English | Italian

"Wall Street Banks'..." (Theme) The lastest total: 100+. you can read with page flip.

show list
related videos
Venemy & Said The Sky - Dreaming (Original Mix) [Play Me Records]
Floyd Mayweather Sr said Manny Pacquiao is EASY WORK! (10/6/14)
Google said to be making giant displays that work like Legos
My government had done maximum work says Chief Minister Prithviraj Chavan
How to say NO! Communication skills that work
Ranbir Kapoor cannot work in all my films said Anurag Basu
Continue »
Pop theme

Joko Widodo,Ebola vaccine,Bharatiya Janata Party,Oscar Pistorius,Total CEO,Hurricane,Peyton Manning,Zardari,Gough Whitlam,Boko Haram

Related theme

“ mckinsey,people friendly,make world,” said

Wall Street Banks' Pay Raises For Juniors A Sign Of Millennials'' Declining Interest In Banking

work said ”

Wall Street Banks' Pay Raises For Juniors A Sign Of Millennials'' Declining Interest In Banking

2014-08-27 22:57:13

Recent Yale University graduate Kyle Hutzler knew fairly early in his college career that he would rather pursue business consulting than banking. Sophomore year, the economics major interned for the consulting firm McKinsey & Co. Inc., working on small teams to help businesses improve their performances. When the privately held company offered him a job post-graduation, he accepted -- even though one of his mentors, an analyst for the investment firm PICO Holdings Inc. (NASDAQ:PICO), would have been happy to hire him.

Classmates’ stories of their summer internships on Wall Street -- clocking 100-hour weeks on grunt work like filling out Microsoft Excel spreadsheets with statistics about companies selling stocks to other firms -- helped persuade Hutzler that Wall Street wasn’t for him.

“I felt the work was simply too repetitive and soulless to justify

    No results related

    Add now

the grueling hours,” he said. “There are very few people, peers or older individuals, who work on Wall Street that I admired.”

Hutzler’s not alone in his views. Across both undergraduate- and graduate-level business programs in America, fewer students are pursuing careers in investment banking than they did before the recession. Of course, that’s partly because banks cut staffs by about one-half during the financial crisis and the jobs have yet to return to pre-recession levels. Still, banks’ recent pay raises for junior employees indicate the finance industry’s most powerful firms are beginning to worry about luring talent.

The prestige of working on Wall Street took a hit after the big banks were blamed for much of the financial crisis, and other industries such as those in Silicon Valley seem to offer greater creative opportunities and more millennial-friendly work environments -- with similar salaries.

“Wall Street is in crisis mode,” said Kevin Roose, author of Young Money: Inside the Hidden World of Wall Street’s Post-Crash Recruits. “Banks aren’t attracting the kinds of high-achieving students they want to attract, and many of the college kids who do go into banking are leaving to go work for tech companies after a year or two.”

Goldman Sachs Group Inc. (NYSE:GS) is raising entry-level salaries by 20 percent next year, bumping pay to $85,000 from about $70,000, excluding bonuses, which can double those amounts. The Bank of America Corp. (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM) are bumping pay for junior investment bankers and traders by about the same amount next year, while Citigroup Inc. (NYSE:C) is considering similar increases, Reuters and the Wall Street Journal have reported. 

The raises come as big banks face pressure to improve working conditions for interns and junior employees, who commonly work 80 to 100 hours a week. Although mornings can drag on, work often becomes busiest for juniors around dinnertime and can push into the early morning. Last year, a 21-year-old intern for Bank of America in London died of a seizure after working three days straight.

“They know that unless conditions are improved, top talent will go into fields such as tech, and that there must be some sort of flexibility in the industry’s operating model,” said a 21-year-old recent Ivy League grad starting a junior analyst position with Deutsche Bank AG (NYSE:DB) in September. He’s glad to join the industry when it’s placing a premium more than ever on work-life balance, even if only in writing. Plus, the black-car services after 10 p.m. and the meals delivered to the office are cool perks, he said.

While the job market for millennials in general remains shaky, students graduating with degrees in economics, finance and business, especially from elite programs, find themselves in a position to make demands -- and choices. Recently graduated finance majors in particular have one of the lowest unemployment rates among college students, 5.9 percent in 2013, compared with recent graduates’ average 7.9 percent the same year, according to a Georgetown University study. 

“My sense is that the desirability of tough banking jobs has declined somewhat, partly due to the downturn related to the recent credit crisis and partly due to the recognition that these careers can be very demanding and can torpedo one’s family and personal life,” said Warren Bailey, finance professor at Cornell University.

Professors at the University of Texas at Austin, New York University and the University of Chicago also noted fewer students are interested in investment banking, while more have become interested in business consulting and entrepreneurship.

Michael Serunian, recent NYU grad, began as a finance major, but switched to economics after taking entrepreneurship classes. Now he works for Axial, a New York-based technology startup that helps companies raise capital, taking hour-and-a-half breaks from his desk to go for a run while some of his friends work 100-hour weeks on Wall Street.

“Companies like Axial afford employees the work-life balance I knew I wouldn’t have at a traditional financial institution,” Serunian said.

At the University of Pennsylvania’s business school Wharton, considered a farm that ripens each spring with talent for Wall Street, significantly fewer students are going into investment banking now than they did before the recession. About 25 percent of students went into investment banking in 2013, down from 41 percent in 2007, UPenn’s career services office said.

For now, the Street’s leading banks still have their pick among top grads from elite programs, but “the general interest in banking has declined,” said Alexandra Michel, former Goldman Sachs investment banker-turned-UPenn professor.

She’s studied how the work culture at banks affects junior employees’ health, and what she found doesn’t sound good: After three years on the job, many had formed tics such as nail biting or hair twirling, while some were suffering from insomnia. Others developed back pain, alcoholism and eating disorders. A number said they used caffeine pills and prescription drugs to stay alert at work. Michel is skeptical that bank policies have bettered or will improve working conditions.

“I have never heard that a banker brags about how refreshed he or she feels after a weekend,” she said. “Bankers only compete on how hard they have worked.”

Some millennials find that banking work valuable. “There is an element of ‘I’m making a difference’ to the junior banker staffed on a multibillion dollar deal, even if he or she is just a cog whose contribution can be menial at times,” the Deutsche Bank junior analyst said.

But that’s not how most millennials seem to see Wall Street careers, according to Roose. “Young people want to feel virtuous about their jobs, and Wall Street still can’t offer that, no matter how much it pays them,” Roose said.

Hutzler doesn’t mind long hours, as long as they are filled with what he sees as meaningful work. He’s starting full-time as a traveling business analyst for McKinsey next week.

“The best thing about McKinsey is its people -- brilliant, friendly, and with a strong desire to make our clients and the world a better place,” he said.

View Original Article: ibtimes.com
Disclaimer statement: The point of this article or rights belongs to the authors and publishers. We take no responsibility for the content of this article and legitimacy.
Do you have any questions about this article, please contact the news source ibtimes.com.
Or contact us


Write an article relevant this topic share on facebook share on twitter share on google plus share on oknews share on linkedin share on digg share on reddit share on newsvine share on pinterest share on netlog share on tumblr share on delicious send email print add to favorite

"Wall Street Banks'..." IN THE COMMUNITY!



        No results related
      Share one Sentence

      Manage my submission

      [{"b":"b","i":"1258163","t":"Designer Oscar de la Renta, beloved by first ladies, socialites and starlets, dead at 82","a":1},{"b":"b","i":"1258173","t":"Biel-Timberlake defamation case before Dublin High Court today","a":2},{"b":"a","i":"1319286","t":"President of Houston hospital, three others convicted in $158 million Medicare fraud scheme","a":3},{"b":"c","i":"1876301","t":"Museum shows Louis Armstrong photos by friend","a":4},{"b":"a","i":"1319249","t":"Water Tower Festival, 10K on tap","a":5},{"b":"b","i":"1258123","t":"A Day To Reflect","a":6},{"b":"a","i":"1319234","t":"Kim Kardashian tops celebrity birthdays for October 21","a":7},{"b":"a","i":"1319241","t":"The Whitlams on Whitlam: \u201cHetook the theft of his name sogracefully\u201d","a":8},{"b":"d","i":"948961","t":"Tinelli honoured as City 'Illustrious Personality'","a":9},{"b":"d","i":"948962","t":"Blue-chip swap dollar soars 37 cents to 14.07 pesos; official rate climbs to 8.50 pesos","a":10},{"b":"d","i":"948963","t":"Total CEO de Margerie killed in Moscow plane accident","a":11},{"b":"d","i":"948965","t":"Rousseff gains ground against Neves in new Brazil poll","a":12},{"b":"b","i":"1258134","t":"NCP's support offer to BJP is to shield corrupt leaders: Sena | Business Standard News","a":13},{"b":"b","i":"1258099","t":"An insight on the life of Gough Whitlam from a long-time friend","a":14},{"b":"b","i":"1258103","t":"Uber, Lyft get permits to operate at SFO","a":15},{"b":"b","i":"1258063","t":"Crude oil futures up at Rs 5,062 per barrel","a":16},{"b":"a","i":"1319161","t":"DeSoto County sports notes","a":17},{"b":"a","i":"1319163","t":"Lower fuel costs a double benefit for area","a":18},{"b":"a","i":"1319171","t":"MOST VIEWED","a":19},{"b":"b","i":"1258066","t":"DSP Group Introduces ULE for IoT Applications Over Intel(R) Puma(TM) 6-Powered Home Gateways - Yahoo7 Finance Australia","a":20},{"b":"b","i":"1258041","t":"Story tools","a":21},{"b":"b","i":"1258043","t":"Nordic Mines publishes Company Update - Yahoo Finance UK","a":22},{"b":"b","i":"1258006","t":"Bank Nifty hits record high | Business Standard News","a":23},{"b":"a","i":"1319122","t":"Hampshire animal rescuers to be rewarded for helping creatures great and small","a":24},{"b":"a","i":"1319124","t":"Disney\u2019s \u2018Beauty and the Beast\u2019 to enthrall Filipino fans","a":25},{"b":"b","i":"1257978","t":"Norman Chad: Observations of a TV universe","a":26},{"b":"c","i":"1876247","t":"Museum shows Louis Armstrong photos by friend","a":27},{"b":"b","i":"1257994","t":"12 Angry Jurors wraps up successful run","a":28},{"b":"g","i":"34014","t":"114-year-old lady joins Facebook, has to lie about age","a":29},{"b":"a","i":"1319103","t":"A Day To Reflect","a":30},{"b":"c","i":"1876224","t":"Museum shows Louis Armstrong photos by friend","a":31},{"b":"a","i":"1319078","t":"Revolutionary method in Islamic finance can help Muslim countries: Najib - Yahoo News Malaysia","a":32},{"b":"b","i":"1257950","t":"PA Supreme Court Judge Suspended","a":33},{"b":"c","i":"1876215","t":"Museum Shows Louis Armstrong Photos by Friend","a":34},{"b":"a","i":"1319032","t":"Reform talks may drive resolution","a":35},{"b":"a","i":"1319043","t":"'Fourth emergency service' could see 100 firefighter jobs axed","a":36},{"b":"c","i":"1876207","t":"Museum shows Louis Armstrong photos by friend","a":37},{"b":"b","i":"1257916","t":"Don't be fooled by the Wolf in businessman's clothing","a":38},{"b":"a","i":"1318996","t":"Pistorius sentence: Family vows to stand by him","a":39},{"b":"a","i":"1318999","t":"Human Rights Watch: Widespread use of cluster munitions in Ukraine","a":40},{"b":"b","i":"1257872","t":"Gough Whitlam's legacy: Malcom Fraser, Paul Keating, Kevin Rudd, Julia Gillard pay tribute","a":41},{"b":"b","i":"1257874","t":"Sierra Leone: Nano Silver 10 PPM Now Official Ebola Therapy","a":42},{"b":"b","i":"1257882","t":"HSC 2014: We all fell in love with Gough Whitlam","a":43},{"b":"b","i":"1257838","t":"UW-L to host campus authors today","a":44},{"b":"e","i":"526444","t":"Obama's Post-Congressional Foreign Policy","a":45},{"b":"b","i":"1257851","t":"ABLYNX ANNOUNCES WARRANT EXERCISE - Yahoo Finance UK","a":46},{"b":"c","i":"1876176","t":"Man pleads guilty in Benghazi attack","a":47},{"b":"b","i":"1257821","t":"Meeting with students set","a":48},{"b":"a","i":"1318955","t":"Mobile Ads Could Make or Break the Yahoo-Tumblr Marriage","a":49},{"b":"b","i":"1257815","t":"Land Girls To Attend War Effort Tribute - Yahoo News UK","a":50},{"b":"a","i":"1318945","t":"Texans vs. Steelers final score: 3 things we learned from Pittsburgh's Monday night comeback","a":51},{"b":"f","i":"1150392","t":"Meredith Vieira Shows Her Mammogram Appointment On Air","a":52},{"b":"d","i":"948917","t":"Japanese physics guru advocates science role in peace drive at U.N.","a":53},{"b":"a","i":"1318932","t":"BJP legislature party meet in Maharashtra postponed","a":54},{"b":"a","i":"1318902","t":"Actelion delivers strong nine months results - Yahoo Finance UK","a":55},{"b":"a","i":"1318827","t":"Japanese Getting Richer at Fastest Pace in Asia-Pacific","a":56},{"b":"a","i":"1318830","t":"Crude oil rises on China\u2019s industrial production data","a":57},{"b":"b","i":"1257766","t":"DeSoto County sports notes","a":58},{"b":"a","i":"1318858","t":"Water Tower Festival, 10K on tap","a":59},{"b":"a","i":"1318859","t":"Subscriber Services","a":60},{"b":"a","i":"1318780","t":"Franklin Universal Trust Declares Monthly Dividend","a":61},{"b":"a","i":"1318781","t":"Franklin Limited Duration Income Trust Declares Monthly Dividend","a":62},{"b":"b","i":"1257741","t":"Sick Kiwi girl returns from Australia","a":63},{"b":"b","i":"1257726","t":"Trucker dies in road crash - Yahoo News Malaysia","a":64},{"b":"a","i":"1318758","t":"Featured Brokers","a":65},{"b":"a","i":"1318745","t":"Commercial Aircraft Maintenance, Repair & Overhaul (MRO) Market 2014-2024\r\n\t\t\t\t\t\t\t\t\t\t\tProspects for Companies in Engine, Component, HMV & Line Maintenance","a":66},{"b":"a","i":"1318719","t":"Man pinned under truck after jack collapses","a":67},{"b":"a","i":"1318723","t":"Man killed in 'nasty' truck-car crash","a":68},{"b":"a","i":"1318725","t":"Lawmakers look at challenges of rebuilding after Napa quake","a":69},{"b":"b","i":"1257678","t":"20 police drug bust Taihape property","a":70},{"b":"b","i":"1257688","t":"News\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tNews\t\t\t\t\t\t\tNBC26 Today\t\t\t\t\t\t\tNBC26 Cares\t\t\t\t\t\t\tPartners in Education\t\t\t\t\t\t\tThe Maino Project\t\t\t\t\t\t\tGreen Bay Packers\t\t\t\t\t\t\tSports\t\t\t\t\t\t\tSports Showdown","a":71},{"b":"b","i":"1257698","t":"Live! Sena hits out at NCP for BJP offer, calls it opportunistic","a":72},{"b":"b","i":"1257658","t":"Pregnant Blake Lively Baby Bump Pictures at 2014 Angel Ball","a":73},{"b":"c","i":"1876045","t":"China Swap Rate Rebounds From Two-Year Low as GDP Tops Estimates","a":74},{"b":"c","i":"1876033","t":"Supreme Court to decide gun-ownership case","a":75},{"b":"b","i":"1257641","t":"Intralinks Deal Flow Predictor Forecasts 18 Percent Quarter-over-quarter Increase in APAC Deal Activity - Yahoo Finance Canada","a":76},{"b":"e","i":"526402","t":"Cheaper Made-in-China Land Rovers in Sight With New Plant","a":77},{"b":"e","i":"526393","t":"Way To Gain A Headline--Mirantis Scores Biggest Ever Open Source Series B Funding","a":78},{"b":"f","i":"1150272","t":"field negro: Revisiting the porch and patio Negroes, and the fear merchants are working overtime.","a":79},{"b":"c","i":"1875948","t":"Hong Kong Stocks Fluctuate Ahead of China Economic Data","a":80},{"b":"c","i":"1875952","t":"China\u2019s Economy Grows More-Than-Estimated 7.3% in Third Quarter","a":81},{"b":"c","i":"1875938","t":"Tomorrow Daily 071: Ashes in space, a big 'Avengers' prop for RDJ, and nuclear fusion reactors","a":82},{"b":"d","i":"948670","t":"Photo Release -- State Employees' Credit Union Hosts Chinese Business Delegation","a":83},{"b":"d","i":"948616","t":"CERF Incorporated Appoints Derrek R. Wong as VP Finance and Chief Financial Officer, Effective October 20, 2014","a":84},{"b":"d","i":"948574","t":"Read a Michigan fan's increasingly angry emails to Dave Brandon","a":85},{"b":"f","i":"1150267","t":"Suspect in Hannah Graham Case Indicted in 2005 Rape","a":86},{"b":"d","i":"948544","t":"China, US ramp up trade pressure","a":87},{"b":"c","i":"1875826","t":"3 Top Dividend and Growth Stocks To Buy Today","a":88},{"b":"d","i":"948530","t":"TODAY! Tim Bradley\/Mauricio Herrera\/Jose Benavidez LA News Conf - Noon PT","a":89},{"b":"c","i":"1875809","t":"Kearny police charge Newark felon with possession of 150 bags of suspected heroin","a":90},{"b":"d","i":"948506","t":"CEO Of French Oil Giant Total Reportedly Dies In Moscow Plane Accident","a":91},{"b":"d","i":"948509","t":""Anti-Petrodollar" CEO Of French Energy Giant Total Dies In Freak Plane Crash In Moscow","a":92},{"b":"e","i":"526317","t":"Mapping the Age of Every Building in Manhattan","a":93},{"b":"e","i":"526319","t":"State Department Clears Sale of 46,000 Tank Rounds for Iraq","a":94},{"b":"e","i":"526307","t":"America Tops List of 10 Most Obese Countries","a":95},{"b":"f","i":"1150187","t":"WATCH: Top stories from DPTV - Aurora victim in serial killing, pot edibles, TABOR amendment and more","a":96},{"b":"e","i":"526301","t":"See the Oscar contenders for Best Short Documentary","a":97},{"b":"d","i":"948379","t":"Brazil Schedules Next Renewable Energy Auction for April 10","a":98},{"b":"f","i":"1150091","t":"WATCH: Top stories from DPTV - Aurora victim in serial killing, pot edibles, TABOR amendment and more","a":99},{"b":"d","i":"948348","t":"India showcases IPL as driver of economic development","a":100}]


      Designer Oscar de la Renta, beloved by first ladies, socialites and starlets, dead at 82