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How do you feel about young NY investment bankers being worked 80-100 weeks?
Posted on 5/9/24 at 7:14 pm
Posted on 5/9/24 at 7:14 pm
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?
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?
68
Posted on 5/9/24 at 7:15 pm to Thundercles
I blame racism
Posted on 5/9/24 at 7:16 pm to Thundercles
There are so many people chasing the prestige and exit path that comes from working in IB that the institutions can effectively make the shittiest possible working conditions and there will still be thousands upon thousands willing and ready to eat shite.
This post was edited on 5/9/24 at 7:18 pm
Posted on 5/9/24 at 7:17 pm to Thundercles
160k in New York ain’t shite.
If you’re not making a million you’re lower class.
If you’re not making a million you’re lower class.
Posted on 5/9/24 at 7:19 pm to Thundercles
quote:
If they make it through that meat grinder they enter the making millions territory and that's why they stay around.
I mean if this is really true after 2 years I'd say it's fine and probably worth it if you're young.
Something tells me it's not though.
Posted on 5/9/24 at 7:21 pm to Thundercles
I always wanted to be a banker
Posted on 5/9/24 at 7:22 pm to Thundercles
quote:
80-100 weeks
As 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.
Posted on 5/9/24 at 7:26 pm to Thundercles
quote:Feel? It's none of my business.
How do you feel about young NY investment bankers being worked 80-100 weeks?
Posted on 5/9/24 at 7:27 pm to Thundercles
I remember reading "young money", a book about overworked rookies on Wall St. The people the author followed around were all miserable. Good read
Posted on 5/9/24 at 7:27 pm to Thundercles
Based almost solely on seeing Margin Call, it looked like it sucked and ruled and those guys were kinda shitheads.
Posted on 5/9/24 at 7:29 pm to Thundercles
Weakness. We were grounded to a stump after year 3 but year 4 they approach you with the olive branch that is a normal existence and $500k to survive. What they don’t tell you is that along the way you’re showered with opportunity that will come from no where else other than those jobs. I ended up getting poached by a PE firm. While it was a completely different speed, the guys above me were all ex guys too so it was a right of passage and could only get that job because of my previous experience.
Fast forward to today, my wife (no pics), is in her 7th year post med school, residency/fellowship and finally getting a job. These pussys can’t handle three years, while my wife gave birth to two kids, researched a project that will soon be adopted by the PICU community, and made no more than $72k along the way. These kids are soft.
Fast forward to today, my wife (no pics), is in her 7th year post med school, residency/fellowship and finally getting a job. These pussys can’t handle three years, while my wife gave birth to two kids, researched a project that will soon be adopted by the PICU community, and made no more than $72k along the way. These kids are soft.
Posted on 5/9/24 at 7:29 pm to Thundercles
quote:
How do you feel about young NY investment bankers being worked 80-100 weeks?
They know what they signed up for.
It's no different from an employee who starts with a company and then starts complaining about their pay. In both cases, the expectations and pay scale were known in advance. If they didn't agree with it, they should not have raised their hand to join the organization.
Posted on 5/9/24 at 7:29 pm to Thundercles
I had 2 IB offers post MBA. The culture is so bad, not just hours but how bosses are. Stereotypes are usually true. The 80 hours don't end 2 years in. They last until VP/SVP level at 35-40. Maybe 70 hours at 40 years old. Maybe 60-65 hours at 50. If you show up after your boss to work or leave before him, you can kiss the job goodbye. There's also fewer spots as you go up.
I went to a top 10 MBA and talked with every bank/studied what all they did. Turned it down for a job that pays a lot more per hour.
My company just got a new UT grad that had competing offers for Investment banking analyst from JP Morgan and Goldman Sachs. That's the very tip top for finance. Hundreds of thousands going for maybe 150 spots. We also have another analyst that did an internship with Credit Suisse IB and declined full time offer to work for us. An MD worked at Jefferies IB as well. All these guys say it isn't worth it. I luckily work for an excellent startup company with shares that will 10x if we get the license for a certain project.
My prior boss did Investment Banking, the dude would threaten to fire me if one single column on an excel sheet with 20 pages was 1 pixel larger than the other columns. He sent me a 5 paragraph email telling me how inappropriate it was that I started an email with "Hello" or "Hi". He was so toxic. Biggest surprise to me was that he had a wife. I could not wrap my head around how any woman would want to spend her life with him.
I went to a top 10 MBA and talked with every bank/studied what all they did. Turned it down for a job that pays a lot more per hour.
My company just got a new UT grad that had competing offers for Investment banking analyst from JP Morgan and Goldman Sachs. That's the very tip top for finance. Hundreds of thousands going for maybe 150 spots. We also have another analyst that did an internship with Credit Suisse IB and declined full time offer to work for us. An MD worked at Jefferies IB as well. All these guys say it isn't worth it. I luckily work for an excellent startup company with shares that will 10x if we get the license for a certain project.
My prior boss did Investment Banking, the dude would threaten to fire me if one single column on an excel sheet with 20 pages was 1 pixel larger than the other columns. He sent me a 5 paragraph email telling me how inappropriate it was that I started an email with "Hello" or "Hi". He was so toxic. Biggest surprise to me was that he had a wife. I could not wrap my head around how any woman would want to spend her life with him.
This post was edited on 5/9/24 at 7:56 pm
Posted on 5/9/24 at 7:30 pm to Thundercles
quote:
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.
This.
Posted on 5/9/24 at 7:32 pm to Thundercles
Meh, this is and always has been part of the gig. Ludes and coke is how the guys in the 80s survived.
It’s a similar lifestyle for young associates at top tier law firms in mid/major markets. Sleeping at the office, always bringing a change of clothes, skipping meals etc. comes with the territory. Either you make partner track after 5-7 years, or you “wash out” and move to a smaller firm or cushy (but not as well compensated) in-house counsel position with one of your firm’s F500 clients.
In any event, you’re financially better off than most people unless you spend like an absolute retard. Whether it’s a fair trade off is for them to decide.
It’s a similar lifestyle for young associates at top tier law firms in mid/major markets. Sleeping at the office, always bringing a change of clothes, skipping meals etc. comes with the territory. Either you make partner track after 5-7 years, or you “wash out” and move to a smaller firm or cushy (but not as well compensated) in-house counsel position with one of your firm’s F500 clients.
In any event, you’re financially better off than most people unless you spend like an absolute retard. Whether it’s a fair trade off is for them to decide.
Posted on 5/9/24 at 7:35 pm to Thundercles
quote:
worked 80-100 weeks?
Sign me up. I've put in over 2000 weeks so far
Posted on 5/9/24 at 7:38 pm to Thundercles
quote:
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.
Sounds like a good deal. They're not surgeons
Posted on 5/9/24 at 7:41 pm to Thundercles
I don’t care because the work they do is a net negative for society.
Posted on 5/9/24 at 7:45 pm to Thundercles
quote:
If they make it through that meat grinder they enter the making millions territory and that's why they stay around.
Sounds like successful startup companies.
The harder you work your arse off for peanuts early in your career the more you’ll make the rest of your career.
Posted on 5/9/24 at 7:47 pm to Thundercles
quote:
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 job
Correct
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