Dating as an investment banking analyst
Dating as an investment banking analyst - Warum will mich keine frau kennenlernen
Perhaps a bigger problem with protected weekends is a suspicion among analysts that the time off is coming at a cost—in this case, their bonuses.“A huge perception among folks I’ve talked to is that the reason these policies are becoming more important is because the banks don’t pay the way they used to,” a source at Bank of America says.
Then again, if money really is all that matters, finance might still be in a bad place to compete against the Facebooks, Googles, and startups of the day—especially when it seems as though every other week another young co-founder pockets a cool couple of millions for just a few months’ work.
Wells says that letting Goldman Sachs analysts take Saturdays off has had no impact on their salaries and bonuses, though the firm did grow its 2014 analyst class by 14 percent.
Even should the rumors prove unfounded, if the prevailing sentiment is true—that junior bankers want more money, not more time off—then Wall Street has it all wrong with protected weekends.
“There’s less of a culture of ‘We have to work on weekends’ than there used to be, and I think that’s been very positive.” Within the competitive world of banking, such a notion was practically unheard of.
For years, elite college graduates had served their time in junior roles at top firms, slaving away at 100-hour workweeks and sacrificing friends, family, holidays, sanity, and certainly weekends in the mix. “This policy gave junior bankers permission to tell themselves they don’t need to be in the office,” another analyst says.
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Before the financial crisis, a top-tier bonus for a junior banker was expected to exceed that person’s salary and easily hit six figures.
Now, as many banks have expanded their incoming analyst classes to help distribute workloads, rumor is that the highest bonuses for analysts will be closer to ,000—even though bonuses on Wall Street increased an average of 15 percent last year.
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The hours upon hours spent chained to a desk were a badge of pride, something that—alongside a healthy end-of-year bonus—demonstrated true success in the business. “This job attracts a lot of people who are highly anxious and highly motivated to perform well, and they might be the ones putting the most demands on themselves.” David Wells, a spokesman for Goldman Sachs, says in an email that teams are managed closely to ensure that analysts get their protected time off. “The feedback we’ve received has been overwhelmingly positive.” But as with most things, the policies have come with imperfections and tradeoffs.