More than three-quarters of Wall Street junior bankers want to quit their job, a new poll says — even as big banks have raised compensation to record levels during the pandemic.
An analysis by UpSlide found that 76% of banking analysts — first, second, and third-year bankers — said they would take less pay for more flexible hours and a better work-life balance. In fact, 86% of junior bankers said they had to take days off because of the stress of their grueling responsibilities.
Another 33% said they can’t take all of their vacation days due to their busy schedules, while 72% of respondents said they are pushing for hybrid work schedules because they fear having to return to the office five days a week. .
David Solomon has been pushing for staff to return to the office, although many young bankers want to keep the hybrid working model. Bloomberg via Getty Images
“It remains a demanding culture, but juniors spend a lot of time on repetitive tasks,” said Rob Jones, chief operating officer of UpSlide, an enterprise software consultant, in a statement.
“Juniors want banks to take working time restrictions seriously and minimize the need for weekend and after-hours work by avoiding wasting time on some of those tasks,” he added.
Last year, a leaked presentation by 13 junior analysts at Goldman Sachs detailed grievances about 100-hour workweeks. Some workers endured shifts of up to 20 hours, leaving little time to eat, sleep or shower, and claimed the work was damaging to their physical and mental health.
The complaints led to Goldman and JPMorgan pledging to hire more staff, with JPMorgan pledging to increase its workforce by 200. Private equity firm Apollo Global Management reportedly offered some employees up to $200,000 to stay.
Elsewhere, Citibank CEO Jane Fraser told employees she is banning Zoom meetings on Fridays to address Zoom fatigue. Investment bank Jefferies even offered its junior staff a Peloton bike as a “thank you” for working long hours.
While bonuses hit record highs on Wall Street last year, as financial giants like Goldman Sachs and JPMorgan grappled with a severe shortage of bankers amid a surge in business deals, it’s unclear whether compensation will remain so high this year .
Jamie Dimon stressed the importance of having staff in the office as banking is an “apprenticeship model,” he says. Bloomberg via Getty Images
As economic troubles deepen, jobs could be tighter and analysts forced to voice grievances, say some senior bankers. Some are also admitting a minor Freudian slip as they see the junior scene finally face reality, The Post previously reported.
“A lot of the little fuckers were unhappy in March (before the bonuses),” a senior banker told the Post. “The most legitimate group of people in human history.”