The 80-hour-a-week jobs that make banking life easy

As the world wallows stories of bankers working hours and their dire consequences for health, it is worth adding the perspective of other industries where people also work long hours, but not in the office, not for the kind of pay that tends to stifle sympathies, and not for entirely commercial purposes.

As a result, the Financial Time has a timely reminder of what it has been like to work in a hospital over the past year. The hours may be slightly shorter, but the age groups are similar and the work itself was incomparably more strenuous.

Boingoc Dinh, a 31-year-old doctor in Pennsylvania, described how her weight fell to less than six stones as she worked 80 hours a week and 12 hours at night during the pandemic. “It just does something for your soul, I don’t know how to put it another way,” she told the newspaper. “Just day after day, seeing human suffering and not being able to do anything about it. “

Eventually, Dinh collapsed from “utter exhaustion.” – “My body was telling me something”, she said. And the message wasn’t just physical: “The more depression and anxiety I saw – in my colleagues, in my patients, everyone. The mental health check-up was astronomical.

Two wrongs do no good, and the fact that physicians literally put themselves to death in the midst of suffering as they try to prevent the death of others, does not mean that the difficulties of young bankers working 100 hours a week on PowerPoint presentations should be ignored. But this offers some context: he are much worse situations; reversing edits to a PowerPoint slide at 2 a.m. might seem imperative, but that’s nothing compared to the urgent need to intubate a patient who would otherwise die. While the bankers fight Acute RSI , many young physicians suffer from post-traumatic stress disorder which arose from an existential “moral wound”. – The feeling that the difficult choices made in the midst of the pandemic have “violated the values ​​essential to their being”. Doctors are “exhausted and angry and scared” and they “feel broken,” said a clinical psychologist working with them.

Aside from their actual jobs, young bankers and young doctors have a few things in common: They are both too academically successful, and they both have significant student debt. The latter can make it doubly difficult to walk away from punitive work. However, Dinh’s experience highlights the ultimate need to put self-preservation before paying down debt. After reaching bottom, she returned to live with her parents to recuperate before – she hopes – opening a trauma clinic nearby. Young bankers who complain about 100-hour weeks also have options: why not take the summer and then go to business development after you’ve slept?

In addition, Credit Suisse has carried out calculations on how much its clients could lose by investing in its frozen funds linked to Greensill, and has Apparently concluded that this is a maximum of $ 3 billion. It is more than the $ 2.9 billion the bank earned in net income last year, but less than the $ 10 billion that supply chain funds were valued before they were suspended on March 1.


Goldman’s bankers argue for an 80-hour week as if it were reasonable and healthy, but it still comes down to 12 hours a day, six days a week, plus eight hours on Sundays. (World capital)

Senior bankers relied on junior bankers because they had nothing to do on weekends. In addition, first year analysts took longer to learn because they are working from home; sophomore analysts had to work harder than usual to compensate. (Bloomberg)

Robinhood Markets is building a platform to “democratize IPOs” by allowing its users to buy directly from them. (Reuters)

Joe Bishay, who led Bank of America’s leveraged financial markets unit in Europe, the Middle East and Africa for more than two years, shares. (Financial news)

A Muslim banker who annoyed his boss by emailing and calling him on Christmas Day 2018 has been unfairly fired. Gatehouse Bank then sent an email saying: “‘Go ahead, Exco [the executive committee] will not send emails after 6.30pm and will not expect to receive any. We also don’t like weekend email traffic. It is clear that if really urgent issues arise, we can be contacted on mobile. ‘ (Daily mail)

Don’t complain too bitterly about your working hours. – In the new world, it is much easier to relocate jobs to places with lower pay and a larger population of highly skilled workers hungry for everything. (Financial Times)

Online dating has exploded during the pandemic. Conversations were on average 32% longer than they had been before the pandemic and people paired – meaning both people found the other attractive – 42% more. People also continued to update their photos with pictures of themselves wearing masks. (Vox)

photo by Diane Polekhina at Unsplash

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