There was definitely some historically bad aspects of Wall Street culture (particularly mistreating women etc). That said, find it incredibly sad how Wall Street / IB culture seems to be nowadays. It’s like pulling teeth sometimes trying to get juniors to go out and party / drink during the week. This can be something as simple as going for a drink. Let alone properly partying, consuming anything stronger, strip clubs, etc.
Wall Street seems to be filled with a bunch of nerds who can crush technicals but have no EQ and who have killed the party hard part of “work hard play hard”
I can feel the MS coming. And I’m not saying this should be forced on anyone. But kinda sad to see how neutered the industry culture is
Workload. Hard to go out when you are constantly pulling 90+ week
Fair but I can’t imagine old school bankers were chilling at 40 hour work weeks either
No, but over-competition has heightened hours for juniors. Analysts and associates are being pushed toward physical limit, which is not the case back in time.
Tldr is this is a matured industry. What finance was in the 80's is what Tech was in the 2010's and will be what whatever else is the next big wave in 10-20 years. Shit ton of regulation pretty turned it in to what it is today and to the majority outside of finance its for the better. The market is fully saturated, meaning there is no more outsized growth to rely on and the industry is mostly finite and realized, meaning there is downwards pressure on fees and economics to win market share and upwards pressure on value extraction out of employees and additional pressures from thousands of new entrants in the junior level willing to pick up those spots. If you want a "deal" job (outsized pay/perks/WLB relative to hours worked) look for something hidden maybe just hitting the limelight because the money in finance has been known for 6+ decades now and the market has been fully corrected to the maximum value extraction they can get out of an individual, not a minute less. And the minimum they need to pay to retain talent and not a penny more.
Unfortunately I think it’s also some of the stuff you see about younger generations drinking lesss etc. Im not sure if you find the culture elsewhere or if it’s just diminished in general …
Asians
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