Goldman’s First-Year Bankers Beg to Work Only 80-Hour Weeks in Stinging Deck
I hear, anecdotally(n&lt;10) that things are very bad at analyst&#x2F;associate levels at BB banks right now. They send surveys around about how much people are working(what they are actually writing down and reporting, though hours aren&#x27;t actually billed anymore) and people are averaging 90-95 with &gt;100 spike bad weeks.<p>What I hear is that revenue is at record levels, deal flow is so high they can&#x27;t keep things staffed and are pulling in junior bankers from lower tier shops. Bonuses were reportedly bad(in spite of record revenue) because of the &#x27;optics of bankers getting big bonuses during covid&#x27; which sort of breaks the bargain of working 90-100 hours a week.<p>I&#x27;m shocked at the attrition I&#x27;ve heard of. For being such a high barrier to entry club(MBA, lots of &#x27;networking&#x27;, a hazing summer analyst&#x2F;associateism, etc) people are bailing in crazy numbers. I am aware of a group(an incredibly high performing group, tons of deals, tons of S-1s that hit HN this year) where 80% of 2nd year associates have already left(since the cohort started).<p>Everyone knows that &quot;bankers work a lot&quot; but even among a friend group of MBB consultants, medical residents, buy side folks, etc -- the bankers have it the worst, and the comp is not really better unless you stick it out a long time.