Lazard CEO Says Remote Work Damages Prospects for Young Bankers
想法?
Lazard CEO Says远程工作损害年轻银行家的潜在客户
索纳利·巴萨克(Sonali Basak)
(彭博) - 拉扎德有限公司(Lazard Ltd.)首席执行官肯(Ken)
Jacobs said remote work hasn't hurt dealmaking, but it could
have a big impact on prospects for younger bankers across the
industry.
"This ultimately is an in-office experience," Jacobs said
Tuesday in a Bloomberg Television interview.
Some of the largest banks, including高盛团体
Inc. and摩根Chase&Co。,开始将员工带回
到更多的办公室。雅各布说更多的拉扎德
银行家很可能会在秋季回来。
Wall Street firms are seeking to strike a balance between a
flexible work-life schedule and the hard-charging environment
for dealmaking. Young bankers have been grappling from home with
elevated workloads, sparking gripes from many. A group of first-
year analysts at Goldman Sachs Group Inc. complained earlier
今年,他们被劳累过度和忽视
managers.
"This has been an extraordinarily productive year, we
由于离开的结果并没有真正错过
办公室,”雅各布斯说。“从长远来看,这对
ability to train, and recruit and retain the best of our
people."
Comments (23)
100% true. WFH has been great for everyone except 1st-year analysts. The ones that have only worked from home are way behind the curve due to not being in the bullpen around more experienced analysts and senior bankers.
大声笑,这些高级银行家只是试图提供更多理由将人们带回来。“在水冷却器上学到的银行业”(杰米·迪蒙的引用)的观念只是胡说八道。除非您害怕提出问题,否则在牛棚里与您的房间里的学习不会影响您的学习。他们有不想完全注销的未使用的办公空间。整个行业的运作就像是兄弟会,具有欺骗分析师的传统以及对僵化的层次结构和传统的最终尊重。Covid证明了这项工作100%可以在家中完成,经验并没有什么不同。也就是说,您不是在工作中获得报酬,而是您所接受的虐待。高级银行家之所以这样做,是因为他们需要确保大三学生获得与他们所做的相同的待遇,否则他们眼中并不公平。
尽管多数分析师都不敢问问题,especially ones that have never met most of their peers in person. The culture does suck, but analysts get very good at their job in a short amount of time by being in close contact with other more experienced analysts into the early hours of the morning. Analysts this year are way behind the curve. Don't get me wrong, WFH is great for senior analysts, associates and VPs, but for new analysts, you lose a lot in the way of the training from both more senior bankers on your deal team and others in the bullpen.
我惊呆了,猴子正在努力。我认为害怕提出问题的分析师可以追溯到文化,但是对于我个人而言,我觉得银幕分享比看某人的肩膀更远。我认为现在提出问题几乎比以前要容易得多,因为您可以ping和呼叫人们的速度。
Genuinely, I think it's really hard to make a compelling argument that this job can't be done at home or that seniors are really bringing people back for the betterment of the juniors. They are so obviously conflicted, it's ridiculous. They can claim they want to bring people back because of the learning, but really it is 4 reasons, that anyone who has done this job for 12 months gets:
1)They have massive offices they don't want to be just a wasted sunk cost because then real estate clients or the dumbass who accepted the lease terms will be butthurt.
2)They don't want analysts being able to be away from the office because it makes it easier to interview/ escape.
3)他们对自己的手套遭受痛苦感到愤慨IBin an office and the thought of analysts getting a better experience than them bothers them deeply. They will cry out how it's a soft generation etc etc, but ultimately they are just angry they couldn't have the same experience. This is also the reason why despite being in one of the best M&A markets of all time with many banks having their best years ever, they aren't paying juniors enough to retain them-even to the detriment of their business. They behave out of tradition and jealously and are too competitive to even consider allowing future generations to have a better experience than they did.
4) Senior bankers lose control of the employees and anyone who has ever done this job understands how much most of banking is really just about seniors enforcing various degrees of control on junior individuals to get off on the ego trip.
Totally agree with this. You can "co-pilot" with your new analyst equally (if not more) effectively through screen sharing than being seated next to him/her.
teaching requires 2 things:1)the ability of the new analyst asking questions and really making sure he understands what is to be done (ie taking notes, asking other individual to slow down for a sec or repeat something, etc), and2)it also requires whomever is teaching them to be as specific as possible describing the methodology and expectations.
However, one of the downsides of WFH is the ability to ask quick/brief questions to further clarify the task. And I'm not talking about "hey what is xxxx shortcut" (those can be answered with google). Sure you can pick up your phone and ask the question, but this extra step does make it a bit more cumbersome.
Overall, I don't think we need to be at the office. Maybe if you just joined a firm you do want to go into the office for some time to familiarize with everything and get to know some people, but after that there's really no need to be back at the office.
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354manbetxdisgusting but true
lmao this is patently false. there is such a higher degree of difficulty in teaching fresh new hire right out of UG how to do this job via screen sharing and calls vs dragging them to your desk, sitting them right behind you, and going "ok, sit here and let me show you how to do this"
从来没有学到过您通过牛棚以太学到的省时和胸围的狗屎太多(例如,唯一的做这项工作并定期看到太阳的方法)。
Hear me now, children, for my occupation is of much import. For 82 years I have been an oil man, a ‘baron’ some have called me. Now what does an oil baron do? The answer - crush your enemies! Grind their bones into dirt! Make them regret that they were ever born! Oil is not for the weak - it is the Earth’s milk, and only the strong may suckle at Mother’s teat!
那时我将其归因于文化问题。我们在我的公司/分析师中没有看到同样的问题,这些问题并不害怕以相同的速度提出问题。从自上而下的调查中,这表明这家公司从自上而下的公司不相信过去的班级越来越慢。我不会不同意某些人确切地需要更多的手动/没有足够的信心来打电话,但这是一个文化问题,他们需要更舒适和自信地提出问题。另外,我坦率地怀疑那些同样的分析师也是那些不会在办公室问问题的人。
++++ Nailed it!! Job can be done remote or at a minimum at a flexible schedule; yet the industry will want that juniors live and die at their desks
Have mixed feelings. Have not seen any drop in productivity from the junior team, and honestly not in a rush to have anyone back. I don't care as long as they get the shit done. I do feel there is a lot of learning by osmosis just from being around senior bankers. Not face time (fuck face time) but soft skills that are hugely beneficial to juniors aspiring to move up in banking or elsewhere.
从简单的听资深银行家conversing with clients / buyside, discussing pitch or deal strategy, fee structures or hell, even just shooting the shit on markets, deals on the wire etc. A lot of my learning has and continues to come from this, listening in to people far more experienced than I do their thing.
The unfortunate reality is that the people we work for are old heads, a lot of whom are stuck in the old ways. Whether conscious or not, there likely will be a bias towards those who come back first and are around - "Out of sight, out of mind". I can sense that with some of the MDs and am starting feel this will impact some of the team's reviews. I fucking hate it but it is what it is.
The million dollar question is will the blur of the WFH and work from office be enforced, or have Senior bankers just going to say I can schedule work anywhere anytime.
Given travel time, in person meetings and cooler talk, I see things getting significantly worse. If your sleeping at 2am expect 3-4am now
If your sleeping at 3AM imo your done for
这100%。我看不到工作负载IBgetting better anytime soon since Zoom meeting have absolutely destroyed any sort of WLB this job had. I'm out of the industry now, but one of the catalysts of my exit would be the incomprehensible lifestyle if I had to pull the WFH hours and workload with the pre-WHF commute and facetime crap.
Ehh我同意不同意。就像有人说previously on here: they need to have bankers come back to justify all that office space that's been vacant so in essence does he really care anyway? Not to sound salty but fuck him lol. Lazard has never recruited at my undergrad anyway historically only a few made it in so ♂️ Lmao
My biggest question is going to be whether they will fire people who refuse. My bank is already seeing it happen-if you are a senior analyst just riding it out, are they going to can people over not coming into the office?
人们实际上是在考虑拒绝回到办公室吗?
是的。人们说,除非遥远,否则他们会走路/横向。
I don't follow where a lot of the perspectives in this thread are coming from. All the mid level and senior bankers like the WFH model - maybe coming into the office a few days a week when it's required for meetings and for maintaining relationships, but staying home when it's more efficient and avoiding travel as well. It's the analysts and associates, particularly the analysts, that have had an absolutely terrible year WFH and want office life to return to normal. Not just from the perspective of their ramp having been slow but also work vs. home separation and very importantly the bullpen social life. Senior bankers are working from home, juniors are living at work...
From a junior perspective, I feel that morale will be considerably better and attrition will halve if people are able to become friends with their coworkers, and build deeper bonds. This is something that's mostly lost out with WFH for 1st and second year analysts.
Y'all are underestimating the 1st year analysts ability to evolve and adjust. This group have had to deal with 1.5 years of online classes, lockdowns, group projects done remotely, lost senior year parties and muted graduation. These band of brothers/sisters already know how to seek help and guidance even online. This group not only knows how to survive but also thrive in a changing environment. Actually, I think this group will not only kick ass this first year, but also be the future leaders and be the ball busters of old sop and stagnant ways ofIB.
* Boomer MD's have left the chat
I think as a first-year being in the office and making friends with the other analysts and just being in an environment where they can learn and be social post-grad fresh out of school is the best. A lot of kids are likely new to the city and might not know anyone. However after that first year, literally no reason to not have the job fully remote and despite the increased workload there are so many benefits in the long-run of WFH in being free in your own space, cook, exercise, play music, walk around, no commute/HCOL rent, watch TV when doing mindless tasks, etc.
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