Much has been made about the changes that are GOING to be made at some banks as a result of the Goldman analysts Powerpoint reveal... but have there been any noticeable changes as of yet? Are seniors lightening workload, giving you guys more time off on weekends?
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Apparently, they’re still all being worked too hard to answer.
At another bank but yes, things have gotten a lot better
Oh, surprising. Can u elaborate a little regarding how? And what kind of bank are u at?
BB. Less pitching wand more respect for juniors time
I hope the slowdown in SPAC IPOs and additional scrutiny into projections and de-spac disclosures will also contribute to less workload.
Have gotten worse. Seniors just thank us more. But hrs worse
Hours worse -- what kind of bank? And NYC?
Don't know if its the Goldman deck per se or just the increasing newsflow about IB work life in general, but I've for sure seen that seniors in our new york office allow / encourage juniors to take time off. This is more for analysts and associates so VPs like myself still get shafted because we have to cover.
Hmmm VPs generally lead to more work in the first place. If you remove VPs from the materials process and they just run processes, I’m sure that will help. Also, you probably just review work so not sure how much “shafting” that causes
Looks like I need to lateral to your bank if all VPs do is 'check work'. In the last month, I have had to pretty much build an operating model for a company and do several slides for a CIM from scratch.
Sorry tbh I just have had horrible experiences with VPs
Can you elaborate why you are creating CIMs from scratch? I thought those are analyst's/associate's job which we do
Just curious as I'm thinking of staying in the banking for a few years (+5 years, might change ofc).
Oh wow several slides? Damn bro don't do too much
SPAC craze has slowed down which has freed up some time, but M&A and financings still operating at an insane pace. Hoping the summer is more chill as PE professionals actually try to take vacations this year but I think the new cap gains proposal is accelerating some PE exits
Interesting connection, makes sense. Wonder if this will depress PE hiring for next year, or not have material effect.
I would not expect any material difference from the tax policy. LPs are still going to be looking to deploy capital, which means PE funds will need associates to help find spots for said capital.
SPAC market slowing may be a blessing for analysts at certain shops
Might sound stupid because it is so simple but have these firms thought about just hiring more analysts? There is an over abundance of talent in the market and it seems like every couple months you read something about how inhumane the amount of work these analysts have. It seems so simple to just add a 20-40% increase in the amount of analysts you have. For some shops it would only be one more, for bigger shops it would be several more. It would hardly make a dent in most of these firms bottom lines considering the analysts are making 80k a year.
Yeah, seems like a no-brainer. Even if you just hired 10 percent more analysts, that probably means that every analyst is pretty much guaranteed a 36 hour break over the weekend at least every other weekend, and your bonus is cut from 60 grand to 54,000... I think most analyst would take that trade-off. (yes, bank would have to eat some expenses on the salary side, but if they trim bonuses by 10 percent, seems reasonable for all parties).
Every firm on the street is trying to add more analysts, but the lateral market is extremely competitive. Even those coming from tiny shops or irrelevant roles have their choice of firm because every single bank is hiring aggressively.
They could add more to their normal analyst hiring, but within the typical process the analysts we're hiring now start full time in 2023 so won't be any immediate help. No one is meaningfully expanding their future class sizes so these problems will really just continue year after year.
Can’t just add random people off the street. Unfortunately even if you worked at Big 4, you don’t have enough Factset or PPT training to hit the ground running. Hire is a 2-3 year process.
Also expect M&A to remain very active. People trying to cash out with tax raise before year end
Lmao implying PPT is a barrier of entry to IB xD
You’ll be surprised ...
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