How many hours will you really work in an investment bank now? After all those initiatives to cut working hours, is it true that banking jobs are about as arduous as a long shift at the Big Four?
Not exactly. Forum website Wall Street Oasis has updated its figures for average working hours by bank in 2017. The results reflect submissions from thousands of users.
The chart below reflects the new reality. If you're looking for a nice 9-5 job, banking is still very far from being it. However, WSO's findings imply that you'll work far (far) longer hours at some firms than others.
The worst offenders for working hours are still the corporate finance boutiques. Moelis & Co. has long had a reputation for brutal working hours and this still seems deserved: the average Moelis employee claimed to work nearly 83 hours a week in 2017. Hours were also comparatively harsh at Evercore, Perella Weinberg and Lazard.
French banks and "local" European banks are the most lenient. Average working hours at Commerzbank were just 50.7 per week last year. At Credit Agricole they were just 61. At British government-owned RBS they were just 59.3.
The biggest surprise comes from the big U.S. investment banks. Based on WSO's data, J.P. Morgan, Goldman Sachs and Bank of America all look like comparatively undemanding places to work (although you'll still put in 69 to 73 hour weeks). Equally surprisingly, the Swiss banks - UBS and Credit Suisse - are more demanding, as is Deutsche Bank.
The big European investment banks have a reputation for paying less than the big U.S. houses. If WSO is right, they will also work you more. It's a combination that doesn't seem particularly appealing.
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