But the factor the book did not predict…was the decline in pay, after the financial crisis. “I think we misdiagnosed the problem,” says a banker who has worked on how to retain young staff. “It’s not that the junior guys are working too much. It’s that the value proposition changed.” Not long ago, it used to be clearer cut – the work-life balance was skewed towards work but made more easy to swallow by large amounts of cash and stock. “It’s a terrible time to be a banker,” says the bank employee working on staff retention. “You are on the road three days a week. You are getting paid substantially less than you were getting paid five years ago.” Another senior banker admits he enjoyed his first $1m year before he was 30 – which was a realisable ambition for young analysts entering the trade a few years ago. Today, it is a long-shot. [FT via Lauren LaCapra]

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  1. Posted by TJM | August 11, 2014 at 11:32 PM

    Why are you grouping yourself with "the people"? Did you actually work at a brokerage firm in order to observe this behavior you speak of? If so wouldn't this make you one of them???

    Lose the bitterness champ, if the above is describing your work ethic its no surprise that you aren't employed at a broker earning the big bucks. Bitching about it on the internet isn't going to help…