EX-JP MORGAN ANALYST REACTS TO *LEAKED* GOLDMAN SACHS WORKING CONDITIONS SURVEY
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- Äas pĆidĂĄn 30. 05. 2024
- In this video, I react to the leaked Goldman Sachs working conditions survey presentation. The slides were created after responses from 13 GS analysts and made waves in the news for the crazy number of hours worked and alarming responses. I also spoke with friends at Goldman to give you all the inside scoop.
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â±Timestampsâ±
0:00 - Introduction
1:06 - The Context Behind the Presentation
5:17 - My Reaction to the Slides
5:22â - Hours worked
6:49â - Near term retention
8:02â - Effect on physical and mental health
9:22â - Analyst treatment (1/3)
10:46â - Analyst treatment (2/3)
12:46â - Analyst treatment (3/3)
13:51â - Analyst satisfaction
15:08â - Possible impact to GS
16:13â - Select analyst quotes
16:47â - Rectifying the situation
18:02 - Some Final Thoughts
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#investmentbanking #goldmansachs #investmentbankers
Should I feature more dogs in my videos? đ¶
yesïŒïŒïŒplzïŒïŒïŒïŒhe is so cute! Itâs just so kind that u talk to himđđđđđđđ
Definitely;)
Wow, I just stumbled upon this channel and I really enjoy your videos! Personally I find your experience at JP is most relevant for me. Keep up the good work!
íêž ìë§êčì§! ê°ìŹí©ëë€! íì ìŹë°êČ ëłŽêł ììŽì!!
ê°ìŹí©ëë€!
Awesome insight, great job! đđŒ
Great piece and spot on editing
thank you!
Had GS as an investor/sponsor of one of my companies. GS worked the dog snot of these 25 to 30-year-old analysts (smart kids, well-educated, etc...). They would call me late at night....even late on Saturdays and Sundays asking me questions and running things down. They never took off work. GS cycled through several of these kids over the several years I was engaged with GS. I was told that after the initial 2 years of this rigor, the kid analyst could easily go elsewhere for a great promotion/position and increase in pay. Two years of hell is a small price to pay for this experience and leg up on everyone else.
More videos about what kind of people do ib prefer (cause the vacancies in Taiwan are relatively few), and also introducing the sector of ibd, please.
APPRECIATE IT!
Sure will do!
10:26 but it's also pretty realistic that entry positions generally donÂŽt have the self-esteem to take their cases to hr and be loud about it. itÂŽs that way in all work.
as a former customer of investment banks that has employed their services (including GS and JPM) from 2009 to 2019 to issue bonds/securitisations for my employer, I disagree with what you say at 15:37. I wouldn't want to pay for the services of people who have had 5 hours' sleep. On 5 hours' sleep you can't function properly; you're not worth the money on 5 hours' sleep. If we're paying you $3-5m for a deal, we want functioning people not sleep-deprived zombies
clients have no ideas how hard bankers are working and they're very demanding so even if you want people with good work / life balances you're probably not getting them if you hire a top bank. even if you try to be a good client, analysts usually are working on a lot of projects at once so will be busy anyway. that said, bond deals are easier than equity / M&A deals so you may have been working with a group that had much better work / life balance
Yeh but thats not IBD tho, completely different circumstances
Very good video, keep it up my man!!
thank you alwyn!
Cool video!
Not a competition, but the video game industry is equally as infamous for the sheer workload in terms of manhours, though it looks like IB has much better salaries. Regardless, I can't fathom why anyone would give up so much of their life/happiness for it.
I know I said it's not a competition, but it's definitely a race to the bottom. Ah, corporate America.
yup I was also surprised to learn that med students and lawyers work similar hours (the former get barely paid anything for many years while I guess the latter makes a little more sense). So I agree, I think there are multiple industries where the workload is just crazy haha
@@rareliquid Actually if you compare that to Asia... yeah it is so prevalent.
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Great insights! Look forward to comparison of the life of an IB analyst vs associate too, considering many of my biz school friends are going there soon.
sure will add that to the list!
Pretty much the same for first year associates as they're usually assigned to projects with 2nd/3rd year associates. Hours for 2nd and 3rd years might get better but only so slightly - think 90~95 hour a week
@@long_fellow Where do you get your information from? why do people have to lie this hard. theres no way associates work 90-95 hours a week on average
Got my sub when the dog came up
great video, keep going!
thank you Yingkun!
Sorry but have to confess i clicked in for the dog firstđ€Ł but the content is also good, sorry about your mom! but she must be so proud of you.
Great video! I am wondering how would you do your best to complete your tasks when you face unrealistic deadlines? Thank you!
you just work many more hours haha
but if it is just physically impossible then there is some pushback you can communicate to your team and hopefully your associate / VP will communicate it to your directors and they will move the deadline a bit or adjust the work required
Are there I guess âeasierâ banks to work at? Maybe not the big names like GS, JPM, etc but maybe smaller ones thatâs still pay well? Because man itâs super concerning seeing what these people go through but I get that they sign up for it :(
Iâm doing M&A at a big 4 company in Tokyo, and we work similar hours except for weekends. What he said about covid is especially true. Logging out or going to bed before 12 PM is almost impossible, even if youâre not that busy. What sucks is that the hours are similar but the salary and brand name is not even close as the bulge bracket banks.
Not really, unless you go to some small boutique in a non-major city where work-life balance is emphasized a bit more. But even then, you're working IB at the end of the day, so I can't imagine hours being any better than ~80+ per week at those places. And at that point (as said above), you'll be taking a big hit on salary and brand name, which is a huge reason people go into IB in the first place. That stamp on your resume gives a big signaling benefit and is a big motivator behind the two-years-and-out mentality. If you're going to a less prestigious bank, the idea is that you'll have a harder time securing the top exit opportunities.
Edit: I will say it depends on what you mean by easy. If 70-80 hrs qualifies, that's probably the best you'll find.
Hi, my son is in high school and going to college to have an investment banking career. Do you think the career will destroy him from inside?đ
I wanna know a few examples of office abuse on the analysts working in an investment bank, can you text here or post another video on this please?
he is not a woman so how would he know?
Thanks for video! Could someone prompt me what SF TMT means?
TMT = Technology, Media, Telecommunications so basically refers to the tech industry
@@rareliquid what about SF?
@@Andre83572 haha, nice try, bro
@@user-pm6zw6sw9o San Francisco
@@Adex1 thank you đ€
How can anyone learn anything well under those circumstances. The learning is probably overestimated.
This video is on the news
ok I am getting kinda scared rn! I am in australia during the end of my senior year of high school and just applied at the two best Universities with the best business and finance degrees in the country. I want to become an investment banking analyst particularly in sydney where the big 4 are and I have been watching many of your videos recently and how you quit the field just few yrs in to the job due to insane working hours. Honestly speaking I am not a fan of that many hours put in but at the same time the money is tempting. My long term plan is perhaps working as an investment banking analyst for the first 2.5 yrs and then changing my financial field into something more suited to a work life/balance plus also investing in real estate due to hopefully saving heaps in the experience I will gain. So pls any advice for a high school grad starting college/university next year february.
Aim for an internship for your sophomore summer. You have to apply during your freshman year summer after ur first year ends. I just finished my first year in college and it's been a struggle getting internships. Good luck!
Don't go into finance if you find a different career that interests you, you will make the income eventually. I am ex-GS NYC.
DUDE MY DOG LOOKS EXACTLY LIKE YOURS
Can u make how to get into investment banking...?..
made that already! check out the investment banking playlist on my channel
Lmao listening to the fact that most analysts want to leave reminds me that most prostitutes want to leave too! What is up with employers so similarly believing they have the right to abuse people for labor?
What is the average pay?
first year usually $120K-$180K depending on the bank and then goes into the millions when you get to the director position
@@rareliquid That # includes all the benefits (such as stocks, bonus, etc)?
So if your working average 80hrs per week thatâs like a 60k 40hr normal job . Pretty terrible hourly
I feel like these poor sods will probably get a big bonus or something for doing insane 110 weeks for months on end
goldman doesn't actually pay that well compared to elite boutiques but hopefully they do get something
The dog is so cute
right??? haha
Goldman Sachs more like bigball sachs.
lol
Hey man⊠can you help me with a referral to JPM? Iâve been trying to break in as an IB? I beg you.
this is what they signed up for? is that the best you can come up with? ugh.
I know you mean well, but when you make statements like "This is what you signed up for" that's just demoralising and disrespectful for people who feel trapped in jobs like at GS. What's the line between what people sign up for and what they didn't expect? How does that kind of rhetoric help anyone who feels guilty about leaving because they're told "this is what you should have expected"?
No one goes into banking without the expectation of working crazy hours. That's why investment banks have summer internships. If you think you can't manage, you can always walk after your summer (of course this only applies to those that are good enough to receive a full time return offer)
No one should feel guilty for leaving banking and I doubt anyone does. It's like signing up for the army - you can't expect an easy time. Also, no one is really trapped at GS because they have lots of exit opportunities. You join the industry knowing that you'll be sacrificing a lot of your personal life and bankers do their best to weed out candidates who don't seem to know what they're getting themselves into.
The problems these bankers are facing (i.e. being understaffed, hot market, great deal flow) are all things I've experienced and is the hardest it gets in banking. Then, later on, things get better so you sign up for both the good and the bad. With the future career opportunities they'll be getting, the GS bankers are going to be fine and tbh you are an incredibly nice person to have concern for them
That said, I'm an advocate for the industry to take better care of their analysts and would love to see the solutions provided in the last slide implemented
@@rareliquid You say no one should feel guilty for leaving banking and that nobody does, but how do you know that people don't feel that way? Just because you and your fellow coworkers haven't? How do you feel that no one is really trapped at GS just because you and your coworkers had lots of exit opportunities?
Many times in this video, you stated that your personal experience and the experience of people you've talked you sometimes ran contrary to what was stated in the report. That's completely fair. Everyone has different experiences. Yet, you just made blanket statements, saying that "nobody feels this way" or "nobody does". If that was true, then why would there be such a high turnover and burnout rate? And if people there really did have the opportunity to exit, why would they have a report on the problematic work culture of GS? Anyone could have just left if they felt like it and those who didn't would have stayed and shut up instead of complaining. How representative do you really feel your experience is that you can extrapolate your experience and your values of "you should have expected it" onto others? It's perfectly fine for you to talk about what you went through. But you didn't have to extend that experience and make judgements about how everyone in the industry should feel.
@@leftovercrumbs501 ok I think this is being blown out of proportion a bit. I am making some general statements here and there that within context, makes sense. The whole point of my reaction video is to give you an insiderâs perspective and any banker is welcome to disagree with my thoughts. Otherwise if you have not gone through banking, then your comments / questions / concerns are kind and thoughtful but just not as big of a deal as you are making them seem to be. Also keep in mind my statements were from my experience, two other Goldman bankers, and a few other bulge bracket bankers. Internal complaints about banking happen all the time especially when teams are understaffed - this one just happened to be put onto slides and was leaked.
â@@rareliquid So then how would you feel saying to the people that made those slides, that "this is what you signed up for"? How do you think they would react? Do you think they'd feel like they're being taken seriously? That their complaints are even valid?
Yes, I understand that you're making general statements and you're trying to give an insider's perspective. That's exactly my point. You're giving your own perspective. In multiple times during the video, you've expressed how there are parts of your experience that were negative and that you wished could be changed. But you aren't speaking for everyone in the industry, you're speaking from your own experience and the experience of other people you've talked to. And when you make statements like "this is what you sign up for", that isn't really encouraging to people who did have a different experience and are actively trying to change things. Even if it's as small as putting together some slides.
There are tens of thousands of other graduates who would want that ib analyst job. I just can't believe that the people who get picked complain that much. You reached a level where only the top 1% can even attempt and yet here they are still complaining. Abuse! lol. How soft can you be? Maybe the banks should change their hiring criteria to get an emotionally stronger analyst.
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