{ "media_type": "text", "post_content": "seems like everyone I speak with (and personal experience), their teams are so understaffed. Why is it that banks are having such a hard time finding talent to fill positions rn?", "post_id": "607eca170c21d0002a5da126", "reply_count": 13, "vote_count": 6, "bowl_id": "553769a790f5eebe1d2a0f92", "bowl_name": "Finance" }

seems like everyone I speak with (and personal experience), their teams are so understaffed. Why is it that banks are having such a hard time finding talent to fill positions rn?

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Not competitive salary specially when it comes to tech talents!

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just had a situation at a BB where they want to bring in new people on a specific team but they don’t have the headcount to train new analysts because the current employees are understaffed and over capacity (too busy to train new analysts)

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And when you discuss with senior leaders, it’s always always just more resource (aka headcount) as if that’s some magical salve

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It's more than just banks. Debt funds are short too. Everyone is suppressing headcount since there is still a bit of uncertainty due to covid and the go-forward situation is my guess

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Decade of cost-cutting has made the salary less competitive. How do you think we returned to ~15% ROE?

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Understaffed by choice. Less staff more $$$ in top brass pockets. This industry has changed. It’s all about technology and machine learning and AI. But if you don’t know how markets work that goes out the window.

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Quarter mil a year seems a lot less impressive when you see how your friends have turned into shellshocked mole people since graduation.

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If you are not out with SO or friends who gives a shit how much you make. You aren’t living. Live to work. Don’t work to live.

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They’re not having a hard time finding talent, they’re having a hard time keeping it. Juniors at the top tier banks are leaving because they’re so burnt out and juniors from mid-tier bulges are being brought in to replace them. This is the craziest lateral market I’ve ever seen

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They won't backfill any positions. The goal is to lose head count and save money knowing they can push people to do double the work in this current posture.

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I’ve seen that in my old job but let’s be honest how long can that really last

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Banks want Ivy League who speaks python for 100k/year, meanwhile small tech firm is paying 50% more in strategy and operation with video game rooms 🤷🏻‍♀️

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Its so hard to get promoted when you work for a big bank. For example, there are many departments supporting one division and if each of those department had 10-20 employees imagine how difficult to select for promotion when you only 1 or 2 slots at each level (analyst, associates, AVP, etc) This is why big banks continue hiring because they know people will leave.

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