junior bankers

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 »

Hundreds of undergraduates are starting internships at banks this summer, typically eight to 10 weeks with a salary equivalent to £45,000 a year. Soon follow the graduates, starting their careers as banking analysts, earning about £45,000 plus bonus. The median salary reported by university-leavers last year was £20,500… At the banks, there is a concern they might not meet the younger generation’s expectations. Bruce Tulgan, author of Not Everyone Gets a Trophy, characterises this cohort as worldly, precocious and needy. Used to instant feedback and hands-on parenting, they are less likely to toil away quietly, paying their dues. Not yet teenagers on 9/11, they entered university in a recession that made many suspicious of institutions. One graduate had this to say to Mr Tulgan about financiers: “I know they think they are masters of the universe, but the Soviet Union disappeared overnight. So could they.” [FT]

It’s called orientation and training and it’s such a rare and unique time in junior mistmakers’ lives that one guy recounted his own experience to Dealbook as though it was the greatest thing that ever happened to him. Read more »

Report: Hell hole regularly avoided at all costs still being avoided this week. Read more »

After sending out a memo yesterday informing junior employees that vacations are now mandatory and one weekend a month must be spent outside the office, management reiterated: Read more »

Like JP Morgan, Citi’s junior bankers will now have one weekend a month to spend as they please (though keep those Blackberries on), according to a memo sent out today. Read more »

BMO’s initiative actually began over the summer, before Goldman Sachs, JP Morgan, Bank of America, and Credit Suisse decided to throw their young a bone. Like JPMorgan, BMO’s new rules include a “protected weekend,” though unique to the Canadiens’ plan is a clause that states senior managers wishing to assign work after 2PM on a Friday must receive written permission from their bosses, something execs at the aforementioned banks would likely ponder for a moment, laugh, and then have the person who proposed the escorted out of the building by security. Read more »