busy” read a memo circulated to rookie investment bankers at Donaldson, Lufkin & Jenrette in the mid-1990s. “You are busy if you are working each weekday at least 16 hours and at least 16 hours on the weekend. These are working hours—not travelling, gabbing or eating time. If these are not your hours at the office, you have the capacity to take on more work.”
First for the chop are the underperformers. Think expensive senior dealmakers with rusty Rolodexes and the occasional knackered junior Excel-jockey. After that, choosing whom to show the door becomes an exercise in predicting where the market is going. “A real danger is over-firing and missing a bounce-back in activity as some banks did after the dotcom crash,” notes Jon Peace, a banking analyst at Credit Suisse.
nearly 90% year on year. Few firms risk listing their shares while markets roil and chief-executive confidence is touching 40-year lows. Special purpose acquisition companies , blank-cheque vehicles which raise money by listing on a stockmarket, are a distant memory. Bankers who made a killing in the frothiest industries and structures are most at risk.
Who’s first on the block? Well, assuming they’re not going to fire anyone from the top floor (because of course they’re not) it would be anyone they haven’t pushed into contract work yet. Anyone getting a living wage and health insurance.
Investment banks are detrimental to a free economy and a free society THEY should get the ax
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Fat cats in the C suite. They've been very unproductive tbh.
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Frothy?