I hear, anecdotally(n<10) that things are very bad at analyst/associate levels at BB banks right now. They send surveys around about how much people are working(what they are actually writing down and reporting, though hours aren't actually billed anymore) and people are averaging 90-95 with >100 spike bad weeks.
What I hear is that revenue is at record levels, deal flow is so high they can't keep things staffed and are pulling in junior bankers from lower tier shops. Bonuses were reportedly bad(in spite of record revenue) because of the 'optics of bankers getting big bonuses during covid' which sort of breaks the bargain of working 90-100 hours a week.
I'm shocked at the attrition I've heard of. For being such a high barrier to entry club(MBA, lots of 'networking', a hazing summer analyst/associateism, etc) people are bailing in crazy numbers. I am aware of a group(an incredibly high performing group, tons of deals, tons of S-1s that hit HN this year) where 80% of 2nd year associates have already left(since the cohort started).
Everyone knows that "bankers work a lot" but even among a friend group of MBB consultants, medical residents, buy side folks, etc -- the bankers have it the worst, and the comp is not really better unless you stick it out a long time.
What I hear is that revenue is at record levels, deal flow is so high they can't keep things staffed and are pulling in junior bankers from lower tier shops. Bonuses were reportedly bad(in spite of record revenue) because of the 'optics of bankers getting big bonuses during covid' which sort of breaks the bargain of working 90-100 hours a week.
I'm shocked at the attrition I've heard of. For being such a high barrier to entry club(MBA, lots of 'networking', a hazing summer analyst/associateism, etc) people are bailing in crazy numbers. I am aware of a group(an incredibly high performing group, tons of deals, tons of S-1s that hit HN this year) where 80% of 2nd year associates have already left(since the cohort started).
Everyone knows that "bankers work a lot" but even among a friend group of MBB consultants, medical residents, buy side folks, etc -- the bankers have it the worst, and the comp is not really better unless you stick it out a long time.