Do you guys think it's possible for IB to adopt more of a consulting WLB where you mainly have weekends off?
Hey Monkeys,
This is the year where a lot of us probably realized we fucked up going into banking. Im a non-target and I even feel that way, can imagine how the target school people feel right now. With so many jobs in tech offering salaries close to or even higher than IB without being crushed by md's who have no empathy. Is it possible for IB to be a job with very minimal weekend work to no weekend work? I feel like that would offer a much needed relief to the junior people and keep them in the game. What would be your suggestions to make IB more like consulting hours where you would still be worked during the weekdays but have most of your weekends off?
Doing a degree in math / stats / engineering and learning programming to get a role in tech is much more lucrative than IB from a purely overall content. Even if you don' t have a tech background, start-ups pay same base as some banks and have half the hours.
I think most of the bankers wouldn't have the technical chops (I'm not talking about moving ppt logos) to get in tech fields.
To answer your question, your already starting to see banks unable to keep talent. If your on a live deal, you can't just not work weekends.
Why do you think half the banks across the street raised salaries? They had too, to retain talent.
No because your MDs don’t care you are working and eliminating weekend works means there are less fees for them to collect.
That's the biggest problem in this industry. MD's need to generate as much as fees as they can which means they try to take on every fucking deal that comes in and this destroys the morale of jr bankers. At this point the extra raise in base pay doesn't mean much anymore. I personally just want a small portion of my life back.
bump
No
No. Unless they find a way to automate the job. But if that happens then their will be less jr. bankers per group. and more responsibility attached to the remaining jr. bankers for work that can't be automated which will probably equate the same amount of hours worked.
You could easily make analyst lives better, you'd just have lower productivity. You'd have analyst work weeks staggered, so there were analysts working the weekend, but getting two other days off during the week. When one-offs come up over the weekend, they'd handle it. If there was a big deal signed up on Thursday that was going to grind through the weekend, you'd assign an analyst that just came off of his or her "weekend." Then you'd have five straight days of analyst work. If more stufff needed to be done, it would be handed off. For many deals, it is not that hard to get another analyst up to speed...especially if you are good at following best practices etc. This wouldn't solve everything, but it might help.
You could also bill MDs for analyst overtime. They'd take a financial hit for making people grind through their pitch over the weekend when they knew they were flying to California (for the pitch) a week ago. Live deals would go the same way. I find that lots off the stuff we do over the weekend could honestly wait....especially when it is just some internal memo for some committee.
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