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Wall Street Investment Banks Top Interns are Paid $16,000 a Month

15th April 2022 | Hong Kong

Wall Street investment banks are now paying top interns $16,000 a month, competing with top private equity and hedge funds for the same talent.  In March 2021, a leaked Goldman Sachs Investment Banking survey of a group of 1st year analysts made major headlines and on social media platforms, with analysts providing feedback of working 15 hours a day (105 hours work week), 5 hours sleep a day and sleeping at 3 am.  The leaked survey of the confidential internal survey from the world’s leading investment bank also included quotes such as “inhumane” and “abuse” – causing the leaked survey to be making major headlines and going viral on social media platforms.  The survey also included feedback on how Goldman Sachs can also improved the working condition for 1st year analysts.  Internal surveys are highly confidential.

” Wall Street Investment Banks Top Interns are Paid $16,000 a Month “

 


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Junior Bankers Need to Work 12 Hour Days, JP Morgan Mary Erdoes

In an interview with JP Morgan Asset and Wealth Management CEO Mary E. Erdoes, it takes 10,000 hours to master any subject, which is 12 hours a day and 6 days a week for 2.5 years.  When asked what kind of people does she hire and what kind of training are provided to be a wealth manager in an interview on Bloomberg Wealth with David Rubenstein, who is the co-founder of leading private equity firm Carlyle Group.  “If someone works 8 hours a day and 5 days a week, it will take approximately 5 years to master any subject.  On Wall Street Street, its 12 hours a day and 6 days a week that cuts down to 2.5 years.”  (12 hours x 6 days x 52 weeks = 9,360 hours; 8 hours x 5 days x 52 weeks = 10,400 hours)

Mary Callahan Erdoes, J.P. Morgan Asset & Wealth Management CEO, says new bankers need to work 12-hour days, six days a week, to master their jobs.

On the episode of “Bloomberg Wealth with David Rubenstein.” The interview was recorded on 7th June 2021.

Career:

 

Goldman Sachs, 15 Hour Work Days

Goldman Sachs, United States

In March 2021, a leaked Goldman Sachs Investment Banking survey of a group of 1st year analysts went viral worldwide, making major headlines and on social media platforms, with the analysts providing feedback of working 15 hours a day (105 hours work week), 5 hours sleep a day and sleeping at 3 am.

The leaked survey of the confidential internal survey from the world’s leading investment bank also included quotes such as “inhumane” and “abuse” – causing the leaked survey to be making major headlines and going viral on social media platforms.  The survey also included feedback on how Goldman Sachs can also improved the working condition for 1st year analysts.  Internal surveys are highly confidential.   Read More: Leaked Survey of Goldman Sachs Analysts Working 15 Hours a Day

 

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