Moelis is a Sweatshop
"Moelis is a sweatshop" is the lullaby at the 399 Park Avenue bullpen. Given our reputation as a sweatshop, I figured I would add some color to the below email that has been circulating its way across the street to cement our status on the street as a true ex-DLJ legacy shop. In short, if you want go the buy-side / have some semblance of a life, do not come to Moelis. If you like taking twelve inches, be my guest.
To create some context, in recent weeks, we have had close to a third of the second year analyst class and half of the second year associate class leave (bonuses!), while dealflow generated by moonshot pitches continue to pick-up. To accommodate, the first year staffer proceeds to staff analysts at will (cc'ed Bobby will assist).
This Wednesday, despite having a full class of analysts working consistently till 3 am (including on Easter) in the last few weeks, our staffer (chosen by the lovely business management at Moelis), creatively decided to pull a bed check on the floor (Ken - feel free to share with shareholders on how we improve operational efficiency by grinding employees to the bone). As you can imagine, my class was not thrilled and proceeded to leak the thoughtful note.
Since joining Moelis as a wee summer intern, it has truly been sad to see the direction its been going. Despite promising its analysts a generalist experience and buy-side support, I can personally comment on how the toxic culture has caused several of our analysts to truly questions their decision to join our firm. Many of my classmates are sick of being put on pitches in industries / products (how is risk advisory, investment banking?) that they have no interest in. The majority of my class was forced to sit out of recruiting because we were truly too busy when recruiting kicked off. In short, to those looking at lateral opportunities or students (wish I could go back), Moelis is a sweatshop - join Evercore instead.
I just walked the floor and saw the following people in their seats:
I know that you are ALL working very hard and are stretched thin across multiple projects. Given that new staffings continue to flow in and you are all very near capacity, the only way I can think of to differentiate among you is to see who is in the office in the wee hours of the morning. I know that everyone works differently and you all likely have a docking station set up at home, but I have found that when you are truly jammed with no end in sight, you should stay in the office because the connection is faster, your associates (and potentially VP's) are in close proximity, and you have access to firm resources (office services, Bloomberg, etc.).
That said, this method isn't perfect and if you have any suggestions on how I can do this more accurately, I'm all ears. On the bright side, we only have a week and a half until our class dinner! Looking forward to blowing off some steam with everyone!
MOELIS & COMPANY
399 Park Avenue
New York, NY 10022"
P.S. I made the list #toobusy