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RECOMMENDED

JPMorgan’s Daniel Pinto says banks need to be ‘very careful’ about cutting
dealmaker jobs Bank of America juniors say they’re getting up to 100% of salary
in bonuses Young bankers just got a 30% pay hike — here’s how much every bank is
paying Bank job cuts are coming — here’s what you need to know Bank of America
analysts top ‘City Oscars’, leapfrogging BNP Paribas Exane
 * Investment Banking


THREE QUARTERS OF JUNIOR BANKERS STILL WANT TO QUIT AMID BURNOUT CRISIS


BANKS HAVE TRIED TO STEM AN EXODUS OF JUNIORS, BUT MANY ARE STILL EYEING THE
EXIT

WHILE BANKS HAVE LARGELY RESPONDED TO AN EXODUS OF TALENT BY HIKING SALARIES,
76% OF DEALMAKERS SAID THEY WOULD CONSIDER SMALLER PAY PACKETS FOR BETTER
WORK-LIFE BALANCE

Getty Images
By
Paul Clarke
 * 
 * 
 * 
 * 
   
 * 

Monday August 22, 2022 12:01 am

Nearly three quarters of junior dealmakers are considering quitting, as a
burnout crisis that has prompted banks to hike salaries and overhaul working
practices continues to dog the sector, according to a new survey.

Despite efforts to retain junior bankers amid a surge in dealmaking last year,
72% of 200 bankers surveyed by tech company UpSlide, which works with investment
banks on automating manual tasks, are thinking of quitting the industry to avoid
burnout.

The...

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ARTICLES FOR YOU


JPMORGAN’S DANIEL PINTO SAYS BANKS NEED TO BE ‘VERY CAREFUL’ ABOUT CUTTING
DEALMAKER JOBS


YOUNG BANKERS JUST GOT A 30% PAY HIKE — HERE’S HOW MUCH EVERY BANK IS PAYING


WHY LIZ TRUSS’S BRUTAL SACKING OF TOM SCHOLAR COULD FURTHER ALIENATE AN ANGRY
CIVIL SERVICE


BANK OF AMERICA JUNIORS SAY THEY’RE GETTING UP TO 100% OF SALARY IN BONUSES


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JPMORGAN’S DANIEL PINTO SAYS BANKS NEED TO BE ‘VERY CAREFUL’ ABOUT CUTTING
DEALMAKER JOBS


RIVAL GOLDMAN SACHS HAS STARTED TRIMMING BANKERS FOR THE FIRST TIME IN TWO
YEARS, BUT PINTO IS URGING CAUTION ON CUTS

'IN AN ENVIRONMENT LIKE THIS THERE MAY BE SOME VERY, VERY TOP BANKERS THAT YOU
COULD NOT ACCESS IN THE PAST AND ARE NOW AVAILABLE FOR HIRE'

K. Y. Cheng/Getty Images

The head of JPMorgan's investment bank said banks need to be "very careful"
about making deep cuts to dealmakers, even as fees slump and rival Goldman Sachs
kickstarted Wall Street layoffs.

"Cutting bankers here and there" during a downturn in dealmaking is not the
right approach, said Daniel Pinto, chief executive of JPMorgan's corporate and
investment bank, adding that it could "hurt the possibility for growth going
forward".

"If...

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GOLDMAN TO CUT POOR PERFORMERS IN ANNUAL CULL


IN AUGUST, GOLDMAN ALSO CUT THE AMOUNT ALLOCATED TO PAY ITS LONDON BANKERS BY
NEARLY 60% FOR THE FIRST HALF OF 2022

GOLDMAN SACHS MADE $531M FROM INVESTMENT BANKING FEES IN THE FIRST SIX MONTHS OF
2022 IN ITS INTERNATIONAL UNIT, 61% LOWER THAN LAST YEAR

Michael Nagle/Getty Images

In a return to pre-pandemic practice of hiving off low-performing staffers from
the bank, Goldman Sachs is set for a round of job cuts.

The US investment bank is set to axe jobs in plans that could trigger the
earliest layoffs as soon as next week, The New York Times reported, according to
people familiar with the matter.

The number is less...

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PRIVATE EQUITY GIANT THOMA BRAVO HIRES INFLEXION’S IRINA HEMMERS TO LEAD LONDON
OFFICE


MORGAN STANLEY’S THOMAS RESTOUT JOINS CRYPTO FIRM B2C2 AS EMEA CEO


TRADING PLACES: EXECUTIVE SHAKE-UP AT CREDIT SUISSE, JUNIOR BANKER PAY STILL
RISING

 * On the move



On The Move


PRIVATE EQUITY GIANT THOMA BRAVO HIRES INFLEXION’S IRINA HEMMERS TO LEAD LONDON
OFFICE


MORGAN STANLEY’S THOMAS RESTOUT JOINS CRYPTO FIRM B2C2 AS EMEA CEO


TRADING PLACES: EXECUTIVE SHAKE-UP AT CREDIT SUISSE, JUNIOR BANKER PAY STILL
RISING

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MOST READ


GOLDMAN TO CUT POOR PERFORMERS IN ANNUAL CULL


EY SPLIT: HOW THE CONSULTING AND AUDIT GIANT REACHED A LANDMARK PLAN TO SEPARATE


WHY LIZ TRUSS’S BRUTAL SACKING OF TOM SCHOLAR COULD FURTHER ALIENATE AN ANGRY
CIVIL SERVICE


HOW US BUYERS CAN COUNTER THE BREXIT EFFECT ON M&A


WOODFORD FUND ADMINISTRATOR LINK FACES £306M FCA FINE





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