A young investment banking analyst from New York explains why his job is suddenly more comfortable and possible than other places.
Reason: The number of company mergers and IPOs has declined in the technology and media sectors, and with it the work of many analysts.
So the young investment banker has taken advantage of his bank’s rules for hybrid working: he has to spend a certain number of hours in the office each month, and then he can leave town to work the rest of the time.
This first-person narrative is based on an interview I conducted with a New York investment banker in late May, his first year in a new job. Insider has confirmed this person’s identity and workplace, but to protect the investment banker and his employment, those details are being omitted. The interview has been edited for length and clarity.
When I went to my parents’ house in May for the first time after months of work, they were shocked. I looked “dead”, he said. Big dark circles had formed around my eyes, my face had lost its color. Since graduating from college in 2021 and moving away from home, my new job on Wall Street has clearly made its physical mark. And she’s in her mid-20s.
I haven’t been in investment banking that long: I’ve been working as an investment banking analyst in the Technology, Media and Telecommunications (TMT) team since August 2021. The jobs out there are toughest for young bankers like me. But there are benefits that make the tough first two years worthwhile — like working deals for big tech clients.
Our average weekly working hours are between 80 and 100 hours. But recently that has changed. Now I work a maximum of 20 hours a week because the rate of mergers and IPOs has slowed down in the tech sector. The bank I work in got badly hit. Of course, we are concerned that the recession could lead to layoffs or freezes. But at the moment we are all still enjoying that we have so much free time. Few of us leave New York City for somewhere else to enjoy the summer. I have decided to do the same.
“Earlier this month I decided to leave New York City”
Many of us noticed as early as March that business in our region was slowing down. So my team slowly became unbearably bored. Sometimes I would walk around my office building in the afternoon to pass the time of doing nothing. Earlier, I could not wait to leave the office as I was very tired. I can’t wait anymore because boredom is driving me crazy.
From then on I realized that it doesn’t matter if I come to office or not. The only important thing was that I met the requirements of the bank. So earlier this month I decided to leave the city. I booked two tickets for my girlfriend and I went to visit my family at a warm place with a pool in the garden.
“Why do I waste time staring at a blank computer screen”
Ever since I moved here, I’ve spent literally more time chilling than I actually working. Of course, I make sure my phone and computer are nearby 24/7, and I respond to my boss’ emails quickly. Also, I plan to come back to New York from mid-June and go to the office every day to avoid creating doubts. But what’s the hurry? Why waste time staring at a blank computer screen when I could play tennis with my dad or enjoy my mom’s cooking?
I spent most of the afternoon here sitting by the pool. I spend most of my free time watching TV series or playing video games like Madden NFL 21 Football and FIFA 22 Soccer on Xbox. Not that my presence here hurt anyone or badly hurt any of the remaining customers.
Think about how crazy this all sounds: A Wall Street investment banking analyst is sitting by the pool or playing Xbox on a weekday. how do i do that? Well, this is my secret. My bosses have no idea where I am at the moment.
“The reason it all worked so well: Hybrid work opportunities at my bank”
The reason it all works so well: My bank’s hybrid work capabilities, which record our presence in the office on a monthly basis. When I booked my trip a few weeks ago, I didn’t tell anyone. I just made sure I was at the office every day for two weeks in May—after all, I should have ID—and then stopped as soon as I left town for the rest of the month. The numbers should eventually even out on their own.
I’m pretty sure my boss thinks I’m at home. Assuming that they even notice my presence – or lack thereof – in the office. But who can say that they themselves are in the office to notice something? When I get emails from senior members of my team, such as our CEO or VP, I still respond. I’m not officially on vacation, so I don’t want to appear absent. I just get my work done by the poolside with sunscreen on. I am the one who reports for duty in the office on any normal day. But instead of wearing a suit and jacket, I wear jogging pants or a bathing suit on one of my parents’ deckchairs in the backyard.
However, we are concerned about layoffs and hiring freezes.
As good as it all sounds, I’ll gladly admit that there are pros and cons.
That aside, I’ve slept more in the last few weeks than in the last nine months. My girlfriend tells me that I look “rejuvenated” like I’m slowly coming back to life. For months, the sharp, persistent pain on both sides of my chest has subsided. He brought work.
That being said, our bank’s analyst bonus pool is likely to run dry this year. Fewer deals mean significantly less compensation likely when we get our bonus later in the summer. There is also the potential for freezes from layoffs and hiring. Several teams at my company have quietly told their analysts that they are not hiring at this time. Others have said that they are postponing any new recruitment plans until they have a chance to see how things develop.
Of course I hope I don’t get fired. Analysts are relatively cheap at the big banks, and I think I’d probably avoid it. If banks really want to save money, they must first fire overpaid CEOs — many of whom are underperforming — before making a deal with us. By next summer, I’ll be leaving this job anyway to join the private equity firm that offered me an associate earlier this year.
So you won’t listen my junior bank colleagues and I apologize for taking the extra rest or enjoying the rare time with friends and family. We’ve all spent the past year rushing about our time going about business, getting midnight emails or 2 a.m. calls from managers or employees asking us to take care of some minor order that needs to be taken care of. requires immediate attention. But now is not the right time to do something like this. And if my girlfriend tells me I look better, my parents cook dinner for me, and I’m in the middle of the workday playing Madden Football on my Xbox, well, I guess it Can safely be counted as a success.
This text was translated from English by Lisa Ramos-Dosse. you can find the original Here,
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