What happened to the night analyst?
Was just sitting with one of my VPs this week looking over resumes for SA positions when we came across a candidate that works as a "night analyst" at a rival bank. I had never seen this before, but my VP said that he used to encounter about 3 or 4 night analysts per recruiting season, but hasn't seen any since the crisis in '08 (until now)
I didn't think to ask more, but now find myself wondering what happened to all the banks having night analysts? It's easy to guess that the position was the victim of cost-cutting at several firms, but why not hold on to what is definitely cheap labor and an extraordinary pipeline for future talent into the firm?
I did a little bit of research online and see a few people that discussed an ML night analyst in NYC a few years ago, but not much else came up. Does anyone have any information on current night analyst positions and why they have been done away with?
I'm gonna take a guess: worker productivity "increased" a.k.a. his duties were (unwillingly) assumed by the day analyst
We still got one at my firm at a regional office.
I believe Lazard in SF still does it.
http://www.wallstreetoasis.com/forums/night-analyst
so it's basically an internship during the school year?
I always thought those were the guys in the US who followed the overnight markets.
I'm not sure what you mean. Are you talking about IB analysts or S&T kids working the asian markets?
I know Lazard has done this in both the the SF and Chicago office - I'm pretty sure it's just going to work after classes at like 4-5 p.m. and working until 1-2 a.m. as an analyst/intern.
Good insight, Solidarity.
I was referring to the IB night analysts, not S&T (even though I see the merit there). I guess confusion can easily arise because they are still interns, not analysts, and probably still need significant oversight from junior bankers.
It's interesting that regional offices and Lazard seem to be the only firms still offering this position. I guess it would be tough for a headquarter office (NYC office) to decide which groups should have night analysts, so that may be why regional offices are able to have the program (i.e. bc they have fewer groups).
Nonetheless, I think it'd be a great pipeline for these offices and I am going to approach HR on Monday about why our office does not search for one from Columbia or NYU. I know I would definitely enjoy pushing off my grunt work to a prospective monkey.
Let me know if you need one =) I have a FT offer at BB but am free to work on a part-time basis next semester.
Some famous-ish MDs were night analysts; I think Ketan Mehta from Citi/CS was one.
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