Jefferies giving Free Pelotons to all ANL and ASOs
We just got the email. Looks like that Goldman deck has had real consequences all around Wall Street
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honestly, i just want 1 hr off each day to step outside in natural sunlight to bike/run....not do a pelaton workout at midnight after im done sending the deck out.
why step outside when you can do that at home with a free bike and some virtual sun
Also an option for another excercise package or Apple goodies.
“We know we work you to death, and that you’re sleep deprived. We’ve heard your complaints about needing more sleep, so we’ve decided to give you all a Peloton bike! Go Fuck Yourself!
-Love, Jeffries.”
It’s just busy and they did that because they wanted to, not because they had to. To mention, Jefferies is starting to target a ton of lateral hires and I’ve been spammed to work there.
"Just kidding....the junior banking cohort will be receiving colotomy bags and Vyvanse prescriptions until morale improves"
@JamieDimon, give me Peloton pls.
Damn whenever I see Jefferies I automatically get ready for a shit-on-Rich-Handler fest and now I'm a bit disappointed (and jealous)
Thanks, Obama!
Lowkey kinda awesome
When you're Analyst & Associate #1,125 :(
If you quit after one year do they claw back your peloton, taint sweat and all, and give to the next analyst/associate?
all about decreasing costs haha
biking is for pussies, wheres the weights
+1
With the order backlog for Peloton, you basically have to keep working at least 6 months to even get it. So question is more like would you work in a sweatshop for another 6 months for $2000 given bonus season is just over and it’s time to jump ship
at least the analysts get paid in August at Jef so they still have some time to go.
Peloton OTDs are under 6 weeks now in most cases.
Meanwhile, some banks haven't let analysts and associates expense meals in a year lol. I know Jef is very sweaty but this is a cool gesture. At least they're acknowledging they've been destroying their juniors all year. Really the best you can hope for in our line of work.
I @'d Handler in that fuck Handler thread that was circulating a couple weeks ago on Twitter & he blocked me. Which means he saw it.
I'd personally just take the cash equivalent value anyday but this is still a nice gesture
It's buying them a lot of good rep for a relatively low cost (assuming a pack at $3000 and as per the email 1k analysts/associates globally that is $3m) - one of your MDs is likely costing just as much.
Good move from jeff in my opinion but they have always been giving out free stuff here and there and much more than other banks from what I know.
can you give an example of some other stuff they have been giving out here and there?
I love this. Great gesture imo, and a lot more than what most other banks are doing rn
but dont you think its shit compared to a 100 hours week?
Sure and Jefferies, like other banks, are working actively to hire laterals to reduce workloads but at least they are recognizing and rewarding how tough it has been the past year compared to some other CEOs who are complaining that their analysts have it too easy right now.
They're not just getting paid in stationary bikes, bubba. Juniors are compensated for 100-hour weeks in the form of base and incentive cash compensation (cash can be exchanged for goods and services too, btw).
Im so jealous I am turning green
I know jefferies has a bad rep, but this is a really helpful move honestly. Jefferies prob can't do much to change culture short term, but thhey can do this.
I cannot be bribed
+1
feel like the returns on this are so high. you announce you are giving people an extra 3k in their bonus and people are probably insulted. free bike and people think its the greatest thing ever.
very true
I mean, yeah, I don't get why firms don't do this more often.
The goodwill return from your analyst is so high from something that really doesn't cost much.
But the inverse is also so punishing.
I mean, remember when Citi's "you ahead of the game already" email went out?
They already did the math on how much it costs, but apparently that low amount was worth the risk of getting blasted by the Analyst class.
It's the most low-hanging fruit to improve morale, but firms don't do it. Baffles the mind.
Link to this notorious e-mail? Or at least what did it say?
its humilliating lol
Like honestly I know Jefferies gets shit all the time, and they deserve it, but this is pretty dope. I've wanted a Peloton for a while and would be going into orbit rn if I got one for free. Didn't see any other banks do something like this.
Anyone wanna drop the link?
Most places give gym stipend of like $100-200/ no anyway and if Jef hasn’t then it’s not as big of an expense as ppl think (possible they don’t comp that normally or have been giving cash instead last year which is a pretty big difference).
Smart move tho. Little things count for something and actions speak louder than words.
lack of life and working 100 hours a week
Wallstreet; here is some peloton so you can workout at 2am after you finish the model and send the presentation
Can say I've done a spin class at 1/2am. It's one of the more demoralizing things I've done in life.
From a personal opinion, the worst thing that can ruin my day, is have so much work that I dont have time to workout :(
The only catch is that your MD is the spin instructor
welcome to spinning and modeling
William Blair literally did this (plus more) months ago, even after special one-time bonuses in 2020. Difference — not a facade as it is with Jefferies.
They gave free Pelotons? Jefferies' analysts got a special bonus as well.
Look, for all the hate on Jefferies on here, it's definitely interesting to be the fastest growing bank on Wall Street during this time. Although the downside is that we work crazy and painful hours, I've gotten exposure to every sort of deal M&A, ECM, LevFin, SPAC of every type of size $400M - multi billion.
We also haven't had any "moonshot" pitches for over a year, and even when we do bake-off we're beating GS/MS/EVR and the like consistently because of our experience over the past year.
elaborate pls
This is weak IMO and I'm surprised relatively intelligent people are won over by it. Wouldn't expect this to work on a remotely intelligent workforce. Reminds of how hourly employees statistically prefer PTO as opposed to pay increases even when the pay increase yields far more $ at the end of the day.
A larger bonus would make so much more sense, but hey they are probably also getting a chunky discount on the Peloton bikes too...
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