Investment banking is hardly known for its cushy lifestyle, but every now and then we’re reminded of just how bad it can be.
Earlier this week a buddy forwarded me this email message from a staffer at Moelis.
I don’t know whether it’s legit or not (I’m told it is), but irrespective it’s hardly a unique message in investment banking.
Long story short, the staffer (who is responsible for assigning bankers to projects) sent an email to his team after walking the floor at 2am, and noticing how many seats were empty.
As he supposedly wrote—
Given that new staffings continue to flow in and you are all very near capacity, the only way I can think of to differentiate among you is to see who is in the office in the wee hours of the morning.
Ouch!
Can you imagine that?
You’re working your ass off 7 days a week in a grueling job, and now you’re being judged on how busy you are based on whether you’re in the office at 2am?
I can. I lived that life, and I also did a year in the job of staffer.
While it’s easy to beat up on the staffer for his lack of managerial skills (and judgement in sending that email), I can attest that it was perhaps the hardest job I did in banking, where you’re constantly pulled and pushed in every direction.
It’s demand and supply, baby!
As the staffer, you have a limited pool of resources to assign to projects, and unlimited mouths to feed.
In my experience it was the rare senior banker who would step back and really think carefully about the work that needed to be done (blast from the past shout out to George Lee, Mike Wishart and Kevin Quinn), and whether it was worth having someone sit up all night and do it.
Generally, that’s not because senior bankers perceive working like a medical resident as a rite of passage, or they don’t care about their team, but because they also have mouths to feed.
Clients. Bosses. Shareholders. Enormous, enormous pressure to perform.
As Lloyd Blankfein once put it, the culture of insecurity runs all the way to the top in banking, and while senior bankers might want to help their juniors have a more balanced life, most of all they want to deliver their best for their clients.

