- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: How do you feel about young NY investment bankers being worked 80-100 weeks?
Posted on 5/9/24 at 8:08 pm to Saunson69
Posted on 5/9/24 at 8:08 pm to Saunson69
Dumb question, but what do these guys actually do all day? Like, I get an attorney feeling pressured to bill 18 hour days or something. But, what does it matter if some young punk is in the office for investment banking 10 hours versus 18 hours?
3
Posted on 5/9/24 at 8:09 pm to Thundercles
quote:
There's a slew of new conversation this week after a 35 year old guy dropped dead from being "overworked" and now people are coming out of the woodwork claiming horrible conditions and demanding "change". This happens every 2-3 years it seems (the complaints, not dying suddenly), and it's always the younger ones. LINK / For reference, these guys are getting paid ~160k out of college with hefty annual bonuses but in return they're expected to be on call about 18 hours a day for two years to make tiny changes and updates and do research for their superiors. If they make it through that meat grinder they enter the making millions territory and that's why they stay around. My take? frick em. There are a million jobs where you can relax and get paid 1/3 of what they earn. No one is forcing them to take and continue in these jobs, and there are a thousand people that want to do it for every one person that can't hack it. What say you?
I spent a summer in M&A advisory before moving on to data science and analytics (where real shite happens) and I can’t tell you why this industry glorifies long hours. Not needed.
Anyone can do that line of work. It just requires PowerPoint for information memorandums and pitch books, Excel for “creatively” generating graphs to put in your PP deck for partners to sell, and stimulants to deal with the abuse.
The rest is bullshite and very non technical.
Posted on 5/9/24 at 8:09 pm to Bunk Moreland
Emails and excel spreadsheets from what I understand
Posted on 5/9/24 at 8:09 pm to Shunface
quote:
160k in New York ain’t shite. If you’re not making a million you’re lower class.
If you’re in your early to mid 20s and it offers the gateway to making millions a year it’s just fine for a few years. This board is insane with its money takes sometimes.
This post was edited on 5/9/24 at 8:11 pm
Posted on 5/9/24 at 8:10 pm to Tvilletiger
quote:
My cousin worked for Goldman Sachs in NYC the bonuses those guys get are absolutely insane like insane.We are talking like 2 mil bonuses.
Take that with a huge bag of salt.. just know that “those guys” your cousin is talking about arent the rank and file, those are guys who probably sacrificed for 10 or 15 or 20 yrs , who are now getting the multi-million bonuses.. that’s fine, just dont confuse people by saying “those guys” as if everyone who takes one of these jobs winds up making it through the gauntlet and lasts long enough to collect those types of bonuses .
Posted on 5/9/24 at 8:12 pm to Thundercles
quote:
35 year old guy dropped dead from being "overworked"
Should have got a standing desk.
Posted on 5/9/24 at 8:15 pm to X123F45
quote:
a dad eho has worked 60 hours a week for the last 7 years, commuted an hour each way, and I have a significant amount of property I maintain, I'd tell them to stop being a bunch of bitches.
I work in the Mississippi heat from 4-5 am to 6-7pm 7 days a week. I’ve hit 100 hours many times, and that’s not “being on call” or doing phone calls, paperwork, etc. That’s being in the heat fixing equipment, treating ponds, feeding fish, bushhogging, seining, etc.
These investment bankers can kiss my arse You
Posted on 5/9/24 at 8:16 pm to Thundercles
I came out of school in O&G service where 80 hrs was damn near mandatory and 120 hrs was pretty usual.
All the while dealing with 1000s of psi and tons of iron swinging around you miles out in the ocean. And damn sure no where near $160K coming out.
You won't get any sympathy from me.
Just like I knew when I took the job, that shite comes with the territory.
All the while dealing with 1000s of psi and tons of iron swinging around you miles out in the ocean. And damn sure no where near $160K coming out.
You won't get any sympathy from me.
Just like I knew when I took the job, that shite comes with the territory.
This post was edited on 5/9/24 at 11:44 pm
Posted on 5/9/24 at 8:22 pm to Thundercles
The guy died of the vax not being over worked
Posted on 5/9/24 at 8:24 pm to lynxcat
This thread is about their job, but these guys did similar work to get out of school. To get the best jobs, they had to prove they were the best of the best at school.
Silicon Valley was like that in the 70’s and 80’s. We were paid stupid numbers, but the pressure was tremendous. You couldn’t be second to the market. If you were late, your performance had to be 2x, or your price had to be 1/2. If you did both, you could become the new market leader and makes millions for your company. And as soon as your design hit the market, you had to do it all again with version 2.
Silicon Valley was like that in the 70’s and 80’s. We were paid stupid numbers, but the pressure was tremendous. You couldn’t be second to the market. If you were late, your performance had to be 2x, or your price had to be 1/2. If you did both, you could become the new market leader and makes millions for your company. And as soon as your design hit the market, you had to do it all again with version 2.
Posted on 5/9/24 at 8:24 pm to Bunk Moreland
quote:
Dumb question, but what do these guys actually do all day? Like, I get an attorney feeling pressured to bill 18 hour days or something. But, what does it matter if some young punk is in the office for investment banking 10 hours versus 18 hours?
Build financial models with a million difference scenarios. And they’re usually running 50 deals at once.
Posted on 5/9/24 at 8:25 pm to SouthPlains
quote:
As an aside, I’ve noticed an interesting approach at startup SaaS companies with engineers in particular
There was a wild phenomenon called "rest and vest" with silicon valley engineers for a long time, pretty much from 2010 to 2022 where they would just cruise through the day doing minimal work making really good salaries with handsome stock awards, so would just take the easy route through the four year vesting schedule and then go on to the next place.
I'm reading it's getting significantly harder for them to pull that off after Elon pulled the curtain back and revealed that a ton of these guys don't do shite all day.
Posted on 5/9/24 at 8:26 pm to saintsfan22
Margin Call was about a boiler room operation pitching penny stocks. This about working at a real investment bank.
This post was edited on 5/9/24 at 8:27 pm
Posted on 5/9/24 at 8:27 pm to Saunson69
quote:
You're not quite at 1 mil at VP level.
shite I made twice that last with a couple of crews of rednecks running directional boring machines beside and under roads. My MBA came from a much less reputable school so I never qualified for the prestige of IB, and the corresponding pay cut.
These people signed up for this, no sympathy here. One thing I notice about ivy leaguers is that they must be paper pushers. They could never do anything else.
Posted on 5/9/24 at 8:31 pm to CHGAR
It’s the old Wall Street adage. Turning other people’s money into yours. Trust me, I was a broker for seven years, they give zero shits if their clients make money.
Posted on 5/9/24 at 8:36 pm to CHGAR
quote:
shite I made twice that last with a couple of crews of rednecks running directional boring machines beside and under roads. My MBA came from a much less reputable school so I never qualified for the prestige of IB, and the corresponding pay cut. These people signed up for this, no sympathy here. One thing I notice about ivy leaguers is that they must be paper pushers. They could never do anything else.
I majored in petroleum engineering before the crash of 2011 (still a LSU fan for some reason) and then got lucky as shite and transferred. M&A is bullshite but they don’t deal with the volatility that you do, no? More like create it.
By the way, I’d prefer to be 1 month on and off on an oil rig in the gulf than be stuck pushing documents. Thanks for doing something good for society.
Posted on 5/9/24 at 8:39 pm to VooDude
You still in O&G ?
Posted on 5/9/24 at 8:49 pm to glassman
Margin Call is basically any major investment bank in 2008. Industry on HBO is also like that but set in today’s world.
Wolf of Wall Street and Boiler Room are about selling penny stocks and pump and dump scams.
Wolf of Wall Street and Boiler Room are about selling penny stocks and pump and dump scams.
Posted on 5/9/24 at 8:51 pm to Shunface
There is a whole lot of space between 160K-1 million, lol
Posted on 5/9/24 at 8:58 pm to deltaland
quote:
I work in the Mississippi heat from 4-5 am to 6-7pm 7 days a week. I’ve hit 100 hours many times, and that’s not “being on call” or doing phone calls, paperwork, etc. That’s being in the heat fixing equipment, treating ponds, feeding fish, bushhogging, seining, etc.
I dont mean to sound sarcastic- but how in the world do you find time to post on tigerdroppings ? If i had ur schedule id be passed out sleeping during my off hours, I don’t think im the only one .
Page 3 of 9
Back to top
Follow TigerDroppings for LSU Football News