Tags: junior bankers, junior mistmakers, science, surveys, this is wild
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?
The answer may surprise you. Read more »
Tags: BlackRock, Charlie Gasparino, Charlie Gasparino:Senior Crowbar Correspondent, executive suite players, friends of Charlie Gasparino, Larry Fink, surveys, Treasury Secretaries
“My survey of Wall Street executives [shows] Jack Lew in the running for this job…They think that he’s the most likely guy to be Treasury Secretary at least that’s according to the people I talked to: major Wall Street CEO’s and executive suite players that I deal with…The other guy that’s out there is Larry Fink CEO of BlackRock. I will say this, Larry Fink is a guy I know very well. I consider him a friend. The upside to Larry is clearly that there is no smarter guy on Wall Street that I know right now. He really understands the business…I think Larry wants the job. The negative is that he is really associated with the Wall Street crowd. That is something that I don’t think the Obama administration would go for.” –Charles Gasparino, close personal friend of Larry Fink [FBN]
Tags: "commercial means", "shoes", flippie-floppies, Harvard Business School, I went to Harvard...y'ever heard of it?, MBA v CFA, one night stands, surveys
For its 25th reunion last year, the members of Harvard Business School’s class of 1986 were asked to fill out an 85 question survey to give their former classmates a picture of where life has taken them since the gang parted ways. In addition to standard queries like “how much money are you making” (median annual net income: $350,000, median personal net worth: $6 million), “did you start a business” (36 percent said yes), “was choosing to attend Harvard Business School the best decision you’ve ever made” (48 percent responded that it was “one of the best decisions of my life,” 1 percent boldly claimed “it was not a particularly productive use of my time or money”), and how many times have you been laid-off and/or fired (4 percent have been “involuntarily dismissed” three times, 13 percent twice, and 47 percent once) the questionnaire writers dug quite a bit deeper to find out that: Read more »
Tags: bonus watch, bonuses, surveys, that's helpful
Forty-five percent of respondents said “bonuses matched their expectations,” 11 percent received “a higher payout than they had anticipated,” and 34 percent were “disappointed by their bonus.” The results included financial services employees whose compensation was communicated by January 16, which means it excludes those who work at Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, Credit Suisse, and Deutsche Bank (Update: and UBS). [Bloomberg]
Tags: affairs, mothers, secretaries, statisitics, surveys
According to a new study, the results of which are somewhat suspect, among the seventy-two percent of bankers who’ve supposedly had an affair, 63 percent of the males “said that they were convinced their wives knew about their affairs,” versus 3% of female bankers who said the same of their husbands. Here are a few other details respondents got off their chests: Read more »