Loser MD Pens Essay: "I'm an MD in a bank. My juniors hate me and think I'm rich"
“Something has broken in the investment banking industry. I have worked in this industry for well over a decade and never have I faced such animosity from the younger generation.
It's harder than ever to get anlusts and associates to put in the hours necessary to get the job done. When I explain what is expected of them, I am hit with a barrage of resentment.
Often this is expressed in demeanour rather than words or actions, but sometimes it's so obvious that I have felt threatened.
This was particularly the case a year or so ago when we made a round of layoffs that impacted some of the juniors on my team. I was blamed for letting them go even though the matter was out of my hands.
I don't think that young people in banking fully understand what it means to be a managing director (MD).
I am a line MD and not a head of business. I don't have as much power or as much money as my juniors seem to think. I don't earn millions of dollars. I don't live a fancy life. I live with my wife and my children in a modest house, and I drive a modest car. I am constantly under pressure and always fighting to keep my job. This industry isn't what it used to be; there's been a lot of pay compression since the Lehman Days.
There's a particular cohort of juniors who don't seem to understand this. People who were hired in the pandemic (who are now not so junior) have been particularly aggressive and p*ssed off. I understand where their frustration is coming from. There was a lot of activity and then it went quiet. Many of them have seen their friends laid off.
They blame me. But that's just what this industry is like. I've lost my job repeatedly during my career but I've never blamed my boss. I've never felt resentful that my boss earns more money than me.
I grew up on welfare with a single mum. I know it's hard out there, but stop with the hate.”
-efinancialcareers
Giving Beta MD “I overwork my juniors for no reason energy”
Low pay? Why are you an Md then?
I thought pretty much all MDs made $1M
that's technically not millions. it's just a million.
Being fired multiple times as an MD means you really have to suck. There are so many MDs at BB banks who basically only do financings/pick up the call of sponsors' for financings.
could've been fired before becoming an MD. getting to an MD from an Analyst is not a smooth sailing. vast majority of people don't make it (and they're all smart and hardworking). also, he could be not at a BB. it's probably much more hassle winning work from a bank that doesn't have a big name.
There are? I (obviously) can't speak to how every bank with a big lev fin business works, but in my experience if you're an MD and not originating M&A deals, you're not going to get paid well or last long.
Yes true but MDs make a whole career of this. Actually not that uncommon to follow this route.
You start at a BB and get a lot of business but basically just pick up the phone for clients and don't actually do shit.
In some downsizing, you get let go as even MDs get trimmed. So with your big BB name, you go work for a MM bank impressed with your credentials and contacts. Within a year or two, they find out that you can't bring in any deals by yourself and all your old deals were just due to your BB employeer.
You get let go. You jump to another MM bank and tell them that the last one didn't give you the right resources and blah blah blah. They give you a try still impressed with your BB name and you work there a couple of years maybe get lucky with a deal or two to extend it a bit longer. But before you know it, you're fired again.
Then, there's that LMM bank that would still love to get a former BB banker.....
My new MD sounds exactly like this, 7-8 firms in the last 15 years
Who gives?
I had an MD like this who was awful
This industry isn't what it used to be; there's been a lot of pay compression since the Lehman Days
Complains when juniors are increasingly unwilling to work absurd hours for "modest" salaries
Classic boomer MD
Are we supposed to feel bad for him or something?
This reads like my former MD who was both incredibly toxic and I don’t think has closed a deal in the last 3 years (how TF he still has a job absolutely blows my mind). Dude was also so completely self unaware he would get butt hurt when juniors left which they did at an extremely high rate of turnover even for banking.
Three years without a closed deal???
Bro don’t get me started. He maaaay have gotten a bond tip here or there
Meanwhile in those three years there’s been at least 10 $2bn + transactions in his subvertical and his bank was in the bank group (prior to the M&A announcement) to at least one party, sometimes both in all of those transactions and he managed exactly zero of the economics. This includes a blockbuster merger of a public company where he used to work as a senior member of the corporate development department. If you count the transactions over $1bn, in his subvertical that number’s probably 15+
The only thing I can figure is he has some very compromising photos as blackmail to senior management.
Modest house = Only 5,000 sq. ft. in Darien
Modest car = The 2021 Porsche 911
10/10 MD troll job
Loser MDs like this continue to layoff juniors (many times without performance issues) while ignoring the obvious underperforming VP+. Since they fall short of revenue targets, they treat virtue signalling and DEI advocacy as survival strategies. In most layoffs, I have seen these slimeballs target competent men of color while protecting lazy DEI Beckies.
Does that surprise you? Over the years I've literally seen so many people on this forum say they'd rather hire a hot white girl than some white/Asian nerd when they have to sit around them 20 hours a day. Then these same people a few years later go on to bitch about when their seniors lay them off instead of the hot white girl as if they didn't just do the same thing but in recruiting.
Bankers lack self awareness.
I hate my MDs more than anyone else in the world
Here’s the world’s smallest violin.
Alternate headline: Low Confidence MD feels threatened by analysts and associates
This is interesting. So regarding the pay compression part, what exactly is it about a high finance career that brings people in if the money is so much worse? Shouldn't a finance guy of all people know that to be the equivalent of a Lehman bro 20 years ago, you need to be in an industry with any alpha whatsoever? Are people mistaken?
Tell me you work at Wells Fargo without telling me you work at Wells Fargo.
Will no one think of the senior tenured investment banking managing directors?
Lighting a candle for this MD tonight.
Here is the part that bothers me most about this and I've seen it plenty of times in my career.
It's true that he is not the head of business and only the MD, but that doesn't make you powerless. My question is whether he went to bat for his juniors.
It's true that you can't make the decision whether to keep people or not but did you at least try? Did you talk with the head of business and say, "Look we have some really good talent on the team right now and I think if we let them go, we're going to be replacing them with worse kids two years from now."
The MD will probably get shot down but there's a chance that he might get to keep a person or two.
It's ok if you can't keep everyone but it's not ok if you're not even going to bat for them with the excuse of "well I'm just the MD so what can I do". Maybe, you can't do much, but you should at least make a case on the behalf of your team.
Sadly, the world is full of spineless people who move up in the ranks by keeping their head down and never objecting to orders in the slightest. What they don't realize is that yes, this is one way to move up in the ranks. And one day you can be a spineless head of business who doesn't make any decisions because that's what you've been doing your entire career. "Well, I'm not the CEO" will be the excuse next time. Not even joking. This 100% happens and I have personally seen it.
I think one area where I agree with the MD is the impact of pushing back against layoffs is going to be pretty minimal anywhere other than a small shop.
Totally agree. Impact potential is minimal but blowback to you is minimal as well.
So why not just try unless you're completely spineless?
Hate them back.
Remember, Associate starts with ASS, Analyst starts with ANAL. No mercy.
There's reason to hate them. Insufferable. Torment them with a lot of pitchwork to burn them out. Make them question the purpose of doing this job when they have to pull allnighters for nothing. That's how you cycle out entitled Gen-Z dipshits and only keep the loyal ones with strong work ethics.
10/10 ragebait
Loading MDs Emo Era 🐼
There's a surprising amount of aggression when transitioning out of the banking sector. People seem to have unrealistic perceptions—mention 'banking' and they imagine some kind of wonderland filled with hot soap bubbles. They often overlook the countless hours spent researching and crafting even a single line of insight.
In some industries, the work can become highly repetitive, with the same tasks done year after year.
Lately, it feels like 'being human' just means agreeing with everyone else—but that's not a stable or healthy environment to grow in.....
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