In theory, summer 2015 was a very fine time to be an intern at an investment bank. Anecdotally, a high proportion of summer interns were converted into full time hires - especially in IBD, and new restrictions were imposed on interns' working hours - especially at Goldman Sachs. And yet,one intern at least, worked like a dog and isn't sure he wants to come back.
"I interned this summer in investment banking and got completely crushed," writes the anonymous ex-intern on forum website Wall Street Oasis. "My hours ranged between 85-105 each week, but were usually around 95ish... It was not uncommon to be in the office until 4-5am then back at 8:30am multiple days in a row and then back to the regular 8:30am to 1:30am schedule for just a few days before getting crushed again. I only had 3 days off the whole summer."
At one point, after having just two hours sleep, the former intern in question says he experienced, "tons of pressure in my chest" and his vision started to "get blurry". Nonetheless, he says he, "really loved" the work and the people, and is thinking of returning. His question, for all junior bankers out there, is simple: how can you avoid this kind of burnout when you're working for a bank full time?
Separately, Santander is hiring. The Spanish bank, which said only last week that it's cutting costs, said yesterday that it wants to hire some senior traders in New York and London. The Wall Street Journal helpfully notes that Santander's record of hiring and firing investment banking staff isn't exactly unblemished: last year it hired 150 equities analysts in Asia, only to let most of them go again.
Ivan Glasenberg lost $500 million yesterday. (Bloomberg)
John Cryan must chop 10,000 staff and cut back on 10,000 of the external consultants at Deutsche Bank, says analyst at J.P. Morgan. (Telegraph)
Now that senior bankers in London are legally responsible for regulatory infractions of juniors, they'll just dump juniors who make mistakes. (Bloomberg)
Eric Horowitz, a US mortgage-backed securities trader at Nomura, left the company after five years. (Bloomberg)
Christopher McMullen, Commerzbank's London-based head of securitized products, has also disappeared. (Financial News)
How it is when you quit structured finance and become a Shakespearean scholar. (Guardian)
What if Tinder showed your IQ? (Nautil)
Don’t even think of applying for a job on a Saturday.(Quartz)
Wall Street needs a better credit hedge. (Bloomberg)
Photo credit: Pascal Bovet