Young Wall Streeters were surveyed about their experiences in finance — and their responses were brutal
I transitioned to tech where the company says: 'We care about you.' That message alone gives you a sense of belonging and value. In banking, the messages are conveyed through your bonus. Not everyone is motivated solely by money. We want to feel engaged.
And
Finance could be better served if they tried to flatten their organizational structure and get to know their people — even at the department level. I'm much more than simply a pitchbook.
Your thoughts on this article.
what about those responses was brutal? they literally want their CEOs to virtue signal as opposed to earning large bonuses? maybe wall street needs more diversity but i think that 100 work weeks are more detrimental than not being "inclusive" enough...
what the fuck happened to wall street? these kids definitely belong in Silicon Valley where they can delude themselves into thinking that their startup social media app is saving humanity.
so their problem with wall street is that they don't complain about Trump enough...?
millennials are so pathetic i hate my generation.
this picture is a perfect example of what i mean below![here](a href="https://pbs.twimg.com/media/DArRDpzW0AAOnbu.jpg">https://pbs.twimg.com/media/DArRDpzW0AAOnbu.jpg</a)
I fall in the 'Millennial' generation, but I don't consider myself a millennial
yea i'm really sorry i hurt your feelings by "incoherently" citing things people said in the article and giving my opinion on them
your feelings matter a lot to me
@iBankedUp" you are right we got Trump because of feminazis and "male feminists" like this guy, i wish these people could just be fucking normal and not get offended by every opinion that isn't extreme SJW virtue signaling and we might have a normal, functioning administration
good thing i never said it was surveying milennials, i was just reminded of my generation by their responses and stared my distaste for my generation (millenials)
if i said the they were the group survyed in the article at any point please feel free to quote and correct me
don't say i implied it or some bullshit btw
EDIT: can one of your losers, or AllDay_028, who got triggered and threw MS quote me and tell me when i said the people in the article surveyed were millenials, as AllDay_028 stated?
i will quote him here "he survey isn't even surveying millenials, it's surveying people with 6-10 years post MBA experience in finance. That means, people roughly between 34 and 38, which would mean mostly not millenials, especially not the ones you mean to be talking about."
jesus christ SJWs are such a plague to society, they dislike the objective truth if it hurts their feelings.
BobTheBaker compared giving him monkey shit on an anonymous internet forum to being "assailed" or "beset" recently, victim culture is amazing
viva la patriarchy
We are all special snowflakes!
There is this incredibly misguided and backwards belief on Wall Street that the "old school" culture of hazing and brutal hours needs to carry forward, that junior or mid-level bankers/traders don't deserve respect or acknowledgment simply because they haven't been there long enough, or haven't "earned it."
I get it. You've been there a long time. You've earned your stripes, you've been beaten down and gotten back up a thousand times. You've watched your colleagues give up and quit, you've watched as your personal life fell apart. All because of the firm. The firm above all. And now's your time to beat down the young talent to see who can rise up to the challenge.
Seriously, fuck you.
That mentality is wrong. How insecure do you have to be to constantly need other people to tell you how big your dick is? Can't you look down and see for yourself?
People who need to dominate others to feel good about themselves are pathetic. I look at those people, many of them tremendously successful and powerful, and all I see is a sniveling abused puppy still begging to be loved. "Notice me, notice my success!" How fucking sad.
Treat your subordinates with respect. Do what is right. Here are a few guidelines:
Do what is right, not what has always been done. "That's the way we've always done it" is a really stupid reason to do pretty much anything.
Great talent goes where it is appreciated. Comp isn't everything, respect is also important. Respect junior talent, treat them well. Treat the right people well, and you will be rewarded in the long run.
Happy people are better workers. The best employees have great personal lives and relationships as well as great professional abilities. Allowing them to be satisfied and happy will never hurt you.
Work hard, be kind. Don't create bad working conditions "just because you've gone through them so the right people will get through it." Don't haze. Keep your ego in check. Allow your junior employees to be happy. And genuinely be compassionate and empathetic and care about the people around you.
If you can't even exhibit basic human character, you don't deserve to work with the best and the brightest.
I believe the top companies are beginning to realize this and that is why they're revamping their analyst programs. One example being Citi's promote when ready program. I've had friends cut years off promotions from analyst to associate or associate to VP. Another example is Goldman's revamp of the analyst program that includes a year at another office than where they started working.
Since when have the BEST and BRIGHTEST worked in FINANCE? I thought they were all out DISRUPTING the BDSM ECOSYSTEM!
The day pay comes down or doesn't move up.
For me, it came down to this - my firm being chock full of entitled fucks - but it isn't the reason I acted (I quit to do a bootcamp). I left because there are simply better lifestyle choices available in tech. Remote jobs that let you sip piña coladas on a beach in Vietnam while some girls rub their tits on you sound way more appealing than hoping I don't have to reload the office coffee machine because the middle-aged Ukrainian lady who usually does it hasn't come around yet.
Are you accepting interns?
This is GOLD!
Investment banking, PE and AM have saturated applicant pools. The tech industry, as a whole, has a shortage of talent and the difference is that one needs to court talent through not only money but perks and culture. Whereas banking is offering indentured servitude for a truck of cash. Preference is subjective but it's not surprising which industry has higher satisfaction and it has very little to do with trying to change the world.
There are a few reasons why this is happening. All boils down to structural change.
Investment banking itself is shrinking (in US and EU) therefore the competition is a lot tougher. There are areas of growth in the East and Southeast Asia but the the competition is tough as well. In the US, and much of the development world, the people who failed to get into banking turned science major turns IT person who in turn got hired by the big investment banks during the economic recession, which automated a lot of the back/middle office works. That is where we are seeing bulk of the job cut - in back and middle office; definitely not in the front office.
The end results is you have a bunch of people - who failed to get into banking and hope that their startup will pay. And the startup culture tries to differentiate itself by having a mission that what they are doing is saving humanity much like how NGOs and Teach for America are trying to lure people to do their work without getting paid as much.
However, the million dollar question is that most of your career trajectory is based on what you do prior to turning 30. Many research have shown that the greatest salary growth comes in the 23-29. After 30, for most people, the salary is incremental. So if you were really starting off from a very low base when you hit 30, you won't see much salary appreciation. So what these tech startup and NGOs are doing is "robbing" your future earnings but shortchanging you in your formative years by paying you less with the bait that you are doing great for your humanity.
My reasoning is that if tech were so great that it makes so much impact on the society, shouldn't society put a value on this and pay for your efforts? If no one is paying for your locate-the-best-place-for-your-dog-to-poop apps, this must mean that there isn't a societal value on your app.
This comment rings so true on many fronts.
Startups and venture capital are just another way to be killing the time - at least most of them to be honest. Yet startup founders and VCs think they are above the rest of society for "spurring innovation". Just look at VC profiles on Twitter. Or LinkedIn. Thus they feel they have the right to do a lot of things, including breaking the law, sexually harass women (like that nincompoop Caldbeck) and feeling a generic superiority complex over middle-class people. Not to forget hipster culture. Asshats, all of them.
You're soooo right about that. The guys in Silicon Valley have their heads so far up their asses its unbelievable. All the progressiveness they promote is just a facade for PR, I don't think they actually truly care
you are just mad your startup didn't get funding, hehe jk
yea that is what a lot of people dislike about the techies, is that they think they are gods fucking gift to all of humanity by building apps , i think the pic i posted earlier pretty much shows a big difference between that personality type and finance
this is why @Angel Molester" is so funny when he makes fun of these types of people,
Bro what. The only people who did a startup are the idiots who were not good enough for banking? Lmao. Insecure much lately?
On top of that, base is comparable (+/-) at tech companies. The only upside in banking is the bonus, because IB fees are huge profits to the banks since they take 0 input. Is absic economics. Also, it's basic Econ to feel like you have an impact in tech, since you do, given that you're more important in terms of what you're able to bring to the table. There are no ideas, no improvements, no innovations, no upgrades by you getting hired at banks.
They will throw you into the fire and keep pumping up the revs in the machine. That's it. The only reason they want 'smart' kids from top schools is because they fit the tradition of blue shirts and nice shoes, and are A-type personalities who have an opinion on the Oxford comma and an eye for the difference in different hues of blue.
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