Chillin' out till it needs to be funded
Of course there is now no end to the material available on the web telling you about the dull and drab life bankers lead and how their work weeks are filled with all nighters and hours sitting on the desk without seeing the sun. In fact the first one to make his resignation an op-ed has also signed a book contract and probably the London Whale, Bruno Iskil and his boss Ina could be available for public comment and discussion at a later date. However after having managed to walk the line of compensation discipline and these not so palatable brickbats, the firm of Goldman Sachs who has already started operations as a Private bank has extended its cuts in Sales and Trading Teams to a fundamental tenet of Wall Street and even alll MBA recruiting by cutting its Analyst program features and maing it another bare boned struggle for the kids donning work hats for the first time.
The new analysts joining would, like at many other top firms now not be assured of a pay hike when they finish a year or a two year contract with a fat bonus at the end to pay for your MBA or whatever foibles you might care to spend or invest on. According tot he FT report of last week, the college level analyst program started back in the 80s and the changes could impact analyst programs at competing Wall Street firms as well while First year analysts join the race for good performance appraisals in their entry level jobs
Graduate Hires in Sales, Trading and REsearch continue with the 2 year contract. That’s a face saver. Even those roles have become more broad based with shortage of ahnds/costs in Europe making the role broadbased rather than focussed on a single sector /specialisation, budding dealmakers working across Different sectors like Media and Energy in a day’s work which is good for them for exposure too but probably changes the fabric of the banking world back to where its leaders started from two decades back.