You seem pretty ill informed. Are you seriously thinking that companies pay tens of millions for advice in exchange for some newbies hanging around and putting together a few PowerPoint slides? Sourcing the data and information and connecting the dots is where the value on the banking side lies. Plus working with lawyers to come up with "innovative" solutions. Not saying the juniors do any of the high level work but nobody gets paid 100 to 200k just for adding slide show effects.
goldman sachs peasants
- Thread starter stochastix
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Total illusion. Nobody, even in the US, earns remotely those numbers you mentioned. If they take home 250k in their first years then they do well. And nobody jumps into private practice at the beginning. Nor does anyone get hired into private practice right out of med school unless daddy hires. How I know that? Half my family are medical practitioners,and I don't refer to the situation in Canada (entirely different).
98 hours a week??!!!! What does a junior banker do that would require them to spend 98 hours a week working??!!! There is something majorly wrong there. It's either some system/process is majorly inefficient there or there is some major workload imbalance between different departments or sections or different levels in the organization structure.
So glad I am not working for others.
So glad I am not working for others.
They do the grunt work. It doesn't matter what the work is, if they want it done in half the time they make you work double the hours.
What kind of grunt work is that that would require 98 hours? Reading reports of companies, researching about companies?? I thought due to covid, there is a reduction in M&A and everything so what else is there to work on?
for every deal Goldman does, there’s a ton of due diligence, modeling, etc. for every deal Goldman doesn’t do: they still have all that work as they are pitching for deals.
pitching for deals is vying for deals that are in play (like musk announcing Twitter publicly) and trying to create deals (going to a company to convince them to buy another company).
there’s also debt financings, debt restructurings, sale leasebacks, equity offerings, stock buybacks, activist defense, activist attacks, and a slew of other corporate finance activities these guys will be pitching for.
And the teams are small. My sister's husband runs a restructuring team in South America. It’s like 10 guys for 200mm in fee revenue.
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Did you mean wife's boyfriend, or is your wife into polyandry?
I meant my sister's husband (which is even more Freudian).
Did you mean wife's boyfriend
In the moment, people enjoy the work they do; whether they're working long hours or doing it just for the money is beside the point. If you're lucky the money is secondary... it's *all* bonus.. If not, you have my condolences; you'll get there in time.
When I was "on wall street" I liked the prestige more than anything. Then, I realized I was underpaid and constrained so I went out on my own to focus on the interesting stuff. It's better to just pay someone else to do the grunt work IMHO. But we all have different strengths and weaknesses so one man's grunt work is an other's catharsis.
The challenge is knowing yourself and finding your niche IMHO. Most junior anything (bankers included) are still working on that, why would they get paid a lot?
When I was "on wall street" I liked the prestige more than anything. Then, I realized I was underpaid and constrained so I went out on my own to focus on the interesting stuff. It's better to just pay someone else to do the grunt work IMHO. But we all have different strengths and weaknesses so one man's grunt work is an other's catharsis.
The challenge is knowing yourself and finding your niche IMHO. Most junior anything (bankers included) are still working on that, why would they get paid a lot?