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No, because unions are stupid
Response above should tell you how many scabs would show up when you eventually strike.
True - why do you think there’s more scabs in banking vs blue collar work? Is it a relative value prop where it only works if either the skill set is hard to replace or the job is less lucrative than comparable jobs?
I haven't thought that deep tbh. Really just thought of the number of applications that come in each year for summer, FT etc. One person's walkout = another person's empty seat.
Boom, exactly - this is fundamentally why organized labor for IB juniors is completely unrealistic. Would all the MD/D/VPs be boned if 100% of their analysts and associates quit, en masse, all at once? Of course.
But what are the odds that you'd get 80-100% of the junior staff to quit immediately with nothing lined up.....junior staff that is probably pretty risk averse (going off self selection bias of picking from a population of people that cleared the various hurdles that exist to land a FT position), so that alone seems reeeaaaally fucking specious.
And what's to stop senior leadership from saying "OK, we're selectively making offers to the highly rated juniors that we'd like to keep" as a way to keep the grinders onboard and plug holes with laterals looking to move up the prestige foodchain or thirsty B4 FDD candidates (that would lie down in traffic for a superday invite, much less a FT offer)
Or if they just take the same model banks use when senior bankers leave en masse, and go across the street and money-whip entire start classes into lateraling?
Better yet, what if a coverage group head made a post on WSO "Analyst / Associate Classes of 2019 - 2022, we'll increase base salaries 30% if you can get 100% of your current cohort to sign offer letters to come work for our coverage group instead. 50% if both corresponding analyst + associate cohorts sign" for additional anonymity / narc risk mitigation
bruh....You do realize that 99% of Americans view the guys working at Wall St banks as the scabs of society?? Being in IB basically, by definition, already makes us scabs
Also, can you imagine how stupid we would look if we went on strike together??....who's gonna sympathize with the fat cat bankers making 6 figures when there are coal miners who sell their lungs/lives who wouldn't dare to go on strike in fear that they wouldn't be able to support their families
Is this a serious topic? Analysts clip a couple bonuses and bounce. Associates do the same and are promoted to senior banker (or also bounce). It’s a complete mercenary industry, not a career where you work as a conductor for the same rail line in the same job for 15 years.
Nobody would join, but even assuming that they did:
1. Media wouldn’t be friendly and would present you as entitled brats who want even MORE money
2. A horde of people would sprint to replace because the job pays stupid money compared to most others for a given level of experience
No, then we would be pawns of the government rather than how it is now where they are pawns of large banks.
Not interested in shitting away my comp to a union boss for him to live the good life.
Are the fees that high?
People complaining about scabs are like people complaining about snitches. Then wondering why crime is so high.
Nah bust those unions
Unions are for laborers who actually have unsafe and or unlivable wages and working conditions.
Banking, albeit abusive, is certainly one of the most privileged jobs on the planet. Living wage + some extra change on top, cushy office, free dinner and if you quit – you can literally plop into almost any corporate role after one year. The bus driver who doesn’t have a college education doesn’t have that same safety net if he loses his job. Advocate for better on behalf of bankers but get a grip.
Don't think the protections for unionization efforts/recognition would extend to our jobs since we are "professional employees" [NLRA section 2(12)]. Similar logic there to why plant managers/supervisors aren't in a union. Making an educated guess, so interested if anyone with a legal background feels differently...
No, joining a union is getting another boss. Majority of the time they don’t do anything and just siphon funds from their members. Finally, if you are in a place where you need to unionize then you need to look for a new job. Best way to get even is to get out. Be sure to be a pinnacle performer heading into your exit.
people in ib could start a "union" like people in tech have.
refuse to work at firms that have insane hours and culture
if you dont allow me have a life at 7pm then I'm not giving you my talent
this is what tech software engineers do.
but people in IB are too beta and too many "strivers" will ruin it for us all by working until 3am everynight regardless.
If anything our "talent" is being able/willing to work long hours. If we didn't do that, why would any firm bother paying us 2x the typical corp dev salary? Sure you can demand to have a life after 7pm but don't expect 6 figure bonuses because, frankly, banks aren't obligated to pay you high $$. If anything it's pretty likely we're being overcompensated
Besides the other reasons mentioned, turnover is huge. Unions work best in jobs where people are willing to stay for 30 years like an autofactory or the government.
Nobody wants to be an analyst for more than 2 or 3 years even with slightly higher pay. Everyone is looking for an exit-op. See how little the restaurant industry is unionized. No one is trying to be a 30-year waiter at Applebee's and literally 90% of a restuarant turns over every year.
I think unionization requires critical mass. Before it exists, it's inconceivable. I think that's why union busting focuses on preventing unions from forming in the first place, at least I think they focus on that. I know for a fact that fast food workers never even conceived of the idea of unions for many years, but unionization efforts at starbucks reached critical mass. For IB, I think you can see from the comments above that this kind of view doesn't exist yet. But then again, we hear stories about associates quitting en masse...
Looool. Striking happens in rail, teaching and healthcare because they have a monopoly employer (e.g. the government). Not to mention they also work because either nobody wants to do their jobs or it takes ages to be fully trained so it's not feasible to quickly replace them. In IB there are literally thousands of people who would join a bank at the drop of a hat. Every single analyst could quit and banks could still refill analyst classes with non-target kids.
Perhaps the main reason why this would never work is because for 90% of analysts banking isn't a career. They will leave after a couple years anyway so what's the point in risking your CV for a couple of shit years? In rail, teaching, healthcare etc. people remain in the same job for their career so there is far more incentive to strike.
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