Idea for Investment Bankers working long hours
Why not just hire someone in India to help you with all the basic level work, for example making powerpoint slides etc. Instead of 9am-1am you could leave at 5pm and handoff to the Indian to work overnight so its ready in the morning. You could pay the Indian like 10k USD per year and it would still be well worth it, getting an Indian with a CFA or smth.
Thoughts?
Have you worked with an offshore team before and seen their quality of work? Lol
i think those are average indians earning like 5k a year. im talking about two IBers putting in 10k each so 20k total per year to hire a ivy league equivalent Indian from IIT to help them both with any work past 5pm. the timezone suits them better. if two associates could raise this to 20k each so 40k, that is big money in india for a remote role.
Indian time is 10 hours ahead of NYC so that works out perfectly*
Fully fledged integrated offshore teams already exist at most establish MM+ firms on the street. This idea is not novel.
Yes but I am talking about an analyst hiring one to help them vs the firm hiring. I guess the firm wants to have overqualified people doing simple tasks to impress the client but an analyst could easily outsource this mundane work secretly to a combination of indian and chatgpt
the novel part is the analyst secretly outsourcing it
Yeah so what you’re describing is not only 1) egregiously illegal it’s also 2) extremely inefficient.
On Illegal:
Secretly hiring someone to do work your rigorous interview process screened for skills wise and you’re paid a hefty salary to do yourself is fraud and breaks every regulatory rule there is on intellectual property (Indian has to produce work that in theory only your bank would be working on for a particular client), fraud, and most importantly: confidentiality. You’re discouraged from simply taking a PHONE CALL from any related communication devices of your firm or making any broad statements on behalf of the firm without prior consent from your team, do you really think shipping off work to India wouldn’t get you banned from the industry at warp speed? There’s a reason why every analyst must pass a securities law exam to even practice as a banker.
On Inefficiency: In a workweek where you already are working the equivalent of two full-time jobs, analysts who barely understand the rationale behind their work are expected to source, screen, hire, and project manage a foreigner oversees (in a different time zone, btw) on tasks 99.9% of the time have a 24 hour turnaround time, just so they didn’t have to spend 45 minutes spreading comps? Btw you could never fully ramp a secret Indian offshore worker on your own anyway because you would have to share so much MNPI to even get them to understand what you need them to do it’s not even funny.
Banks that actually need this service have figured this out years ago and the offshore model is working as best as it can. The next iteration logically will come from AI agents who will replace the offshore workers rather than each analyst having their own personal liability on payroll. The reason I say this is because even with a professional offshore org. In India helping with a noticeable degree of my workload - it’s still a pain in the ass checking and correcting their work, so you effectively just become an associate to them.
I think you should focus on getting real IB experience to understand why what you’re proposing would never work and then you can find legitimate solutions to felt problems around workload due to your lived experience - or maybe talk to some analysts who work at these banks currently.
I feel like this would cause plenty of regulatory / internal policy issues. How would you get away with interchanging files from your work email to your offshore hires without the bank flagging your email containing confidential information to an external email located in India?
you would give them the login to your virtual machine or whatever. could also do a zoom call on your laptop and let them screen control. theres probs a few different methods
^most obvious issue with the whole thing (assuming this post is serious)
most banks either give you a laptop to log into a virtual machine from home or they let you login to the virtual machine on your own laptop (i think they started this due to work from home). so you could just give your assistant the log in details or the extra laptop
If this was a good idea banks would’ve offshored their IB divisions years ago. Oh not to mention companies likely won’t like their material, non-public information being sent to a random guy in India with low to no background check and zero safe guards in place.
firstly, you need to do it secretly. second, its not that the work could not be done by the indian, but the clients are hiring people due to their prestige pedigree and would not choose the bank if they knew the work was being done by indians, even if the work was fully doable by indians, if that makes sense. so thats the real reason we see this "underemployment" effect
That’s what interns are for muahaha
One word: MNPI.
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