Wall Street CEO says junior bankers prefer 80-hour weeks to boredom

Fortune09-18 01:20

Young investment bankers starting off in the industry accept that to advance quickly in their career they must sacrifice much of their personal life, according to the CEO of a Wall Street bank Lazard....

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That’s the trade-off.\"\nThe banking sector has long been known for grinding hours that help weed out new entrants as part of the lengthy process of grooming future rainmakers, the men and women behind some of the world’s biggest merger and acquisition deals. \nThere’s even a familiar saying, often attributed to the late Goldman Sachs CEO Hank Paulson, that “if you didn’t show up on Saturday, don’t bother coming in on Sunday.” \nBut the death in May of Bank of America employee Leo Lukenas has cast a harsh spotlight on the practice. The former Army Special Forces soldier had been clocking over 100 hours per week working on a $2 billion deal when a blood clot killed him. \nOrszag said Lazard was already demonstrating its willingness to make concessions that would offer talent the flexibility to accomplish their tasks from home. Staff in New York are only required to come to the office three days a week.\nWhile there may be peer pressure to come in more often in order to win a promotion, that’s notably more flexible than other Wall Street banks that have been quick to roll back pandemic-era working habits.\nBefore Orszag ever joined the banking sector in 2011, the Princeton-trained economist first made a name for himself in government. He was still in his thirties when he became director of the Congressional Budget Office, later heading up the White House’s Office of Management and Budget (OMB) under the Obama administration. \n“One of the exciting things for example about being in government at a relatively young age is you have this sense that ‘oh my goodness, I’m this age and I’m doing that’,” he told Rubinstein. “To create that same sense of excitement for people entering financial services is characteristic of Lazard.\"\nThis story was originally featured on Fortune.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2468391680"}