{ "media_type": "text", "post_content": "Why do IBs hire (example) 5 people who work like crazy and get paid £300,00 pa instead of hiring 10 people who do normal hours and get paid £150,000 pa ?", "post_id": "57433a61971eee0e009c64cd", "reply_count": 11, "vote_count": 2, "bowl_id": "553769a790f5eebe1d2a0f92", "bowl_name": "Finance" }

Why do IBs hire (example) 5 people who work like crazy and get paid £300,00 pa instead of hiring 10 people who do normal hours and get paid £150,000 pa ?

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Irrational tradition and culture.

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Less FO analysts = less stress on systems, less calls in for support, less requests for permissions and software etc

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God we're circle jerking here... No, what its really about is a lack of structure that encourages insane deadlines without being properly scheduled, i.e. Analyst creates deck, MD reviews/marks, analyst corrects, MD signs off, legal reviews/marks, analyst corrects, legal signs off, compliance reviews etc... Then at 5am you have to run in to fix the calcs because you spent more time worrying about bullet point alignment and having periods or not than on the model itself. more hours spent with thumbs in assholes = more time in the office = less efficiency = exhausted analysts = smart people more prone to mistakes... That's an argument I'm sure you can poke a thousand holes in but the real argument is to think of your class as doubling in size, if you and another analyst were always on top of the same task, you don't duplicate efforts, you review each other's work and submit it right the first time, then streamline the review process for anything (not just a deck) and pay everyone idk say ~65% of current pay, everyone works a 50 hour week, goes home happy and fewer mistakes were made. The real driver is greed and people knowing if they chop heads it's easier to take a bigger slice of the pie...

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Less desk space and less ops/tech people required for less headcount?

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@gs2, why less tech people ?

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More people = lower pay. Lower pay = attracting less talented individuals. Banking is about the money and experience. If you want to make high $/HR in the near term banking is not the right decision. However it does set you up for a very high expected return in the long run if can survive a few years. Second point would be that the job is very analytical and requires detailed attention from many dimensions. Throwing more bodies at the problem does not improve the results.

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Argument generally for works me. Would you still want the job if you worked 50hr weeks and earned 65% the pay? (Probably 65% of the prestige too 😆)

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No I mean that's true dude it's why the self manifesting idea that we deserve this has lasted so long and we can't complain as long as we are okay with the hours. The argument is more to look at it from a management perspective, does it really make sense the way it goes now? Don't give me any BS IT argument, that's the cheapest and easiest sht to cover once you paid the fixed costs.

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Normal hours? If one works from 8pm to 5am, is that also normal cuz you work 45 hrs a week?

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Nah GS2 that doesn't make sense.

@gs2 so ops then, not tech. I really don't see how more analysts would require more developers. Support etc all comes under ops.

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