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]
October 17, 2012: “In addition to a five-story, 850,000-square-foot office, the campus for Bridgewater Associates calls for a helipad, a floating recreational barge, a restored estuary and a marina…Made up of two long, curved buildings joined in the center by bridges and paths, the structure is poised to become the most striking presence on the Stamford coastline. The project’s goal, according to the coastal site plan application, is ‘to house a corporation in an environment that fosters personal interaction and a strong connection to the living world.’” June 27, 2014: “After careful examination and reflection surrounding the challenges, time, energy, and resources needed to bring the proposed Stamford project to completion, we have decided not to proceed with the move.” [AP]
I don’t know what exactly it is a metric of—the economic crisis? healthier eating habits? better taste? the inexplicable success of that extremely annoying actress playing Wendy in the commercials? the cannibalization of its flagship product by the McRib?—but a McDonald’s milestone has been delayed.
According to leading economists and actuarial scientists (McDonald’s itself no longer calculates such things), Ray Kroc’s little hamburger stand was poised to sell its 300 billionth burger this year. But no more. Read more »