Replacement Bankers Hypothetical
Purely hypothetical, a lot of variability here, and obv. would never happened, but inspired by the replacement refs taking over in the nfl today, what do you think would happen if this occurred in the banking world?
For example: analysts and associates (0-5 years of experience) in a certain industry decide for whatever reason to go on strike. the banks seek to hire "replacement bankers" in said industry, at half the salary, and no benefits. Like the NFL, the banks would have to hire these replacements from lower level banks, and the replacements would have less experience.
How seamless would the change be? After the initial learning-curve, hardly noticeable? Or a complete disaster? Would be a great opportunity for those who had been trying to break-in and I'm sure most/all would work their ass off to prove they belonged there, but to an overall extent, how well would they cover the job of the original workers?
Well for 1st (and maybe 2nd) years, there would be a short immediate disruption but no overall problems. This job is just repetition of arithmetic and accounting concepts. And if you're bringing in bankers already (big bank or not) it would be an even smoother transition. There are only a few ways to do the same transactions. Actually, most bankers from small banks wouldn't do it if it meant taking a pay-cut.
As for older guys (3-5) there are some niche things they may know that is hard to replicate but most banks know provide tools that (1) give people an immediate edge and more importantly (2) allows the company to keep the product of said person's knowledge which is usually available to anyone seeking the information.
But as long as it still has clients (and isn't insolvent/illiquid), a bank will always keep going. It always has and always will.
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