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Only The Good (/Bad) Die (/Quit) Young

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We already know that there’s an extremely high turn-over rate at because of the “sweatshop”-like conditions, but would somebody like to explain the attrition rate of 50% among analysts at Citigroup, Credit Suisse, Goldman Sachs, Lehman Brothers, Merrill Lynch and Morgan Stanley? Surely Dick Fuld isn’t making anyone stitch t-shirts by hand for 16-hours a day as part of his partnership with the Gap. (He knows plenty of less uppity kids in Vietnam).
So what then? Institutional Investor reports that 47-62% of analysts at those firms, who published research in 2003, dropped all coverage by 2006. There was no indication of who switched to other firms, went buyside or retired. The study noted surprise at such steep attrition rates and attributed the highest factors to “commission compression, the sell-side business model changes brought on by the Global Research Settlement, and increased competition for research from the buy-side.” But we want more details—did associates peace because their jobs sucked? Because Lloyd Blankfein was/is too palsy with his employees? Because they wanted to be shepherds? Let’s hear if from the horse(s)' mouth(s).
50% Of Analysts Dropped Out Since '03 [Daily ii]