Part 1 – Released Thursday April 7th
- Overall 2022 results
- Quotes from a range of employees at various firms
Part 2 - Released Thursday April 14th
- Comparison of 10 different banks (Goldman Sachs, J.P. Morgan, Citigroup and more)
- A closer look at which banks performed best/worst across various categories
- Quotes from employees at these banks
Part 3 – CURRENT VERSION
- Comparisons between 2021 and 2022
- Deep dive at specific banks on what has improved, what has worsened, and what has stayed the same since 2021
Comparing 2021 to 2022 (Full Survey Data)
Hours and WFH
Treatment
Mental and Physical Health
Satisfaction and Recommending Your Firm
Comparing 2021 to 2022 (Specific Banks)
Banks included: Bank of America (24 responses in 2021, 14 responses in 2022), Barclays (8 responses in 2021, 13 responses in 2022), Citi (30 responses in 2021, 20 responses in 2022), Deutsche Bank (8 responses in 2021, 19 responses in 2022), Goldman Sachs (33 responses in 2021, 23 responses in 2022), Jefferies (6 responses in 2021, 13 responses in 2022), JPM (21 responses in 2021, 29 responses in 2022), Morgan Stanley (17 responses in 2021, 8 responses in 2022), RBC (9 responses in 2021, 9 responses in 2022).
Bank of America 2021 to 2022
When asked if conditions have improved over the last year, 29% responded yes, 50% responded no, and 21% responded N/A.
Barclays 2021 to 2022
When asked if conditions have improved over the last year, 38% responded yes, 38% responded no, and 24% responded N/A.
"Tech across all banks get crushed. My mental health was much lower 6 months into the job (first 3 m&a deals all at same time) than it is now (1+ years in)." – Analyst, Barclays Capital
Citigroup 2021 to 2022
When asked if conditions have improved over the last year, 20% responded yes, 50% responded no, and 30% responded N/A.
Deutsche Bank 2021 to 2022
When asked if conditions have improved over the last year, 16% responded yes, 68% responded no, and 16% responded N/A.
"Long hours, teams half the size of pre-pandemic, pay below street." – Associate, Deutsche Bank
Goldman Sachs 2021 to 2022
When asked if conditions have improved over the last year, 35% responded yes, 43% responded no, and 22% responded N/A.
“I moved over from Goldman and its been night and day. Goldman was a death ship and life has gotten much better since leaving. Still banking, hours are still like 80 a week, but that’s way better than 110 hours a week, every week at Goldman.” – Associate, TMT, Boutique
“I left Goldman after 7 months because the filter and the people suck. Throwing more money at us is not the answer. Mental health is.” – Analyst, Bulge Bracket
Jefferies & Company 2021 to 2022
When asked if conditions have improved over the last year, 38% responded yes, 38% responded no, and 24% responded N/A.
JP Morgan 2021 to 2022
When asked if conditions have improved over the last year, 41% responded yes, 48% responded no, and 11% responded N/A.
"Healthcare group is a sweatshop and 11 people have left in the past 2 months including 6 people to competitor banks." – Analyst, JPMorgan
Morgan Stanley 2021 to 2022
When asked if conditions have improved over the last year, 17% responded yes, 67% responded no, and 16% responded N/A.
RBC Capital Markets 2021 to 2022
When asked if conditions have improved over the last year, 22% responded yes, 33% responded no, and 45% responded N/A.
Related Quotes
"Def better than 2021. Caffeine addiction, stress, heart doesn’t feel great. Team tries to limit weekend work when possible although no protected weekends as such. Access to free massage once a week. Fit in all my gym into a long session every Saturday to not have to train on workdays (to avoid risk of having to cut workouts short). Team is generally very nice to work with and encourage time off if you say you need time off. Have sought therapy mainly due to personal reasons but also work stress." – Analyst, BNP Paribas
"Covid / confinement was the main issue, not the firm." – VP, Lazard
Related Posts on WSO:
- Original post about the Goldman Sachs Survey: GS Analyst Survey Results
- After analyzing some of the data, WSO user @wsodata created this post: Ranking: Best Bulge Bracket Culture
P.S. A big thank you to Andy Louis, Jacob Nave-Newell and Josh Bañuelos for helping prepare this report.
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| WSO's 2022 IB Working Conditions Survey 629.47 KB | 629.47 KB |
I like how Jefferies has improved so much YoY
yes, overall it was pretty broad based improvement across most firms... I think next year will be very interesting to see if it can improve even more or not slide back to the depths of 2021.
Can confirm that things have gotten much better over the past year here. Contrary to WSO's hate-boner for Handler, he and the senior management have done a great job of handling feedback from analysts and have made huge strides in being in touch with and communicating with juniors. It's mainly the MDs that still make things hard sometimes, although Handler & Co have cracked down on senior personnel behavior significantly over the past year.
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