Why do people hate bankers?

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ask those people, politely, whether they are poor... and if being poor sucks, because you imagine it does.

Were you in a coma in '08?

Honestly, it's an occupational hazard. The best policy is always to not engage, just smile, nod and let people spit their bullshit.

My answer is very simple... what differentiates me from the guys that fucked up is that my job was to make sure that I had my client's interests at heart in advising them and that when things when south, I was there to properly help them.

Then again, I'm in Asset Management and I'm not a "banker", so I guess that plays a little differently.

tell them that they should look for an alternative beverage and shy away from the Haterade, as it can cause bloating.

aha honestly man I can't blame people for hating bankers at all

Adam Smith's Wealth of Nations famously distinguishes between Productive and Unproductive Labor. Investment Banking essentially epitomizes the latter.

The British Empire, as well as he United States in the middle part of the 20th century because super powers because they manufactured products that increasingly helped build capital stock, which allowed for long-term growth. An investment banker, and in deed almost all of the financial services industry, derives money from shuffling money around.

Is it fair to say that banks don't provide any service? No. But I certainly think it is the case that for some reason, market mechanisms aren't working effectively here and bankers get paid way too much for what it is that they do. When an MIT Aerospace engineer PhD is making $80k, and a 24 year old kid out of college is making $150k, - well, I guess that shows you how awesome America's priorities are.

Just ask them if they're actually mad because of what has happened recently or if it's because someone too young to sleep with their daughter makes more money than they do. Then wink at his wife and say, "age is just a number though, right?"

they have sand in there vaginas

Haters gunna hate....

The thing is, they don't realize "Investment Bankers" are not the people they are mad at. They hate the S&T folks, not Corporate finance/advisory people. Unfortunately they don't know the difference, so everyone is lumped together under the term "Investment banker."

what is "shuffling money around"? your local bank also "shuffles money around". so do venture capital firms. say what you want about M&A, but how are equity and debt issuance useless?

It's all envy. Personally, I think that investment banking is still better than consulting when it comes to that. Consultants constantly have to defend themselves against people claiming they are ruthless bastards whose job is to lay off honest folks. I would just say that as a banker you provide liquidity to the markets and make this world a better place. Then add that it's a noble profession and how hard you work for the shitload of money you get.

Honestly, who cares what they think. They most likely don't understand what finance does. They read the papers and look at the average bonus and think it is a lottery ticket, when in fact it is deferred comp and due to you.

Agree with Ant. Also, people in banking work hard. It's not like bankers are sitting around doing jack and getting paid.

I think what happens is that a few bad apples makes the whole industry look bad. There have been some egregious cases of fraud, etc., and that of course is highlighted by the media.

lawyers are hated even more and they are more respectable.

usually when people start telling me they hate bankers I ask how much their starting salary is/was. they generally stfu at that point

Jealousy + misunderstanding of what bankers do

Exactly, i bet any of those ignorant people would take our job in a second if they had the chance to! I'm sorry I busted my ass in college and dished out all that money for college so I can do well in life.

But anyways check out this video...Dimon nails it. Especially check out time 2:11-3:15.

They hate us because of our freedom.

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Its because 95% of these people think their tax money was GIVEN to the banks as opposed to LOANED and paid back with heavy interest......I can't tell you how many times i have had to explain this, it pissing me off.

People hate oil business too. Just be sensitive to your surroundings and tell people what they want to hear. When I'm in Cali and a question of what I do comes up, I have a standard response: " My job is to figure out the way to extract oil in the most environmentally and economically conscious manner; it breaks my heart how many companies shit on what mother nature gave us; and since we still depend on oil, if i don't do what I do, the less talented people will still extract oil, but at a higher cost to all of us. So what I do helps the environment more than any of the PETA protests . Oh and BTW, the spray paint they use let's out a lot of harmful chemicals that hurt the earth and the animals they so desperately try to protect." (all of which is not untrue) Bam! How do you like them apples?

The cornerstone of a public relations address IMO, is to separate and attempt to diffuse the most belligerent and emotionally charged protesters, all meanwhile concentrating your effort on leading the more moderate rest of them to believe that you have the same concerns and objectives as they do.

As a banker you can say something like " I've long felt that the banking practices that led to our current economic situation were somewhat dangerous and unethical, and I felt responsible for making sure that the banking industry aligns better with the needs of middle class America, which is why I went into banking. There's a lot of work to be done, and someone smart, dedicated, and ethical gotta do it. If good people don't take responsibility and make commitment to go into banking, it will quickly become over-run by buck-chasing vultures that will bankrupt this fine country."

Or you can be a douche, piss people off, and push them to take action that can and will affect your financial bottom line, your choice.

Agree with Argonaut.

Just tell them what they want to hear. Who gives shit what they think. Give them the impression you care and then go back to business as usual.

It's like asking if you give a shit about the guy whose GF you just plowed. Be nice to him so he doesn't kill you, but in your mind you are asking him to smell your fingers.

Haha, right! You can always say, "I'm sorry man, I didn't realize she was in a relationship", or (if that would be too blatant of a lie) "I'm sorry man, I didn't realize you guys were so serious, I shouldn't have assumed things, now I really feel like an asshole, I hope you can forgive me someday".

ANT, btw, after the last public drag-out you and Daba had, I was convinced you guys were through ;)

Ant has 9 lives my friend.

Just asked somebody of a publicly traded company if their happy to have a paycheck? and respond ok then your welcome, a scummy banker probably raised that capital used to pay you lol

People hate banks because they have been told to hate banks.

Average Joe can't explain what a banker does. Hell, the average summer analyst interviewee might not have a coherent explanation, if my experiences are any indication.

When stuff starts to go wrong, you want to blame somebody. Bankers are the perfect, faceless enemy.

Sounds about right....probably couldn't tell you the difference between a trader and a teller lol