(Bloomberg) -- To see the stress mounting again on Wall Street’s junior bankers, just look a half-rung higher, at staffers.Most Read from BloombergBiden’s...
-- To see the stress mounting again on Wall Street ’s junior bankers, just look a half-rung higher, at staffers.Not staff, as in employees, but staffers, the unheralded deputy managers who dole out assignments to trainees. When investment bankers or clients want something done, staffers find underlings for the drudgery. That’s getting trickier as banks exit a slump in deals with thinner headcount and big ambitions for landing new mandates.A junior banker at JPMorgan Chase & Co.
The death on May 2 of Bank of America associate Leo Lukenas from a heart attack — just days after the former Green Beret finished work on a $2 billion deal — triggered an outpouring of those feelings on online message boards. Though authorities attributed Lukenas’ death to natural causes, anonymous posters vented about being asked to do too much and called for a walkout, which never materialized.
“Either firms squeeze out as much as possible of their junior bankers, and that’s good for the business, or if they don’t, it hurts the performance of the organization,” Meier said. “That’s the wrong mindset.”Firms have bolstered safeguards and perks in recent years, such as ensuring some Saturdays off or providing free fitness classes. Yet workloads haven’t been curtailed to allow for it, employees said in interviews.
Asked to score their mental and physical health on a scale of 1 to 10, the average responses were 2 and 3, respectively, according to a copy of the results seen by Bloomberg. Still, several junior bankers interviewed by Bloomberg described their staffers as clearly conflicted — more eager to impress rainmakers and climb the ladder than to push back.
“Going into banking, you are making the conscious decision of giving up your lifestyle,” said Hamilton Lin, co-founder of Wall Street Training & Advisory. “You are selling your soul to the devil, but it’s a fair trade.”Japan’s Tiny Kei-Trucks Have a Cult Following in the US, and Some States Are Pushing Back -- Canada’s newest oil pipeline has turbo-charged exports of the country’s heavy crude to Asia and a diversion through California is making for a longer but potentially cheaper journey.
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