Hey all -
I had read in multiple threads where people have mentioned 1st year analysts already quitting ~6 months in. Any idea where they are exiting too?
Seems like WFH and difficulties in ramping up have made life pretty hard on new 1st years. Curious what people have heard / thoughts.
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I know or 5 first years that left (2 weeks after training ended, 3 months, 3 months, 6 months, 6 months)
Wow, did they quit without anything else lined up? What type of jobs are they at or looking into?
Some of them did, some of them didn’t.
two weeks after training? unless there was some personal problem going on that is pathetic. no one enters IB without knowing its gonna be a grind
GS TMT too
2 in my group. 1 left a couple months in, and 1 left before the holidays. BB NYC
So many analysts quittingninmy group
Same, 7 analysts since I joined (a few 2nd years, 1 3rd and 2 first)
In the same boat, 4 analysts quit my BB group
Did any disclose why they quit? Also what opportunities would be available to analysts w less than 6 months of experience?
Burnout.
It's a legit thing. You reach a point where a 2-week break from work sounds better than a $60k bonus.
I applaud people who quit when they feel their health is suffering because of it. However, it's important to have a solid backup plan if you do.
Yeah but you wouldn’t be quitting without a job and the job market is not the best atm.
The job is fucking brutal, especially coming off a senior spring where you’re totally checked out. I’m sure ZoomU just exacerbated the issue.
ZoomU w/ pass fail options meant the game changed to either 1. Get an A for the classes in which you already have a 96+, or 2. get 70% of the points in the course asap so you can stop turning in assignments and don’t have to take the final.
Huge senior summer trip I had been planning and saving up for 18-24 months getting torpedoed definitely made the mental transition to fulltime employment infinity harder. I’m still at the job but am not shocked hearing people left so soon.
Current college senior in the same boat. Been making and saving (relatively) a lot of money and it blows after having an offer I can't even enjoy my senior year properly. Been doing the A or Pass for classes as well.
Zoom U is polarizing for a lot of students. I’ve found myself more engaged and interested because the freedom allows a lot of flexibility (travel/time wise) but a lot of students find focusing hard in that environment. My hope is that universities offer hybrid courses (in-person classes being broadcasted like many are now).
I’ve considered leaving so many times... WFH makes it impossible to learn much especially when your associates can’t be bothered to teach but expect you to know 100%. You think it’s easy to learn and memorize Keyboard and ppt skills when you’re alone in your bedroom?
Anyways, know of a couple from CS, two from UBS and one from GS about to head out after ~7m. IB is just not worth it if you’re doing all the work and no play and you’ve never experienced the play bc of wfh.
Do you know what they're planning to do / if they have jobs lined up already?
Why are they waiting? Most don’t pay stubs
I think about it every day
Second the above, ton of analysts have quit in my group from 1st - 3rd years. Various exits but mostly due to burn out I suppose.
So it seems like many left banking altogether, but are you aware of any lateraling to other banks?
Yea I know a few that lateraled (one went s&t to IB)
Seen extreme turn over since wfh analyst and associates. When you’re locked in your apartment all day it really puts things into perspective
Yeah adjusting to work is tough even for 9-5, now make it 9-2am+ and your mental health starts to really suffer.
another note, IB made me realize how important mental health really is
Where are associates heading to and are these A2A (who understand the grind) or MBA associates?
I’m not in IB so I can’t speak on the exits. I’m referring to just overall turnover in my group and in my bank as a whole.
I’ve been actively trying to exit since early Dec. Tough to even find time to recruit and it doesn’t help that our hours are fucked. I’d happily give up my bonus for another job.
are you trying to go to the bayside or just taking anything decent at this point?
I can probably hold on for a while until I find the right opp. But I'm fully checked out at this point lol
That's quite disheartening..I'm joining FT in the summer, but I did notice during the internship (obviously remote) that hours were brutal with wfh, and I was wondering if that was the norm even pre-covid. It seemed like a ton of analysts and associates were online even at random hours of the night, which I hope is not the case once people are back in the office (at least not in that proportion). And generally I don't envy the first years - it must be very isolating now and much harder to feel part of the team
I hope you’re ready mate
Incoming FT at MM - might be a dumbass question but do y'all think we'll be in person in mid summer? Seems to have implications for WFH. I'd rather be in person. Hours gonna suck but I'd rather have that camaraderie in the bullpen with shitty hours.
Doubt it - maybe when you hit the desk but training will likely be online
what makes you think that? Has your co. said anything or any chatter internally?
I thought WFH would be more "comfortable" but after talking to some analysts and this thread, really hoping to be back in the office or at least have a timeline for it by the time we start.
maybe in limited capacity
Outlook at my MM isn't pretty. Stub hits in a month and 5-6 associates and a few 2nd years are leaving because they are just done. Don't know if they have things lined up.
On a second note, multiple VPs of mine are so convinced that they will never be in the office on a regular basis again and have moved to the suburbs.
As for my perspective on being a first-year wfh... I think about quitting every day.
Chicago MM?
At the end of this day, this job is extremely hard and we knew that coming in. He’s mental health is important but push through it for another 1.5 years. Think about it, the beginning is the hardest and we’re already 1/4 done. Even at a year, 1/2 day so count down and not up now
What type of opportunities are available for analysts exiting after ~7 months?
Lots actually, corp dev, merchant banking, MM PE, etc. As long as you have a decent reason for leaving they won't hold it against you.
I left a job after ~6 months, but was a logical move so I rarely get asked about it. By rarely, I mean I've never been asked about it in a formal interview.
Also think if it's worth it to stay - what's your end goal, PE/ Corp dev, why not look now? There are plenty that will hire. The mentality of just "sticking it out" every day is ridiculous if you hate what you do.
How would one plan on exiting to merchant banking/PE when recruiting hasn't began yet? Ideally I want to leave after my bonus hits next summer, but not sure I can get something lined up by then
Put In my 2 weeks, feels liberating
With or without another job? Not looking forward to starting my summer...
Working with my family on some stuff.
Can you PM me?
Does this turnover happen every year or has this year been much worse than usual?
Happens every year but this year is def a lot more. I don’t know anyone that quit last year, this year 6
holy. shows how much worse wfh makes it
Usually what % of analysts actually complete their full 2/3 yrs?
5 analysts at my firm quit
1st years?
1st and 2nd years
With all of this high turnover, you gotta wonder how ripe the lateral market is going to be in the coming months. Probably a lot of top shops/groups needing to fill seats.
Lateral market is great right now. Just accepted an offer. Was getting more calls back and interviews at the end of 2020 than I was all year
Congrats! How big of a jump upwards were you able to make (i.e. Boutique >MM, MM > BB/EB, or BB > EB)?
Do you think the large number of analysts leaving early will shift the banking culture at all? Seems like empty seats and time spent finding replacements is worse than simply offering a moderately better analyst lifestyle.
from what I've heard WFH has shifted the culture to a point that is unsustainable. Expectation of working absurd hours every day all week bc of quarantine. they are going to need to ease up if everybody quits.
I would hope so but don’t see this happening given the level of deal flow. A bank is never going to say no to a RFP in the name of “analyst lifestyle.”
We just have to do weekly calls now. Not only do I have to work until 3am every night, I have to get up at 8am to take a zoom call to feel like a “family”
Almost half my class has quit and this doesn’t seem to be uncommon across banks with WFH. Banking is a hard job in general, but deal flow has increased since WFH and the amount of pitching has increased even more given that there is no travel and you can do zoom calls back to back. On top of this, the work relationship feels extremely transactional and there are limited opportunities for mentorship. No more taking phone calls from the office with the team, sitting at table with MD and asking questions about materials, grabbing coffee with colleagues, eating dinner with other analysts, etc. Essentially you are left with far more work and very little human interaction. Imagine what sitting alone in a room outputting PPT pages for 90+ hours a week before even beginning to think about recruiting does to your mental and physical health. Can’t blame anyone for quitting and can’t imagine anyone would hold it against you.
Seriously, the transactional feeling and lack of mentorship fucking blows. We’ve lost three analysts and an associate in four months which means more work for the rest of us, and we’ve essentially been told to suck it up. Every project and turn of materials is just another request through email with the occasional offer to talk about it for five minutes. At times I feel like an outsourced resource, not a member of a team. Seriously have considered leaving with nothing lined up so many times but just keep telling myself it will get better (even if marginally) when we’re allowed back in the office and have new analysts and associates in the summer. I don’t fault anyone actually taking the plunge though, and any of the recruits on here telling people living through this to suck it up can piss off.
Do you think these experiences will affect how incoming summers view the role and whether they want to stay FT?
On the other hand, if you don’t suck it up and just make use of the wfh opportunity to job hunt, they have to suck it up. That’s why some many people left I think. Worse and worse working hours but much easier to interview when you’re working from home.
The unfortunate thing is that nothing will change because it's easy to find a replacement and keep the machine moving.
Is this a well-known MM, what's the class size?
If you quit IB early, can you ever come back?
I don’t see why not if you have a good enough story but it would probably be an uphill battle and depend on what year you were when you quit. However, I couldn’t really see this happening. I would argue that COVID and WFH have just accelerated attrition. A lot of juniors in IB / PE ultimately leave the industry, and I think the current environment has just pushed this decision forward. When you are sitting alone for 80+ hours a week, you’re just left with the job and a lot of time to reflect on whether or not you actually enjoy it at it’s core. People realize they don’t enjoy it and the trade off isn’t worth it and leave. Working from home when your friends / parents have other jobs and life outside of work puts things in perspective.
Current first-year with the opposite problem - my staffing has been an uncoordinated mess and I spend most of my days sitting around taking notes on calls and other menial shit. Is it worth it to lateral to a group where I can get actual deal reps? Or should I just sit around and coast here while I can
What group (coverage or m&a). Might be why
Stay there. Honestly, all you need is one or two transactions that you can talk about. It's not worth the constant live deal process BS day in and day out during this WFH period, unless you're dead set on the buyside.
First year here feeling the same way as everyone else, 5 months into the job. Deal flow has definitely ramped up and there is very little mentorship which just makes this job unbearable and has caused my mental health to just spiral down. Thinking about looking for a new job, but don't really know where to start. Also have only been on a few small live deals (nothing M&A) so not sure what I would talk about in interviews...
I cant stress enough how we are getting the worse analyst experience you could imagine. All work, no play, none of the soft benefits that made this job bearable. People used to leave saying banking was tough but they can look back fondly on the memories in the pit and the fun thursday nights, but now...
Have they given any indication of when you’ll be back in office?
No but if I had to guess it would be summer at the earliest, and even so I'd imagine we're a long way from being able to cram ourselves into bars and clubs and the like so some of those team-building activities are probably gone for the foreseeable future
At least you don't have to commute to work, so that's more sleep and time
I liked the commute during my internship back but the extra workload Mario nets the same
Wrong. With no commute its now "you have time for more work and to be on more conference calls"
Its worse. When mds were commuting over an hour to new canaan or wherever they were less involved and less able to provide comments. Or their kids had soccer practice or they had a swinger event to attend. Those are all shut down now. Idle mds are bad mds.
I used to never get emails, let alone calls, before 10 AM, now I'm up and grinding way earlier
Did you just say swinger’s event?
I shoulda majored in Computer Science and became a Software Engineer
I'm doing a dual degree in software engineering and business. Most of my software engineering friends hate their jobs. On average, you are just working on very mundane code and debugging.
Ik it was just a joke but the WLB is hard to beat even if pay is similar
Please please please do this. Doesn't matter if the work sucks - at least you're done by 8pm and you have your weekends to relax.
8pm?? SWEs are done at 5/6/7 at places like Google and FB. And only work 35 hrs a week at MSFT
6m out on the job in this environment - is there any job we could get with that experience? What are other people doing / looking at?
...
What type of bank
What sources did you use to look for jobs? Linkedin? Just googling? Networking?
I've seen 5 people in my team of like 25 people quit WITHOUT jobs lined up. In the middle of a pandemic with historically high unemployment....
This is a Bb bank.
Wfh started off cool but has devolved to hell for all the juniors.
All the progress made the last 10 years to make IB more sustainable from a work life balance perspective are out the window.
I wouldn't recommend this job to anyone now. Not even taking networking calls from laterals or alumni or students because I cannot in good faith help someone join this industry.
looking at your past posts, your opinion on this seems to have done a complete 360
100% . Started great, but turned into a living hell.
Agreed—WFH had made this job borderline inhumane and I wouldn’t recommend it to anyone. Hopefully it will change once everything reopens but the mental / physical toll the job is taking on the juniors isn’t sustainable even in the short term. Working over 90 hours (doing fairly monotonous tasks) while being alone in a room has serious consequences on someone’s wellbeing.
I was only an intern last summer (virtual) and I was already counting down the days to the end. I can't imagine being a FT junior now, especially a 1st year, in that environment. It felt like I couldn't even go for a quick walk outside to get some fresh air
I know you said monotonous - but how difficult is it? Do you feel anxious / stressed during the day because you have to put in a lot of mental efforts and think a lot to do the task or are you able to just be focused and attentive to details most of the time? Thanks
Can you talk a bit more about how WFH has devolved into hell vs the beginning?
WFH has devolved in my group. The first month, WFH was novel and senior bankers cared about junior bankers well-being (didn’t want you up till 3AM turning unimportant comments given the public health crisis, etc). Additionally, a lot of processes were put on hold and clients weren’t taking meetings so there wasn’t a ton of work to go around. After a bit, people slowly realized WFH was the norm and that it would be around for a long time. Client meetings started happening at a normal pace and the senior bankers stopped caring as much about everyone’s health (just like how people stopped sanitizing their groceries and freaking out about everything). After even more time and as Zoom became the norm, meetings started getting scheduled back to back and the number of meetings eclipsed pre-pandemic levels. On top of this, processes put on hold began to resume. As even more time went on, new processes began to launch. All of this on top of the paused processes and increased number of meeting. After more time, the cadence new processes launched was also above pre pandemic levels. In November, the Dow hit 30,000. Every 2021 IPO was pushed forward and the numbers of bakeoffs increased exponentially. At this point, analysts have more BD meetings, the paused processes from pre-COVID, the many processes launched post-COVID and an obscene number of very involved RFPs. Given the level of work, most working relationships also became purely transactional.
Would be great if this thread could make itself to the press or mainstream enough that the MDs start hearing about it. Just like that infamous Moelis email that got out early last year
That email was from 2018 but yeah publicity tends to create an urgency to fix things
My bad, confused Moelis with PJT
WFH was a shitshow from the start at my BB, and I seriously considered quitting. Gave myself a deadline for when I would make a decision by if work-life balance didn't get better.
It got better (averaging 80-90 hour weeks now, was averaging 110-120 at the start), but that situation basically made me completely apathetic to the bank. I literally could not care less whether the BB burns to the ground at this point, other than a casual 'where's my paycheck?'
I've decided to stay, but have the mentality of reevaluating my options pretty constantly. Right now, work-life balance is decent. I'm getting paid, saving serious money, investing in equity (since I can while WFH), and going for runs/working out mid-afternoon.
My goals for the analyst stint are to close 2-3 deals, and to leave with a few great, genuine network relationships along with a fat name brand.
Not really counting on a bonus since my goal is to be bottom-mid bucket ranked. I've worked with top bucket second year analysts and do not envy that lifestyle.
2-3 m&a dead? If you’re coverage, might be a while
Not in a super rush to leave, and I'm on 3 live set to close in the next six months. Even if only one of those goes through, pretty confident I'll be able to close another by the time I leave in 1.5-2 years
I'm in a slightly different situation. I'm a 2nd year who lateraled into an MM from a no name boutique in the fall of 2020. I've never been to the office and never met any of my colleagues. Work life balance has been extremely brutal. Our group was short staffed the time I joined so things were bad from the get go. I've been working 8.30-3 am almost consistently for the past 3 months. Almost wanted to quit the week of Christmas because of the amount of work. Both mental and physical health has plummeted since I started. Gained like 15 pounds and depressed all the time. Now that I look back at it, although I was making substantially less money at my old firm, I enjoyed the work so much more. I don't have the courage to quit without another job lined up but even recruiting is hard when your stressed all the time.
Really sorry to hear that… when you work that many hours, how do you remain sharp? Taking a step back, do you find the tasks challenging? Or are they usually just time-consuming? How focused do you have to be throughout the day? Thanks
PM me please - have a question or two on that, would really appreciate advice.
Sorry to hear about your mental and phsycial health taking a toll on you. Just curious to know how you lateraled from a no-name boutique to a MM. Was it through networking, recruiters, applying, etc.?
EDIT: whoever threw monkey shit at me is a hater. SMD.
Curious. Assuming banks continue to do WFH until say the end of 2021 or the beginning of 2022. How will this effect the entire analyst population at firms. FT 2021 are going to start in the middle of the year so what's stopping them from leaving too if the WFH work/life balance is the same? What about if firms decide to do WFH until the end of 2022 or do a hybrid schedule? Wouldn't incoming FTs probably leave as well leaving banks with a much smaller FT class with a high amount of deal flow? You'd think they'd have to make a change then when all juniors (An1,2, and at some firms 3) will be quitting in droves...
Advice to all the current college students. It's not too late to change your major to comp science and work in tech. Let this thread be a warning to you all.
Problem is I feel like I would vibe more with the personalities of those in finance far more than those that work in tech. Ironic since WFH limits human interaction though
My problem is I am way too dumb to excel/even just do satisfactory with the weed-out classes for CS....
consider project design or project management. both are sweet gigs btw
1st year analyst at a MM bank. We had 4 analysts quit in 4 months. 2 had between 1.0-1.5yrs of experience and reasonably exited to the buy-side, but the other 2 left with no offer in hand due to burnout. The last analyst was only on the desk for a month. We just had our Associate put in his 2 weeks last week as well. Sh*t certainly hit the fan while WFH.
Do you know how they were able to start their buyside jobs early? Did they ask their new firms if they could push up the start dates?
Talking to friends every BB in SF is seeing intense analyst turnover, I know MS, GS and CS have all lost first years. Tech equity markets have been on an absolute tear this year which is doubly tough, because with things like IPOs on top of being overwhelmed with work you're waking up at like 4-5am to launch a deal if you're based on the west coast. Especially hard for banks to retain talent when bankers in the bay have the most opportunity to jump ship to tech.
One of the best parts of being an IB Analyst is being in a bullpen with likeminded people and in bigger cities more built for that life style. When you take away the team comradery and these cities (primarily NYC and SF) completely shut down, you lose one of the most redeeming qualities of this job. It complete strips the "Play Hard" out of "Work Hard Play Hard".
I contemplate leaving weekly because there are just better ways to make money than doing IB in this type of environment.
What other ways? What would you do if you left? Just curious
I am not going to leave without a job lined up, I've already committed to sticking through it. But what I'm considering eventually are the usual suspects post IB.
Misread your question a bit, I would say the most notable "better way to make money" is consulting. I realize all shops are different, but the vast majority of my friends in consulting are working far less hours and making as me currently.
Onlyfans. Rap. Mukbangs. ASMR bed time stories. Paying my little cousin to review toys on YouTube.
Has been absolutely shitty first few months as a first-year, at a MM and half the reason I chose this particular firm was bc of culture and how everyone seemed like really awesome people. Now I just talk to the same 1-2 analysts/associates and completely miss out on any of the redeeming portions of the job. Thinking about quitting about once a week tbh
This is a big point. I'm a 1st year at a BB coverage group with around 60~ people. It's been 4-5 months since I've started and I'll really only talk to 1 or 2 people consistently about non-work related things ("consistently" is a stretch too, more like once a week). I've never met 95% of my group (didn't intern here) and while there is a group chat with my analyst class, it's mostly just asking each other work-related questions.
The MD who I've been working insanely close with for weeks saw my face for the first time on a zoom meeting. Everybody is too busy to check up on each other and the staffer has the impossible task of trying to rotate the fucking each analyst gets on some dumbass 50~ page zoom pitch at 5AM in the morning.
Like someone previously mentioned, it was supposedly "work hard, play hard" before WFH - but all I feel now is just "work hard."
I spent about half a year with my coverage group before things shut down, so I can't imagine not having any in person time. But you are right, you absolutely need the fun side of IB to make your experience fully worth it, as crazy as that is for people outside the industry to understand.
I would recommend hopping on zoom later in the night with your fellow new analysts, good way to grind together but still get work done. Makes it suck less
Please keep this thread alive - people are starting to take notice.
Patrick sticky this on the top page if possible - you are our only hope.
Agreed. Share your thoughts on this thread too: https://www.wallstreetoasis.com/forums/how-can-we-do-better
Not too hopeful that anything will change but let's give it a shot and pray
Agreed—happy to see the traction this thread has been getting. All of us went into the job expecting long hours and cancelled plans, but I don’t think anyone signed up for what WFH has become. Tired of people saying “be fortunate for your job,” “put in your dues,” “you knew banking would be hard.” What is happening to junior bankers is not acceptable and people should not have to feel guilty about speaking out. No one can work over 30 days straight outputting PPT slides while being alone in a room (which has happened to multiple people I know). It’s not a coincidence that multiple analysts have quit in a short timeframe (with no job too) when the completion rate for the analyst program has historically been near 100%.
Are these people you know me? I literally worked a month straight without a day off, and Saturday / Sunday weren't "easy" days either. All from my living room, feeling like stepping outside to grab carry-out lunch or dinner would leave me running home to another turn of bullshit comments. Sure this may have happened pre-WFH but I doubt people felt they couldn't step away from their desks for 10 minutes during an entire day, and even if they did, at least they were in a bullpen with other analysts/associates to bitch about all of it together.
The best part is that when bonuses hit the bank accounts of associates and VPs in another month or two, I think the entire industry is going to see a bloodbath in turnover. They’ve had it just as bad, especially junior associates; oh boy...
I am a 2021 MBA looking to recruit FT for Associate roles starting in the fall. Do you know of any banks where spots might open up and I can target? Thanks.
Wait a few months and everywhere will be feigning for people to join
haven't started ft yet but bump
This just makes me sad reading thorough this. I know professional services is meant to be high churn, but this goes against the entire idea of "professional" and jumps straight down to inhumane expectations. Then again, can't say things are much better at my firm. Only difference is we still have most weekends free; weekdays are pretty much in line with you guys (8a - 12a).
From my eyes in my seat - I see tons of juniors get ramped up quick in the office but when they are home, it's not as easy you imagine for them. WFH is not ideal for these kids when they are started out there career.
2nd point I'd like to make - I was speaking to 2nd year analyst and she was complaining about the hours. Look I get it but if your not cut out for it or if it's the first time you've worked hard in your life. Then sorry you picked the wrong path. 80/100 hr for 1/2 years is nothing kids. It's more like 40-60 hours of work and the rest is BS'ing around. I can imagine you had a good life in college and now your have to work. This is the real world kid.
Lol I think you're missing the whole point here. Sure, 80 - 100 work weeks during normal times were not as bad, first because most people didn't actually pull those kinds of hours on consistent basis pre-COVID, and second because as long as you weren't cranking on a live deal, you probably had things to break up your time. You walk to lunch and dinner with your other analysts, fck around with the other juniors in the bullpen, and the workflow fluctuates. But with COVID it's actually working 80 - 100 hours straight without any breaks, no opportunity to build camaraderie with your team, and a constant, never-ending stream of work. All while being stuck in your apartment (usually alone). That makes a big difference here.
This is incoherent and you sound tone deaf. Pack that shit back up.
Joined a boutique IB 5 mo. ago out of college and left last week with no exit plan. WFH was brutal. Never left my room and was depressed af. Decided no bonus is worth going crazy
I've seen significant turnover as well, but I think a pretty big factor that hasn't really been discussed is ease of recruiting/interviewing over zoom. No one is sneaking out wearing a suit/tie or having to jump into small meeting rooms to network.
Im currently interning at a bank non IBD with MUCH less hours and I can agree that WFH for us young professionals is the worst possible way of working ever.
It seems like all the senior guys in my department enjoying WFH greatly because they live in the suburbs and have their whole social circle their (friends + family) and also have the possibilities to have a decent home office in their large house out of town. As a junior you just want to be in the office. See other people. Go for drinks afterworks ... show that you are motivated. My motivation is just zero during this internship and I am slacking off hard and it is not even getting noticed. I am handing all my work in properly but most of the time I am doing nothing since the senior guys are literally in calls ALL day with higher level management and we check in only once a day. So if I am finished with my task in 2 hours, I basically do private stuff for 8 hours. Sounds good but is horrible.
>not in banking
>intern
>complaining about too much free time
fuck off
I’m dying. Terribly tough week. Cross-office staffing wrecking whatever sleep I do get. Thinning teams, endless work through holidays. This isn’t it. Corporate gigs look very attractive today.
In a perverse way, nice to see I’m not alone here.
Glad to hear I’m not alone. I’ve had countless emails ignored, meetings scheduled within 5 minutes notice (try taking an uninterrupted shit on Sunday afternoon), and am certainly not in a position to push back.
If people are leaving this soon, I agree that the next few months will be a blood bath. I hope senior bankers wake up and realize that a simple “Thanks” email means nothing to someone they’ve never met in real life or talked to. It’s nice getting paid though..
Preach. Instead of saying thanks (without any punctuation or capitalization, aka the bare min), show your gratitude by giving me a break. My entire existence is not your free fucking capacity.
Former N3 @ BB, left a little after bonuses. Started COVID with 5 N1s and 1N2 (me), which was brutal enough, and had 2 incoming analysts. I left along with 3 of the original N1s (now N2s) and everyone who is left is trying to get out ASAP.
Two of us started our exit opps early, one went to corp dev, and another lateraled to move closer to home.
Largely similar experience to others. WFH started okay, the only thing was A3+ engagement dropped off a cliff, which wasn’t the end of the world for me, but for the N1s they lost their only teachers. After a relatively okay Feb/March we got hit with a massive wave of liquidity discussions in April. This was followed by the MDs going SPAC crazy. Finally, the late summer / early fall became IPO bake-off hell. While all this new business was being chased, our paused mandates from pre-COVID started popping back up over the summer and we all realized we needed to jump ship. The new first years both got thrown off the deep end (example: N1 working with no associate, disengaged VP, and multiple MDs on a bake-off starting from week one), since all the senior analysts were pushing back aggressively. Not surprised by any N1 reactions, horrible time to join.
What's your expectation for how things will be for incoming FT analysts starting this summer?
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