“Look, I’m in this to make money. That’s what I do. The fact that it might hurt Ackman, I’m not going to run and cry and do penance. You might like to say that it’s the strawberry on top for me, that’s up to you.” [Barron’s, related, earlier]
Investment banking continues to be a laborious, tedious practice. Banks are implementing ways to boost retention by instituting policies designed to reduce number of hours / frustration associated with the job – 100hr work weeks are still common.
Fundamentally though, not much has changed over the last 15 years. Take financial modeling for example, which remains one of the most time consuming aspects of investment banking. Even today, models can take hours or days to put together. Building a good model requires years of training and a mastery of advanced accounting and finance concepts. Given almost every company reports and behaves differently from an operational standpoint it becomes difficult to use a universal template to build models for varying situations. Read More >>
An unprecedented act of generosity has taken place.