Are analysts still leaving?
Haven't heard much lately - assuming the whole analyst leaving thing is behind us and we're back to normal IB?
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Nah…I’ve basically seen whole groups leave last months (of course due to bonuses during summer), but also the general attitude at my BB is quite negative and people are quitting…going to consultancy, VC, startups, corporates etc….less “PE hype” because of the longer hours at the larger ones there too
Haven't seen an influx in job postings for these roles yet tho... do you think they will be coming soon as firms want to fill in this headcount?
same thing here.. you at citi too?
going to assume yes by the number of bananas lol
I think it's accelerated tbh. A disproportionate number of new second year analysts at my bank (and others that I know of) have left early after on-cycle because several buyside spots were offered with immediate starts.
no no no, a lot of my friends still leaving despite the pay bumps. At a certain point the money becomes irrelevant
Couldn’t agree more here. We got our raises and bonuses in the same month recently and I felt little to nothing afterwards. If it sucks, it sucks. Realizing the pay doesn’t change that.
Last week 4 analysts in my class (i.e. after a full first year) left. Basically we are still bleeding analysts left and right now that bonuses have been paid. I will also be leaving soon now that I have a buyside offer.
the money cannon has not worked...junior bankers still leaving. Eventually they'll try something like more vacation days or more analysts or more protected weekends, but until then, people will continue to leave. It is a change in peoples' attitudes towards work. There will always be people lined up to take IB jobs, but banks will be frustrated by having to continue to train new analysts. They will have a ton of 1st years, almost no 2nd years, and basically no A to A.
In your opinion, what could the banks do to prevent analysts from leaving before their second year?
Reduce the hours somehow? I did hear That at Baird / HL / Key / Blair that all of the above don’t allow work past 12pm CT even during Mondays
You mea no work past 12am? Is this true anyone can confirm?
Interned and signed offer at one of these. Have kept in touch with my group and would be extremely shocked if this were true.
It's not that hard. Take a look at what Google or Apple is doing, or even McKinsey/Bain/BCG. Copy the way they treat their employees.
These are where the top undergrads are going to bar high finance.
What the banks can do to help with analyst burnout is the exact thing they do not want to do: work the analysts less
*nervous laughter as I think about the fact that I went to bed at 3am fixing acquirer lists done by an intern and my total comp is $160k as an AS3 in my no-name LMM*
Curious because if these salary increases don’t help idk what will
less hours
better WLB
thats what tech has to offer SE's otherwise they will leave
.
incremental comp of 30-40k at the expense of physical/mental well-being is not worth it at all given how long a career is and how little that money is relative to what we'd be making years down the line if we don't burn out
After tax too.
NYC is brutal.
An analyst and associate both quit on my team this week. Salary increases won’t do much. There’s just a ton of paper pushing on my team that takes so long and is so inefficient. I shouldn’t have to sit around for 5 hours from 8pm -1am waiting for people to sign off on a deck. I personally made 3 edits. I put a word in bold, added a box around a model, and switched the order of 2 pages. Idk why I had to act as the middleman sending the draft between my md and an associate on a different team. They coulda just sent it back and for between them. Then at midnight I get the joy of sending in to compliance. Waiting 30 minutes while they approve it and then I send it off to the whole bank. Everyone would have been fine if I wasn’t involved.
Following up, 3 more analysts at my bank quit this week. (Class size is roughly 50/year)
What bank???
Not a single analyst or associate has left my group since bonuses hit (JEF/RBC/GUGG/Greenhill)
Please tell me this is Gugg - I accepted a lateral there and am really hoping the “rapid expansion” isn’t just replacing old dead bodies in seats
Yes they are still leaving. The most amusing thing about the personnel issues at investment banks is that the problem is easily identifiable and the solution is simple.
Increasing compensation beyond a threshold has diminishing returns. Hire substantially more people to fix the hours.
Would the markets cooling off in November December lower hours too?
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I’m very happy to see people prioritizing work life and putting the pressure on banks to try to make it not just about the money. Truth is banking attracts the worst managers and hyper anxious people who work for the sake of it. I think it’s close to a breaking point
What happens when they can’t tap into the lateral market any longer?
It’s really when the VPs start to break that the system collapses on itself. VPs will cover when juniors leave. I’m at the age where I have many friends who are VPs and that churn is exceptionally high. One can only withstand in humane hours for so long.
Not the case at my BB, almost no one has left after bonuses were paid out in July. In fact, seeing more people leave that aren't in IB.
Made a last minute decision to forgo on-cycle 2022 recruitment because i realized i cannot do another year of IB. Told my headhunters about my decision & that i would like to pursue opportunities with immediate / near-term start dates.
Anyone else in the same boat?
No first years (now second years) left after bonuses and this is after what I know was a very high deal flow year for the group (record # of deals and bonuses).
Decent amount have left at UBS - no surprise given our bonuses were anemic while fees are at peak levels since '08-'09. UBS is basically the new Tobin
Seen the same thing at ubs
Half my class accepted summer 2022 PE starts, so now we're just chilling.
I'm a senior at an ivy target in nyc. I'm looking for IB analyst intern roles 15-20 hours a week. I'd love to chat with some of you. I’m looking to break into IB.
How are you going to ask for a referral before talking to someone
if you can do 15-20 hours a day we can talk
Dwelete
Reach out to your friends at banks and ask for a referral. That’s how everyone who has joined my bank with no IB experience had joined recently.
GANG
If you have a year plus of corp dev experience you are going to get at least a few interviews. Network in the same industry as your work experience and I think you'd be a pretty solid candidate. You'd likely be slotted in as a first year even if you already have a year of experience, so this coming winter/spring will be your best timing as first years start to leave.
Already left so not certain what it’s like now or who is even still left to quit.
By far the best choice I’ve ever made. I am a completely different person now and so much happier. Banking was such an unnecessarily miserable experience.
Congrats on leaving. What kind of position did you leave to? How long you been at new place, and what's the best thing about it?
Was passive in recruiting because I like the job and pay even though I hated lack of teamwork in the group. Got yelled at by an Associate for not being able to complete something “simple.” Something triggered in me I don’t need this anymore.
Immediately hit up three recruiters, got a bunch of interviews, found a place I liked. Going to leave next month.
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