
Millennial Employees Confound Big Banks - brianchu
http://www.wsj.com/articles/millennial-employees-confound-big-banks-1460126369
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rectang

       The relative satisfaction of junior bankers matters
       because Wall Street firms are slashing thousands of
       more-senior jobs in a push to cut costs.
    

Stay with the company long enough and we'll yank the brass ring out of your
hand, too!

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ramy_d
Indeed. Makes sense to front load that risk when you're young.

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Joof
I'm starting to wonder if WSJ has a team of people upvoting it. I can't read
any of it and it's not particularly noteworthy information.

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pmiller2
Click the "web" link and then the first link on the page should take you
directly to the story.

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bpchaps
Hm..

I worked at a bank whose shortened name rhymes with "Damn'l" that did a LOT of
things similar to this article to get younger candidates and college students
onto their teams.

A few personal examples..

10k startup bonuses and great pay for the mediocre tech graduates who never
stay - largely because of the lack of respect they get. At the same time, I
was the youngest on the team, including the college grades and got no such
bonus, despite having a "higher" than theirs. I still don't really see what
they were trying to do there (besides the obvious) and why..

At the same place I was told by my manager, "I had to step out for a phone
call when representing you in bonus talks, so you're not going to get a good
bonus. Sorry about that." Sure enough, I got an insulting (in comparison to my
peers) bonus and not an extra dime in pay. When I quit, my boss paraphrasingly
said, "You should stay because we're severely underpaying you and can increase
your pay at any time." Yeah, right.

A portion of my work was making sure things were good during Sunday market
opens...... by myself until an hour after market open when an offshore team
got on. When I quit, that shift had to be handled by four people. Can't give a
good bonus, my fucking ass.

The complete lack of empathy at places like these is mind boggling.

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stegosaurus
Is it possible that the pay packages that this article is considering 'large'
are actually not that impressive any more as a result of increasing wealth
inequality?

I don't know what pay packages are like in London nowadays. Five years ago or
so my understanding was ~40-60K starting.

When an apartment anywhere costs 300K+ it doesn't seem as good a deal any
more. It feels like the junior investment banker of the 1990s could have been
considered to be on a path to persistent wealth, whereas now it's a fair bit
more ephemeral.

Working 100 hour weeks, after the initial excitement dies down, might
ultimately only really be justifiable as a path to great riches or early
retirement, not an upper middle class existence.

Would I work 100 hours a week for ten times the amount I'd expect at 10 hours?
No, you'd have to give me FU money for that, because the idea there is that I
work until I'm burned out and then retire.

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avs733
This sounds like older folks surprised/annoyed that the millennials aren't
just going to play the game anymore...With Wall st. banks, they literally have
no one to blame but themselves for pushing this model on the economy. Treat
people (or their parents) like crap long enough and they will stop coming back
for seconds.

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Grishnakh
I can only read two sentences of this "article".

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cmdrfred
[https://www.google.com/search?q=Millennial+Employees+Confoun...](https://www.google.com/search?q=Millennial+Employees+Confound+Big+Banks&rlz=1CAASUD_enUS670US670&oq=Millennial+Employees+Confound+Big+Banks)

Click the news story on the top of the page.

~~~
craigds
A paywall bookmarklet I find handy for WSJ and NYT:

>
> javascript:location.href='[https://www.google.com/webhp?%23q='](https://www.google.com/webhp?%23q=')
> \+ encodeURIComponent(location.href) + '&btnI=I'

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DannoHung
Hahahaahahaha, what a bunch of horseshit. Here's what's really happening (or
rather, what's not happening): Wall Street's pay grade model has turned into
"Jump ship or get fucked".

So people jump ship. End of story. Banks don't want to give people raises, so
they leave after a period of time for a new position that does give them a
raise.

Pretty much every firm does it.

