Being a junior investment banker can be a bit like going on holiday to Ibiza – you will get very little sleep, become old and cynical before your time and look forward to weekends when you can lie in bed, sleeping. Some banks, however, are worse on the Ibiza scale than others.
Using thousands of data points from its members, banking website Wall Street Oasis has released a ranking of banks according to the working hours of their employees (in this case, mostly analysts and associates in IBD). It’s not entirely what you might have expected, but it does confirm things we’ve said before: small and boutique banks work you harder than the rest and European investment banks are generally less demanding.
As the chart below shows, if you really want to work more than 80 hours per week, you probably need to join a boutique. Bankers at Moelis, Lazard, Rothschild, Perella Weinberg and Evercore regularly put in 80 hours plus. These are the five worst banks to work for in terms of hours alone. The next five to be avoided are: Jefferies, Blackstone, Nomura, Macquarie and…Goldman Sachs.
Interestingly, and despite its reputation for driving its people hard, WSO’s figures suggest that bankers at Goldman Sachs work an average of 16.5 fewer hours per week less than bankers at Moelis. Share on twitter However, Goldman bankers also work an average of four hours per week more than their rivals at UBS and (surprisingly) 4.8 hours per week more than rivals at Morgan Stanley.
In the past year, most large US investment banks have implemented measures to reduce the working hours of their junior staff. This could be one reason why staff at boutique banks work so much longer by comparison. Perversely, however, Morgan Stanley resisted prescriptive cuts to working hours – and yet it appears to have the shortest working weeks of the lot. Morgan Stanley’s abnormally low working hours might be one reason why it seems to pay so badly, on the other hand.
Working hours by bank
Source: Wall Street Oasis