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By the time Vince Iyoriobhe joined the US Bank’s investment department in 2017 as a new analyst, he was planning to spend as much time as he could to get the experience he needed to pursue his dream career in another financial sector – the private equity sector. .
“I knew in that look that he had succeeded,” said Mr. Iyoriobhe, 26. But his attitude was: “I’ll do it for two years, and then I’ll do something else.”
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In the twentieth century, investment banks – advising large corporations on their most pressing needs – were one of Wall Street’s most influential professions, best-selling by writers such as Tom Wolfe and Michael Lewis in the 1980s. Each year, thousands of young candidates seeking the opportunity to start their analytical careers at Goldman Sachs, JPMorgan, Salomon Brothers and other banks – high-level positions that teach entrepreneurs how to build financial structure and evaluate business.
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They have accepted long hours of work, and for that reason, they have accepted lightning strikes to earn a million jobs. Also, each analysis phase gave banks a reliable gift line.
But the new university graduates do not want to go through the difficult two-year analysis program, even though the salary is about $ 160,000. This is because the profession in other areas of technology and the world of finance promises good working hours and speed. The epidemic has forced many to re-examine their health at work, reinforcing the idea. Like Mr. Iyoriobhe – who spends 90 hours a week at the Bank of America, sometimes going home to bathe – he is ready to do so in the short time it takes to put it on his CV. He now works in a private company.
Ben Chon, a 27-year-old entrepreneur who collected more than 100 people in a video posted to YouTube in February, says JPMorgan Chase has resigned from his job as a health banker at the San Francisco office. , 000 See.
Mr Chon said he appreciated everything he learned as an analysis, but added: “You don’t control your life and you do it even if you don’t want to.”
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It is difficult to track the number of people applying for banking analytics programs, but business school information that includes a large portion of investors can show that they are interested in banking interests. Last year, five of the top business schools in the United States sent an average of 7 percent of graduate students in business management to investment banking positions, up from 9% in 2016. Wharton School in Pennsylvania, where 12 percent of bankers are MBA students by 2020, compared to more than one-fifth of the school in the last decade. Harvard has sent only 3 percent of its 2020 tuition.
In a survey conducted by Instagram on the Millennial Career Polls website, a former investment banker who wanted to set up a site to help young professionals in their careers, 79 percent of the 139 respondents said they thought banks would be an unwanted profession. more in the future than when they came in. In February, 13 Goldman analysts showed their executives a PowerPoint presentation showing long hours and poor health.
“Lack of sleep, high-level bank treatment, mental and physical stress … I went through help, and it’s really bad,” said one unnamed analyst who was involved in the interview.
“The industry is not as exciting as it used to be,” said Rob Dix, Accenture’s financial services consultant. “Employees want a mixed model, and banks say no,” he said, referring to coordinating individual and remote activities. “The message is: Banks know this, we have a model to do it and you will match that model.”
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Although big bank executives have recently spoken out against the return of employees to the office, many are paying close attention to the concerns of their young employees. Goldman CEO David Solomon, in a profit call this month, said the company would pay for the competition and increase the prize money. Goldman also follows the rules of not working on Saturdays. JPMorgan uses technology to perform some of the analytical tasks, and has recently hired more than 200 bankers to ease the pressure, especially during the past year.
Wall Street Prep, which helps train prospective bankers in the industry, says first-year bank analysts in New York can earn $ 160,000 a year, including bonuses. However, many companies, including Citigroup, Bank of America, JPMorgan and Barclays, have increased the salaries of small bankers. Credit Suisse paid $ 20,000 to small bankers, describing it as a “living reward.”
Jefferies, another investment banker, offered Peloton bicycles, Apple watches and other opportunities to thank more than 1,100 analysts and their partners, who have been following up on their hard work during the epidemic. In a July 1 letter to employees and customers, the bank’s CEO, Rich Handler, and its president, Brian Friedman, wrote that Jefferies’ employees “went through a difficult time in our work.”
Also, banks loved the culture of working in the 1980s, when Mr. Wolf’s “Fire of Gaps” was remembered as Wall Street as the home of “the masters of the heavens and the earth.” Young analysts worked long hours, taking orders for coffee and food to win, enduring stupid things such as giving business tickets, and being insulted and insulted. In contrast, when new products, such as loans supported by corporate mergers and acquisitions, have generated huge profits, they have found a place in one of the most lucrative business ventures available.
Dec 17, 2022 San Francisco / Ca / Usa
Carlos Hernandez, right, and Jamie Dimon, CEO of JPMorgan, joined the investment bank in the 1980s, in 2015. Credit … Lucas Jackson / Reuters
Some of the biggest bankruptcies today, including John Valdron, president of Goldman Sachs, started in that era of pride; Sharon Yeshaya, Morgan Stanley’s new chief financial officer; and Carlos Hernandez, JPMorgan’s director of investment and banking.
In the aftermath of the 2008 financial crisis, banks lost a lot of money as the Silicon Valley began and private companies moved from small businesses to asset management. New options can promise benefits such as faster and larger pay, better working hours, higher corporate visibility, and pet ownership. At a young age, the role of bank analysts seemed difficult, at least for a long time.
In recent years, employers at major private companies such as Carlyle and Blackstone, who have managed billions of dollars for customers and for companies, have begun to look for analysts before they start working.
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Brian Moynihan, CEO of the Bank of America, said it was not necessary to do so. “They are very talented children, especially in banking,” he told Bloomberg TV earlier this month. “And there’s a lot to offer from private equity and other things we teach our customers, and that’s great.”
Jamie Lee, 37, who worked in banking before launching an investment firm this year, said: “The technology sector has completely changed the game.” “The cost of staying at a job where you don’t get the medicine you want is very high.”
In 2014, Jamie Lee advised his son Jimmy, one of JP Morgan’s best bankers, not to do analytical work with his father.
Mr. Lee’s father, JPMorgan’s banker Jimmy Lee, was one of the most prominent players in his field, advising companies such as Facebook and General Motors before his death in 2015. In the mid-2000s, his father asked him to refrain from analytical programs. .
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Mr Lee recalls: “Honestly, J, I’m not sure if I want this, because I’ve seen us use these kids. “
For many young workers, where the plague only reflects the unpleasantness of the investment bank, a lot of compensation is not enough – and other professions have changed the business policy from a more comfortable home.
Armen Panossian, an undergraduate at Rutgers University, has training in the equipment department at BP’s energy company and hopes to do so at a similar time after college. He said the epidemic was one of the main contributors to 9 to 5 more jobs.
Eden Luvisis, a 20-year-old finance, computer and mathematics major at Stevens School of Technology in Hoboken, wants to work in fintech, but plans to become an engineer in a large bank – a financial profession that could lead him. as expected.
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“I have never been more interested in traditional banks,” he said. “For me, it’s always a big part,” that is, the role of grain analysis.
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