operations is the least glorious job in banking, but it does get a much too negative reputation. The reason for this is that a lot of posters (about half I would say) think the only thing inops, and fail to differentiate between operations workers and operations analysts.
The bank I'm at has about TWENTY THOUSAND people in investment banking operations, but the analyst class is barely 30. A vast vast majority of workers aren't/werent in an analyst program. This is the really boring, repetitious work you here about in operations a lot of times (the scanning, the faxing, the data entry type of stuff).
When people do talk about operations analysts, they seem to think the only thing in operations is trade processing type of work. Whereas this is a major area, if you are a top recruit their are other divisions.
I got assigned to a group that is project based and helps make decisions on investments, outsourcing, divisional changes, etc....basically almost internal consulting.
I don't really blame a lot of people for not knowing this - I didn't know much until I went through orientation - but its not necessary as dead end as people make it out to be if you get a good placement and are in an analyst program.