Interesting article in Wall Street Journal about 30 year old guys leaving Wall Street, some for good.
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interesting
This kind of thing makes me question my initial plans for changing careers: work a few years, get an MBA, go into banking. Maybe it's not worth it.
It also makes me realize that a chunk of competition is taking themselves out of the equation. Cool. More opportunity for me, yeeha
Good, everyone leave. More room for me.
An entire era is over, now's our chance.
Why is the media so attracted to failures of the upper class?
Rhetorically, well, because people are assholes. Why are people fucking with the rich? BECAUSE IT'S THEIR TURN
"too many judgmental looks at social gatherings"
My ass. Probably 50% of the men at these social gatherings work in finance.
I found it funny he cited no social life, then said too many judgmental looks at social gatherings.
Love how none of these comments are from anyone who has actually spent time in the industry...
Ok, maybe I should have said "most"... Just playing devil's advocate here. This thread already took a turn for the worst when all of this 'us vs. them' mentality started coming out. You'd be surprised how much someone can make at the VP level and still not be "rich".
Absolutely love these articles. The only positive about market crashes are that they eventually weed out most of the fools that had no real passion for finance other than "prestige". Most of these guys have no concept of reality, and don't realize how pathetic they sound bout working long hours for a "measly" $200,000 bonus. LMAO.
This tool cracked me up:
"Everyone goes into banking with wide eyes, but once you sit down at your desk, that fades pretty quickly," he says. "You're really just living skin deep. You've got nice suits and nice cars."
Now, he worries about paying his mortgage as he works pro bono for a businessman expanding a silver-production venture in Mexico. But he says he prefers taking that risk and pursuing personal fulfillment "as opposed to something that's just going to give me an income."
Yes, go from being paid well to help companies grow to do the same thing for free. Brilliant! Sounds so personally fulfilling.
Absolutely love these articles. The only positive about market crashes are that they eventually weed out most of the fools that had no real passion for finance other than "prestige". Most of these guys have no concept of reality, and don't realize how pathetic they sound whining about working long hours for a "measly" $200,000 bonus. LMAO.
This tool cracked me up:
"Everyone goes into banking with wide eyes, but once you sit down at your desk, that fades pretty quickly," he says. "You're really just living skin deep. You've got nice suits and nice cars."
Now, he worries about paying his mortgage as he works pro bono for a businessman expanding a silver-production venture in Mexico. But he says he prefers taking that risk and pursuing personal fulfillment "as opposed to something that's just going to give me an income."
Yes, go from being paid well to help companies grow to doing the same thing for free. Brilliant! Sounds so personally fulfilling.
These anecdotes are nice and fit well into the overall thesis of a dying banking industry, but I don't think the actual hard evidence supports this "trend".
FTA: "A person familiar with hiring trends at Morgan Stanley says voluntary turnover across all business units has fallen to the lowest levels since the financial crisis."
I didn't read the article but to me, there's no shame in quitting Wall Street after putting in 6-8 years. Not sure why all the flames here.
Good love that 1st guy. Complains about missing trips with his wife and late night dinners and then next paragraph he quits with no job and is going to go on a solo trip and live in hotels. Guess you get introspective when your wife dumps you.
I am sure a lot of people leave the NYC rate race, remain in finance, but do so in smaller cities. If you have a nice Rolodex and some good, brand name experience, you can go to a smaller fund in a variety of mid level cities, get carry and a good paycheck and live very, very well.
Finance isn't going anywhere, it is just changing. The market morphs and shifts. These articles are all in vogue right now. I'd imagine you would see similar trends after black monday, the great depression, the tech bubble bursting, etc.
Just look at the growth of this website, all during the worst downturn in the financial sector in recent memory.
Whenever there are these types of articles on NYT, WSJ, etc, I can't help but go straight to the comments
Edit: No nuts. I'm disappointed.
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