan's and Schiffs and Lehmans and Dillons were almost certainly living it up in an 1890s Bowery cabaret when they were younger.
As far as bankers go today, it's not that different. In your 20s, you indulge in casual encounters and substances because you live in the big city and you can. In your 30s you settle down and get married and have kids and trade the late Saturday nights at Provacateur for Sunday brunch at Isabella's. In your 40s, you move to the Upper Easr Side or Greenwich and by the time you are 50, you become a pillar of society like the great bankers before, the world changes, but the path really doesn't.
As far as when the banking work environment moved from being sleepy and relationship oriented, I think there were several factors that drove this:
Banking work in its present form is pretty much unchanged synced the 1980s. Banking life since the 1880s.
OP - I really want to kick you in the nuts.
Please, ask this during an interview and post results. Will +1 SB.
I don't know about the lot of you but when my fellow analyst chaps and I don our bowler hats I dare say we endeavor to drink every saloon dry, least we go blind first
OP ... looks like your only understanding of bankers comes exclusively from movies and romanticized stories about the past.. you seriously think the 20-something banker has enough time to go clubbing every other day. The banker I have known spend 98% of their time at work or sleeping. The remaining 2% of the time they do go to clubs only to stand awkwardly like fish out of water.. I would go a step further than others here and say that the banking culture is basically just an extension of sales culture.. in banking the product is more intangible hence the excessive premiums hence the extravagant interests
DickFuld I knew it was a matter of time until you came out with some kind of cheap insult one-liner. Even wanted to predict it in my original post. Feeling's mutual btw
MBA_Junkie Actually my understanding comes entirely from things I've read on WSO.
mergersandacquisitions78 That's a great answer actually, thanks. I never considered that it was the same lifestyle all along. I guess my views are just a product of my "back in the day" mindset. I do think however that high culture itself has changed significantly, but that's probably more to do with increasing upward social mobility and nothing specific to finance. Back then for instance, it was at least shameful to do the things associated with the lower classes. Now it's something to be proud of.
The thing you have to remember is that in banking, just as in life, there are many different shades between black and white. To some people I may be considered a degenerate asshole who drinks and swears too much. To others I may be considered a prude because I don't frequent strip clubs and stay away from hard drugs. Have I been a far worse person in my past? Most definitely, but I really never have been one to frequent strip clubs. Every person is different and as long as your are sociable, likeable, and crush your work no one will give two shits about anything else you do. Crazy or otherwise.
One truth always remains though, when there are young kids with too much money that work too hard, they will blow off steam in a way that most will not understand.
[quote=I do think however that high culture itself has changed significantly, but that's probably more to do with increasing upward social mobility and nothing specific to finance. Back then for instance, it was at least shameful to do the things associated with the lower classes. Now it's something to be proud of.[/quote]
Who the fuck do you think you are?
You must be fun at parties.
Tweed suit hahaha
Way to rock the retired professor / homeless look. Don't forget the giant elbow patches
Yeah not sure it was ever a thing to wear a tweed suit, in the City at least...
Like WTF?!?!? Tweed? Seriously this guy probably still has a black & white tv with an antenna. Apparently all bankers have to dress like the monopoly board game man.
ok, but 50-100 years ago, secretaries were some joan and peggy kinda shit. now they're all eye-rolling millenials in crumpled sweatshirts and terrible posture
50-100 years ago, entertainers were bing crosby and ella fitzgerald christmas album sounding stuff. now? fetty wap.
hot flight attendants? irate middle aged women in lumpy uniforms. factory workers? robots. balanced work life? LOL.
world is going to shit, kid. get used to it
What's wrong with sex, drugs and partying?.....They have always been good to me!
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