Over three-quarters of Wall Streets junior bankers desire to quit their jobs despite big banks hiking compensation to record highs through the pandemic, in accordance with a fresh survey.
The analysis, conducted by UpSlide, found 76% of bank analysts or first, second and third-year bankers said theyd take less overall for more flexible hours and much more work-life balance. Indeed, 86% of junior bankers said that they had to take days off because of the stress of these grueling responsibilities.
Another 33% said they werent in a position to use almost all their vacation days because of the demanding schedules, while 72% of respondents said these were pushing to help keep their hybrid work schedules amid worries to be forced to come back to any office five days weekly.
It remains a demanding culture, but juniors spend lots of time on repetitive tasks, Rob Jones, chief operating officer at UpSlide, a small business software consultant, said in a statement.
Juniors want banks to take restrictions on working hours seriously, and minimize the necessity for weekend working and after hours by avoiding wasting time on a few of these tasks, he added.
This past year, a leaked slideshow presentationpublished by 13 junior Goldman Sachs analysts detailed complaints about 100-hour work weeks. Some employees grips of shifts so long as 20 hours that left them short amount of time to consume, sleep or shower, claiming that the grind damaged their physical and mental health.
The complaints led Goldman and JPMorgan tovow to employ more staffwith the latter pledging to improve its headcount by 200. Private equity firm Apollo Global Management has reportedly offered some associates just as much as $200,000 to hang in there.
Elsewhere, Citibank CEO Jane Fraser told employees she wasbanning Zoom meetings on Fridaysto handle Zoom fatigue. Investment bank Jefferies even offered its junior staffers a Peloton bike as a many thanks for working extended hours.
While bonuses on Wall Street hit record highs this past year as financial giants like Goldman Sachs and JPMorgan grappled with a dire insufficient bankers amid a surge in dealmaking, its unclear if compensation will stay as high this season.
As economic headwinds loom, jobs could become tighter and analysts could be forced to suck up complaints, some senior bankers suggest. Some are also confessing to some schadenfreude because they watch the junior set finally facing reality, The Post has previously reported.
Most of the little fkers were unhappy in March (before bonuses), one senior banker told The Post. Most entitled group ever sold of mankind.