…per the instructions enclosed in a letter sent out by CEO Richard Handler and Chairman Brian Friedman. The short version: Treat junior level employees like they are humans and not life-sized pieces of garbage. The longer version: Read more »
Get Ready To See A Lot More Instances Of Jefferies MDs Sidling Up To Analysts And Awkwardly Asking, “Soo…You From Around These Parts?”By Bess Levin
The youngest members of the House of Corbat got a little extra something in their stocking (beach bag? man or lady satchel? giant canvas sack with a dollar sign on it?) this time around. Read more »
Well, raises for everyone at Goldman Sachs, Morgan Stanley, and Bank of America. JP Morgan and Citi are still pondering this one. Read more »
Groundbreaking Research Reveals Junior Bankers “Fairly Pleased About” Not Working 100 Hour/Week AnymoreBy Bess Levin
Over the past year or so, every major bank on Wall Street has implemented policies aimed at improving the lives their youngest employees, analysts, from absolutely miserable to relatively tolerable. Citi gave Saturdays (but not Sundays) off. Credit Suisse also went for the 36-hour weekend. Bank of America said that while it did “not encourage weekend work” in the first place, its junior bankers should feel free to take “some weekends off.” JP Morgan introduced the patent-pending “protected weekend.” Goldman Sachs barred junior bankers from entering the office between 9PM Friday and 9AM Sunday (with the expectation that they would “check their blackberries on a regular basis over the weekend“).
To the outside world, these changes seemed reasonable and maybe even long overdue. But inside, there was a fear that it was possible this was all happening too fast. After years of being told to not make plans, ever, that the only personal relationships they could have would be with their desk and chair, and that they were to be reachable at all times via Blackberry, whether Pop-Pop was on his deathbed or not, how would the junior bankers take to all this freedom? Would they know how to exist in a world in which they only had to work 80 hours a week? Would they even like it? Or like prisoners who’ve adjusted to life under their captors’ regimes, or house cats that suddenly find themselves out in the jungle, would they be unable to adjust to and navigate an existence post-release, wishing to go back to comforting if confining lives they once knew?
It’s not all “if you don’t like your pay STFU or GTFO” tough love over at the House of Gorman. The firm’s oldest junior bankers are getting a nice little bump to their compensation to help out with liquidity issues they might be facing. Junior junior bankers are getting hope that they might one day get raises too. Read more »
Bank Of America Enlisting More Pitchbook-Makers To Spread Around The Pitchbook-Making ResponsibilitiesBy Bess Levin
Gone are the days of working until 2AM on an assignment. Staying only until midnight will be the new and exciting way of doing things. Read more »