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Late Lunchtime Links: Most people quit banking aged 26-30 because their lives are spiritually hollow. Zynga boss explains why he got out

Leave banking, try Farmville

Leave banking, try Farmville

As we’ve mentioned before, it’s quite usual for investment banking careers to be short lived. One columnist  recently calculated that 73% of investment banking careers are over in less than six years. Now a new infographic sheds a little light on why.

Published in New York Magazine and sourced from Escape the City, it suggests people mostly leave banking because their lives are ‘spiritually hollow’ (47%) or because they work non-stop (35%).  The majority of those who get out (41%) are aged 26-30. 53% of them envy people who took a non-corporate career path. 62% of them aspire to live sustainably in future, with a fixed-gear bike in a loft apartment. Surprisingly perhaps, 88% of them have no regrets.

Separately, the Financial Times has interviewed Zynga Founder Mark Pincus, who it transpires spent some two years working at Lazard after he graduated. Pincus eschewed a banking career on the grounds that he felt like an, “expert witness.”

“You were called to the stand, you said what you thought was the right answer and then you were excused and you find the next day what the decision was,” he complained.

Meanwhile:  

The millionaire behind Moshi Monsters spent a year working in HR for Goldman Sachs. (The Times) 

John Silvetz spent 5 years trading corporate bonds and credit derivatives for Deutsche, during which the amount of his annual bonus paid in cash went from 70% to 20%. (Bloomberg)  

BNP Paribas and SocGen decline to comment on speculation that Hollande might make them spin off their investment banks. (Bloomberg) 

BNP cut last year’s bonus pool by 52%. (Bloomberg)

French banks massively expanded their presence in Asia over the past five years. Now they’re pulling back. (Alphaville) 

Gulliver says HSBC’s performance in April was, “satisfactory.” (Bloomberg) 

HSBC wants to eliminate 30,000 jobs by the end of next year. At the end of the first quarter, it had 14,000 fewer jobs than Q1 2011. (Bloomberg)

HSBC’s investment bank is profitable in Europe again. (Financial News) 

Morgan Stanley had trading losses on only 4 days last quarter. (Bloomberg)

Warren Buffett suggests you may wish to work for a US bank. (Financial Times)

You may not want to work for Morgan Stanley’s derivatives business in the event that it’s downgraded. (Financial Times) 

You also may not want to work in a derivatives team at Bank of America or Citi in the event of a downgrade. (Dealbreaker) 

Departing senior M&A bankers are leaving holes for juniors to fill,  but there’s not much going on. (Financial Times) 

There is a sumptuous Bank of England sports centre in Roehampton, south-west London. (Financial Times)

Quants are closed minded creatures who struggle with ambiguity. (Poetsandquants)

People with a firm purpose in life are less likely to succumb to dementia. (Press TV)

MD at Goldman Sachs has also found time to be a ‘family man’ write three novels and carry large rucksacks around by night for a military charity. (WSJ)

Dexia Asset Management opens in London. (Citywire)

Comments (1)

Comments
  1. I take issue with any survey which calculates some % of people that left the industry without also calculating the amount that were fired. The temptation to retrospectively change your reason for leaving to something other than `I was (about to be) fired’ is too tempting.

    It’s no big secret that careers in banking are often short lived. Many analysts move on to other opportunities, and there are only so many (a small proportion) analysts that can make it up the ladder beyond 30. That’s just the structure of the industry. Explaining such figures without taking this into account is simply misleading.

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