Each year, more and more top graduates choose Silicon Valley over Wall Street. The pay is becoming more competitive and the hours aren’t nearly as brutal, they say. Logic would then dictate that they’re happier in the career, right? Nope. They’re equally as frustrated.
A recent study conducted by recruiting firm Options Group found that 45% of bankers said they’re satisfied with their job, according to New York Mag. Meanwhile, just 48% of tech workers said the same thing – a surprisingly low number considering the lack of negative chatter surrounding Silicon Valley, at least when compared to Wall Street. Perhaps bankers are just more vocal with their complaints?
The evidence certainly supports that theory. Just over 20% of bankers felt they were appropriately compensated in 2013. Tech workers weren’t nearly as prone to moan. Forty-two percent said they were fairly compensated.
Not surprisingly, roughly 62% of hedge fund employers said they are pleased with their job. The market has been up (until recently), jobs are secure and regulation still remains fairly minimal. Hedge fund managers recently told us they’re working 70-hours a week and “loving it.”
The real shocker of the survey – other than the apparent misery of tech workers – was in private equity. Despite the strength of the industry, just 45% of PE employees reported being happy with their career. Moreover, 55% said they are seriously considering moving to another firm.
In this week’s hiring roundup, Schroders is building up its investment team, BlackRock stays hyper-active and two London hedge funds are adding staff.
Salaries are on the up, pay is good, but compliance professionals are not achieving the sort of salaries that will allow them to retire to their own private islands within ten years.
Last month, Barclays Chief Executive Antony Jenkins increased bonuses despite a 32% drop in earnings. Now, up to one-quarter of the bank’s investors are planning to protest the move. Jenkins, it appears, is in trouble.
Fund manager BlackRock reshuffled its management team, adding a new president and chief operating officer while promoting its heads in New York and Asia.
Jan Peter Schmittmann, a former executive at Dutch bank ABN, committed suicide after taking the lives of his wife and daughter.
SAC Capital is no longer. The Connecticut hedge fund officially changed its name over the weekend to Point72 Asset Management, a family office. You can check out the firm’s new website here. It looks like it was designed by my nephew.
J.P. Morgan has named Carlos Hernandez as its new co-head of global banking. He and Jeff Urwin will manage corporate banking, investment banking and treasury services. Don McCree is leaving the firm.
Buzz Around the Office
An Australian man was arrested at his own wedding ceremony after he got into a tussle with the reverend, who refused to marry him after he showed up drunk, bruised and in torn clothes.
Quote of the Day: “What are the odds that people will make smart decisions about money if they don’t need to make smart decisions—if they can get rich making dumb decisions?” – Michael Lewis