Brutal hours, bullying & bureaucracy: life as a trader in a bank

Posted by PSR_AXP 28 days ago
If you're looking for a financial services job that both pays well and permits you to have some kind of life outside work, then sales and trading is theoretically it. Our most recent salary and bonus survey suggested that salespeople and traders command average total compensation of $407k and only work 55 hours a week. This looks pretty appealing compared to the investment banking division where people are working 73 hours a week for an average of $273k.
This does not mean, though, that traders at major investment banks are entirely happy. A new study* by Daphne Sobolev at UCL School of Management in London suggests traders have complaints just as much as junior bankers do. And many of their complaints are similar.
Sobolev analysed the Glassdoor reviews posted by people claiming to be traders at 10 different investment banks (J.P. Morgan, Goldman Sachs, Bank of America, Morgan Stanley, Citi, Credit Suisse, Barclays, Deutche Bank, Jefferies and UBS) between June 2012 and December 2021. Some are slightly dated (she cites a Deutsche Bank trader who praises the culture on the equities floor) but many include the sort of timeless grumbling that traders have been engaging in for decades.

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