I just spoke to a 60 year old MD at a bank like WF/UBS/DB and he told me his net worht was only $15M. He was clearing $3M consistently for a while too. Doesn't that seem low? I guess with deferred comp / taxes, it's not that crazy. He said he was pretty conservative w/ his money too, but lost a lot in real estate / dumb investments.
I know there are always these threads but curious if anyone has any other data points.
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“Only $15mm”
It makes sense if he lost a lot on investments. Do you know what his house is worth?
house is part of net worth and who loses that much on investments
I know house it part of net worth, but I was wondering how much. And people can lose a significant amount on investments
While excellent by any other measure, that's pretty low for a career banker who's 60. Let's keep in mind this person gave a up a large portion of his life for the job. Must've bought real estate and sold it in 2009 / 10 before it recovered, the classic buy high, sell low play.
Seems like he's had a string of bad investments.
Know a MD at one of the top BBs. Clears $1.5-2 mil a year at least in IBD but lives quite modestly as if he's making $300-400K a year.
Know a MD in equity sales at a MM bank who owns a $10+ million dollar home in NYC.
A lot of variability
What’s an MD in equity sales make these days?
I have no clue but one I'm aware of appears to be a rainmaker. Probably worth $20-30 million and not even 45 yet. Went to a target undergrad. No grad school
Probably lost a ton in 2006 - 2008. Know an MD that is ~70 because he lost a significant amount of his net worth during that time.
He's lying to you. Probably over 100 mill +, just wants to be humble
You’re an idiot if you think any MD is worth this much.
Post was clear sarcasm
Should be worth at least ~$30-50m at 60. Either they dun goofed by spending an outrageous amount or they found themselves in some pretty dire investment blunders.
Do you know how much money 15 million is?
Some of the posts here... jesus christ.
LOL yah I think some of ya'll are about to find out that accruing wealth as a W-2 employee, albeit a highly paid one, is harder than you think.
That said, I agree, I would not give my entire working life to be a banker in exchange for $15mm net worth at 60...obviously a lot happens in between and that's a ton of money but I can assume he didn't get to maximize other facets of his life based on his occupation.
Lastly, you youngins' need to remember that a lot of the guys who are now in their late 40s/50s on the street lost a meaningful % of their net worth in bank stocks during the financial crisis. If he's on the UBS/DB side of your WF/UBS/DB descriptor, he probably lost just about everything ... Sure there are lockups and sale/hedging restrictions but I know plenty of people that were carrying well north of half their net worth in company stock voluntarily (obviously stupid in hindsight and even at the time).
While $15MM is a lot, I don’t think it’s significant given the lifestyle sacrifices he has made and his yearly income. Also even adjusting for 2008, equity returns have been extremely strong for most of his career. A lot of different jobs that wouldn’t have entailed such a bad lifestyle would’ve put the MD in the same place. If you’re frugal, a lot of tech jobs would probably put you in a similar place if you start saving early. Although not the norm, I knew a firefighter that retired with nearly $10MM (before pension payout)…
Guys $15m is a shit ton of money - you are vastly over inflating what people’s normal net worths are. If you are a W2 employee that is a ton to save over a lifetime. You would be surprised at how many people that have worked their entire career in finance have a significantly lower net worth than $15m.
I love the lack of self awareness in this thread. Plenty of Americans work multiple jobs, well over 40 hours per week, and won’t see $1 million by the time they retire.
“I wouldn’t work that hard for $15 million.” STFU. That might not be a lot compared to your trust funds but for the rest of us that’s a fuckton of money and absolutely worth working for.
Agreed, to me - honestly anyone with a net worth of $5+ million or so is killing it. I personally don't know many families like that and I live in a "rich" suburb.
Agreed with both above. I don’t think some of these kids realize how much $15m can buy
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