Current Events > Your thoughts on junior bankers these days complaining about 100+ hour work-week

(+) Yeah! (+)

Apparently gotten so bad that Goldman Sach's CEO had to make a public address:

https://www.cnbc.com/2021/03/22/goldman-ceo-addresses-junior-bankers-complaints-after-survey-goes-viral.html

Am I the only one with almost no sympathy for those junior bankers? Like, you chose a profession that you knew would have long hours, but you get paid a handsome six-figure salary that sometimes hit 7-figure with bonuses. Why the hell would you complain? There are literally thousands of other junior bankers just waiting to take your spot.

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Really there are people who work 100 hour weeks? Thats 20 hours a day. Doesn't seem possible actually

tho I know you're literally just trolling and always will just in case anyone is confused
when you break it down to cash per hour of say 150k a year with 52 weeks a year
it's still only about $28 an hour which is completely shit

My initial thought was that Goldman Sach's doesn't hire enough people so they overwork their junior bankers (among other positions I'm sure) in an effort to save some money on the company's end.

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lol 100 hours week, thats a little too much

EricDraven59 posted...

Really there are people who work 100 hour weeks? Thats 20 hours a day. Doesn't seem possible actually

those people work weekends as well. but even at 7 days / week that comes out to 14 hours / day. every day.

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You got to be more specific when you say junior bankers, maybe you're were thinking of equity investment managers or something. I've worked in banks and finance for years and I can tell you that there is absolutely no money in this profession for 99.9% of the industry. The only wealthy people are the executives, partners, and shareholders, not the common staff.

I think they should unionize.

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EricDraven59 posted...

Really there are people who work 100 hour weeks? Thats 20 hours a day. Doesn't seem possible actually

Thats because its not 20 hours per day.

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Gainerama posted...

You got to be more specific when you say junior bankers, maybe you're were thinking of equity investment managers or something. I've worked in banks and finance for years and I can tell you that there is absolutely no money in this profession for 99.9% of the industry. The only wealthy people are the executives, partners, and shareholders, not the common staff.

Just using terms from the article, although I think it is confined to junior investment bankers at big banks.

https://corporatefinanceinstitute.com/resources/careers/compensation/investment-banker-salary/

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I bet less hours at the cost of less pay wasnt on anyones suggestion/remarks. If they want to earn that much while working low-miderate hours their going to have to work their way up.

That's how it is for most industry's.

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How are you even meant to have a life outside of work with those hours. At some point that extra money isn't worth it.

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Darmik posted...

How are you even meant to have a life outside of work with those hours.

It's an insanely competitive field and he/she who works the most productive hours gets a shot at the ladders.
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Darmik posted...

How are you even meant to have a life outside of work with those hours. At some point that extra money isn't worth it.

It's not a job for life
Most people burn out by the time their early 30s at best
you do it to make money then take a cushy job
after the cocaine has killed your body

there's nothing glamorous about wall street for 99% of folks working there

higher-ups aside, they only make what they do because of the ridiculous hours

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With that kind of cheddar I could afford a 1 bedroom closet in NYC if I found 1 roommate.

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Middle hope posted...

With that kind of cheddar I could afford a 1 bedroom closet in NYC if I found 1 roommate.

yeah, guy i knew who worked out there shared an apartment with like 4-6 other people, though to be fair he also did it to save as much as possible.

paid off i guess, since he had good info on what to buy at rock bottom prices with those savings after the financial crisis.

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My thought is those same people are likely against raising the minimum wage.