Investment banking is being physically annihlated

Guess what the top hiring job at Goldman Sachs is now?

Programming.

After that, trading.

After that, m&a (which is going to crap due to stuff like Axial)

Investment banking is obsolete, people are realizing that they are overpaying for a zero skill sales skillset and over the next few decades the field will be totally automated, indianized and deskilled like everything else.

That's the point really, sales is low value added work at the majority of companies. And the minority where it is prized are really based on selling the entire idea of it being prized, rather than anything useful, like IB.

Google m&a pays near teenagers 80k salaries to write some reports on a company, so a vp- who only makes as much as a ib VP, but runs an entire department at Google- can write a quick email to order millions more be thrown away at a tiny tech acquisition. The dumbness and mindlessness of tech m&a is undermining the justification of investment banking, and tech companies are gaining on banking faster than VHS over Beta.

And for the smaller areas, where IB might be useful, complete automation is a valid possibility. If you're going to be spending under a billion dollars in a deal with a 1% commission, your managing director is pocketing a huge part of the sum. Companies are realizing small deals are not important and are giving them to Axial, which is some mechanical elves in Bangladesh paid ten cents an hour to automate m&a. If you can do it faster and cheaper, with easy computer interfaces then that blows dealing with a Harvard PhD who speaks a different language from you out of the water.

So from both ends, m&a is screwed for opposite reasons and all the BB are being competed down by EB, who are in turn the most vulerneravle to automating the expensive small deals.