But several firms, including Citigroup, Bank of America, JPMorgan and Barclays, have raised the salaries of junior bankers. JPMorgan is rolling out technology to automate some aspects of analysts’ work, and recently hired more than 200 additional junior bankers to ease the pressure in a particularly busy year.Ī first-year investment banking analyst in New York can make as much as $160,000 in a year, including a bonus, according to estimates from Wall Street Prep, a company that helps aspiring bankers train for the industry. Goldman is also enforcing its no-work-on-Saturday rule. Goldman’s chief executive, David Solomon, said in an earnings call this month that his firm would pay more competitively and enhance rewards for performance. Harvard sent just 3 percent of its 2020 class.Īlthough top executives of the biggest banks have recently talked tough about the need for employees to return to the office, many are paying heed to the complaints of their youngest workers.
cohort in 2020, compared with more than a fifth of the class a decade earlier. The decline was pronounced at the University of Pennsylvania’s Wharton School, where bankers were 12 percent of the M.B.A. business schools sent, on average, 7 percent of graduates from their master’s of business administration programs into full-time investment banking roles, down from 9 percent in 2016. The number of applicants to banking analyst programs is hard to track, but business school data, which captures a slightly older cohort of potential financiers, shows a broad decline in interest in investment banking. Chon said he appreciated all that he had learned as an analyst, but added: “You don’t have control of your lifestyle, and you’re working even when you don’t want to.” “It’s kind of like going through boot camp,” said Ben Chon, a 27-year-old entrepreneur whose YouTube video about leaving his job as a health care banker in JPMorgan Chase’s San Francisco office, posted in February, has garnered more than 100,000 views. Iyoriobhe - who put in 90-hour weeks at Bank of America, sometimes going home only to shower - are willing to do it for the minimum time necessary to put it on their résumés. The pandemic, which forced many to reassess their work-life balance, has only underscored that thinking. That’s especially so as careers in technology and other parts of the finance world promise better hours and more flexibility. But new college graduates are increasingly unwilling to put themselves through the strenuous two-year analyst program, despite starting pay that can reach $160,000.
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