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April 30, 2024
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This will never happen. Analyst/associate need to almost always be available to meet / run into the office if VP or above asks them to. And they are really pretty cheap from a cost perspective as the workhorses on deals.
I'm thinking more in terms of boutique banks. Yes they are often needed quickly for deck turns etc, a lot of that can be done remotely. I know my MDs travel constantly and are always sending me deck comments via scanned PDFs or just in an email/over the phone. Plus by making the job remote you could save overhead money and may even entice individuals for work for lower salaries given the flexibility. Plus you could attract more talent in certain less desirable markets.
You are incorrect, I know of at least one firm where it has occurred. I have spoken to an associate at a national MM bank (not going to name names) who works remotely consistently. He has a small team and the MDs and VPs are often out of pocket and he was given approval to do so.
I know of a VP that works remotely. Been in the same group entire career so that helps with the trust and accountability factors. When I say remotely I mean on the other side of the country far away.
Fair there is a VP in my group who works remotely (entirely different country) and she is a top performer..
Depends on how you define a "banking" job, but tons of analyst work - profiles, comps, etc. - has been outsourced to India and/or eastern europe for at least a decade. In some cases the people there are direct employees of the actual bank, in others they are employed by a local company partnered with one or more banks
Trueeee the Indian teams are very real.
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