Investment banks might not have been the greatest example here, many of them hire whoever under the auspices that while during incodtrination they work a play portfolio for free and those in the cohort who profit above a certain deviation and who can justify the strategy behind it get hired, the rest don't.
Investment bankers don't manage portfolios. They do paperwork for companies which want to sell stocks and bonds. What you're describing is a trading operation and a crappy one at that.
