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(Bloomberg)   Young bankers fed up with 90-hour weeks move to startups for their more attractive 89.5-hour weeks   (bloomberg.com) divider line 30
    More: Obvious, berg Markets, Tom Colicchio, Wharton School, London, Harvard Business School, relief, Goldman Sachs, Morgan Stanley  
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900 clicks; posted to Business » on 09 May 2014 at 12:50 PM (19 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



30 Comments   (+0 »)
   
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2014-05-09 11:10:37 AM
That's insanity, what the heck is the point of making a six figure income if you never have any time to enjoy or spend any of it? I can only imagine the stress of such a job would turn your hair gray and give you a stress induced stroke or heart attack.
 
2014-05-09 11:20:41 AM
DIAF
 
2014-05-09 11:30:57 AM

spman: That's insanity, what the heck is the point of making a six figure income if you never have any time to enjoy or spend any of it? I can only imagine the stress of such a job would turn your hair gray and give you a stress induced stroke or heart attack.


Similar to doctors and lawyers - you get shat upon your first few years, but as you climb the ranks both the hours and the pay improve.  First year bankers seem to do better than medical residents from the numbers in the article though.
 
2014-05-09 11:37:09 AM

spman: That's insanity, what the heck is the point of making a six figure income if you never have any time to enjoy or spend any of it? I can only imagine the stress of such a job would turn your hair gray and give you a stress induced stroke or heart attack.


My job is very feast or famine. Lots of OT for months on end then months of bankers hours. My personal records are 45 hours straight no sleep for a single "work day" and 97 days straight no days off. We just finished a large contract so I'm looking forward to a summer of actual weekends, a few vacation weeks and no excuse to not play at least 50 rounds of golf.
 
2014-05-09 11:38:49 AM

spman: That's insanity, what the heck is the point of making a six figure income if you never have any time to enjoy or spend any of it? I can only imagine the stress of such a job would turn your hair gray and give you a stress induced stroke or heart attack.


We can only hope.
 
2014-05-09 12:00:34 PM

TuteTibiImperes: spman: That's insanity, what the heck is the point of making a six figure income if you never have any time to enjoy or spend any of it? I can only imagine the stress of such a job would turn your hair gray and give you a stress induced stroke or heart attack.

Similar to doctors and lawyers - you get shat upon your first few years, but as you climb the ranks both the hours and the pay improve.  First year bankers seem to do better than medical residents from the numbers in the article though.


Almost anyone does better than residents. And really, I've been out of law school fifteen years, and most of my classmates who work at very large firms still work most weekends. I know some in Houston who are expected to be there seven days a week - no exceptions. And I know a lot of people who have walked away from jobs far into six figures because of that.
 
2014-05-09 01:02:00 PM

spman: That's insanity, what the heck is the point of making a six figure income if you never have any time to enjoy or spend any of it? I can only imagine the stress of such a job would turn your hair gray and give you a stress induced stroke or heart attack.


Have you not seen The Wolf of Wallstreet?
 
2014-05-09 01:11:18 PM
So now that you know what's possible, let me tell you what's required. You are required to work your ass off. We want winners, not pikers. A piker is someone who walks at the bell. A piker asks how much vacation time he gets in the first year. See, people work here to become filthy rich. No other reason. That's it. You want vacation time? Go teach third grade public school. 
 
2014-05-09 01:31:20 PM
And Im bummed when I work a full 40 hours.

Being agile and having management and business partners that understand agile timeframes means that as long as have good velocity, keep delivering potentially shippable increments and get our stories knocked out every sprint we can work as few or as many hours as we need. We make sure not to pile too much into our sprints.
 
2014-05-09 01:40:04 PM

Swoop1809: And Im bummed when I work a full 40 hours.

Being agile and having management and business partners that understand agile timeframes means that as long as have good velocity, keep delivering potentially shippable increments and get our stories knocked out every sprint we can work as few or as many hours as we need. We make sure not to pile too much into our sprints.


Oh god, my buzzword bingo sheet just caught fire!!

/process is process
 
2014-05-09 01:40:22 PM
That's a stupid way to live. There are a lot easier ways to make six-figure incomes.
 
2014-05-09 01:50:11 PM
Also, not only are there easier ways to make six-figure incomes, the pay isn't all that great when you look at it objectively. You're living in New York, which is hideously expensive. Even if you capped out in the second year at $300K per year, that equates to $125K in my neck of the woods, according to this site:

http://money.cnn.com/calculator/pf/cost-of-living/

If you're not a wonderchild, it equates to $83K. Go into lucrative science and engineering kids, you'll make as much or more than a wall street banker, not have to live in New York, and get to work 40 hour weeks with regular vacations.
 
2014-05-09 01:56:42 PM
So, I'm supposed to be sitting here feeling sorry for how hard bankers work at farking me over?
 
2014-05-09 02:26:57 PM
Work for one of those on the advisory side.  At around 45 hours a week, tough I've done 50+ hour work weeks.  Not too bad, just eat at my desk a lot.  Have a family though, so I won't move up the ranks like these people.
 
2014-05-09 02:31:36 PM
"I'm not sure how you stop work if there's a deal on," Morgan Stanley Chief Executive Officer James Gorman told Bloomberg Television in January. Yet the incident in London, he added, "has caused everyone to step back and say, 'Hey, have we got this right?'"

Then after 8 seconds of deliberation, Mr Gorman decided, 'Who gives a crap about a dead kid, I got millions coming to me!'
 
2014-05-09 03:08:25 PM

Fubini: Also, not only are there easier ways to make six-figure incomes, the pay isn't all that great when you look at it objectively. You're living in New York, which is hideously expensive. Even if you capped out in the second year at $300K per year, that equates to $125K in my neck of the woods, according to this site:

http://money.cnn.com/calculator/pf/cost-of-living/

If you're not a wonderchild, it equates to $83K. Go into lucrative science and engineering kids, you'll make as much or more than a wall street banker, not have to live in New York, and get to work 40 hour weeks with regular vacations.


I'd look at it more as  getting to live in NYC, not  havingto.

If earning $200K in NYC allows me to live likemaking $85K in FL, I'd rather take the $200K and NYC.

Of course, I don't put in 80 hour weeks either.

Still, NYC is a good city for working long hours.  The more time you spend at work the less important having a big apartment/condo is, and service industry places are mostly open very late over there as well.
 
2014-05-09 03:39:34 PM
TuteTibiImperes:

Similar to doctors and lawyers - you get shat upon your first few years, but as you climb the ranks both the hours and the pay improve.  First year bankers seem to do better than medical residents from the numbers in the article though.

Things don't improve.  The money gets a lot better, but not the hours.  Sure, you have a little more control over the occasional weekend or vacation, but mostly you live at work.   However, to say "there are easier ways to make 6 figures" or "just take a pay cut and work fewer hours" is ridiculous.  What are these "easier" ways to make 6 figures, for someone in their 30s that only has one marketable skill? I'm also interest to know where these good paying jobs that have "only" 9 - 5 hours are.
 
2014-05-09 03:43:40 PM
My wife used to work for a grain elevator. For about 6 months each year, the hours would get crazy. Her last year there she got 3 days off in 2 months (that includes weekends). A 90 hour week was normal. And for her efforts she made around $11/hr. (plus overtime) and some crappy benefits. I'll start feeling sorry for the bankers when they're working 90 hour weeks and still struggling to put food on the table. They took those jobs because they wanted the big money. My wife took it because it's all that was available. So no, I don't have even the tiniest amount of sympathy for them. Go work a real job with long hours and crap wages, and maybe I'll be willing to listen to you piss and moan about how bad you have it.
 
2014-05-09 03:46:57 PM

IvyLady: TuteTibiImperes:

Similar to doctors and lawyers - you get shat upon your first few years, but as you climb the ranks both the hours and the pay improve.  First year bankers seem to do better than medical residents from the numbers in the article though.

Things don't improve.  The money gets a lot better, but not the hours.  Sure, you have a little more control over the occasional weekend or vacation, but mostly you live at work.   However, to say "there are easier ways to make 6 figures" or "just take a pay cut and work fewer hours" is ridiculous.  What are these "easier" ways to make 6 figures, for someone in their 30s that only has one marketable skill? I'm also interest to know where these good paying jobs that have "only" 9 - 5 hours are.


Why, just last week I made $40,000 from home working at my computer. I'm sure you've seen the advertisements, and for a small upfront fee I can set you up to be just as financially successful, without ever having to leave your home!
 
2014-05-09 03:57:32 PM
I work as a project manager for a big bank. 40 hour weeks and although I don't get anywhere near these $200k bonuses, my hourly is higher than the 90 hour a week IBers. I feel sick to my stomach thinking about a 90 hour work week. 5:00 and my chair is spinning. Having to work sucks in general I can't imagine doing it that much.
 
2014-05-09 04:20:35 PM
If you are engaged in your work, it can be fun. Long hours don't seem long when you enjoy what you are doing, and if you have a knack for numbers, it is interesting to turn a deal over and over looking at it different ways. Also, a lot of the drudgery like pitchbooks etc has been automated by CapIQ, Thomson Reuters, and other companies (assuming your firm buys the stuff).

A lot of the hardship comes from sitting at your desk all day Friday and then some asshole calls you at 4:30 to shiat upon you the product of all the meetings she's had all day with clients and other senior bankers, where she's written checks left and right that her stable of analysts and associates need to cash...overnight and over the weekend if necessary...while she scoots out the the Hamptons or South Beach for the weekend. That is the part that sucks.

I'm not a banker, by the way. A few friends are. The scenario in the above paragraph would not appeal to my irreverent nature. I would be fired in a week.
 
2014-05-09 05:00:39 PM

Tr0mBoNe: Swoop1809: And Im bummed when I work a full 40 hours.

Being agile and having management and business partners that understand agile timeframes means that as long as have good velocity, keep delivering potentially shippable increments and get our stories knocked out every sprint we can work as few or as many hours as we need. We make sure not to pile too much into our sprints.

Oh god, my buzzword bingo sheet just caught fire!!

/process is process


Let me translate: He works less hours for more money than you
 
2014-05-09 05:24:48 PM
when I was the CFO of a dot com back in the late '90's, we had a sign at the office: "Welcome to the home of the 120 hour workweek!"
 
2014-05-09 05:57:42 PM

Fubini: Also, not only are there easier ways to make six-figure incomes, the pay isn't all that great when you look at it objectively. You're living in New York, which is hideously expensive. Even if you capped out in the second year at $300K per year, that equates to $125K in my neck of the woods, according to this site:

http://money.cnn.com/calculator/pf/cost-of-living/

If you're not a wonderchild, it equates to $83K. Go into lucrative science and engineering kids, you'll make as much or more than a wall street banker, not have to live in New York, and get to work 40 hour weeks with regular vacations.


Meh, $300k in New York is a lot better than $125K elsewhere even if the cost of living is higher.  If you're in your 20's and don't mind being single, it's an even better deal.  (Or would be, I imagine.  I don't have skills that are worth that much)
 
2014-05-09 08:05:30 PM

llortcM_yllort: If you're in your 20's and don't mind being single, it's an even better deal.  (Or would be, I imagine.  I don't have skills that are worth that much)


You may be "single" but you won't have much of a problem with the ladies when they know you have the potential for making the really big bucks.
 
2014-05-09 09:17:16 PM

spman: That's insanity, what the heck is the point of making a six figure income if you never have any time to enjoy or spend any of it? I can only imagine the stress of such a job would turn your hair gray and give you a stress induced stroke or heart attack.


The point should be to make a giant pile of money then not have to do it anymore.  I would have worked 90 hour weeks for 5 years if it many retiring at 30.

But you have to be insanely competitive to get to that be in that job in the first place, so most of them never stop.
 
2014-05-09 10:08:53 PM

Tr0mBoNe: spman: That's insanity, what the heck is the point of making a six figure income if you never have any time to enjoy or spend any of it? I can only imagine the stress of such a job would turn your hair gray and give you a stress induced stroke or heart attack.

My job is very feast or famine. Lots of OT for months on end then months of bankers hours. My personal records are 45 hours straight no sleep for a single "work day" and 97 days straight no days off. We just finished a large contract so I'm looking forward to a summer of actual weekends, a few vacation weeks and no excuse to not play at least 50 rounds of golf.


Do you work for an auction company?

/good on ya, I hope you get those golf rounds in!
 
2014-05-10 09:42:20 AM

Nabb1: TuteTibiImperes: spman: That's insanity, what the heck is the point of making a six figure income if you never have any time to enjoy or spend any of it? I can only imagine the stress of such a job would turn your hair gray and give you a stress induced stroke or heart attack.

Similar to doctors and lawyers - you get shat upon your first few years, but as you climb the ranks both the hours and the pay improve.  First year bankers seem to do better than medical residents from the numbers in the article though.

Almost anyone does better than residents. And really, I've been out of law school fifteen years, and most of my classmates who work at very large firms still work most weekends. I know some in Houston who are expected to be there seven days a week - no exceptions. And I know a lot of people who have walked away from jobs far into six figures because of that.


Agreed. I've only been out 7 years, and am fortunate to be in-house with a company so my hours are not what they were when I was with a firm. I have classmates though who have taken non-lawyer positions just to have some kind of balance.
 
2014-05-10 10:39:22 AM
So she owns a business and is a managing director at New York investment firm? Gee I wonder why she works so much.
 
2014-05-10 10:54:16 AM
We sell our lives too cheap.
 
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