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A young New York investment banking analyst explains why his work is suddenly more relaxed and possible from other locations.
The reason: the number of company mergers and IPOs in the technology and media sectors declined, and with it the work of many analysts.
The young investment banker has therefore taken advantage of his bank’s regulations for hybrid working: he has to spend a certain number of hours in the office every month, and he can then leave the city to work the rest of the time.
This first-person narrative is based on an interview conducted in late May with a New York investment banker, his first year at the new job. Insider has verified the identity and place of work of this individual, but to protect the investment banker and his employment, those details are being omitted. The interview has been edited for length and clarity.
When I visited my parents at home for the first time in May after months of work, they were shocked. I looked “dead,” they said. Large black circles had formed around my eyes, the color had drained from my face. Since graduating from college in 2021 and moving away from home, my new job on Wall Street had clearly left its physical mark. And that’s in her mid-20s.
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I haven’t been in investment banking that long: I’ve been working as an investment banking analyst in the technology, media and telecommunications (TMT) team since August 2021. The tasks there are among the most strenuous for young bankers like me. But there are perks that make the arduous first two years worthwhile — like working on deals for big tech clients.
Our average weekly working time is between 80 and 100 hours. But lately that has changed. Now I work a maximum of 20 hours a week because the rate of mergers and IPOs in the tech space has slowed. The bank I work for was hit hard. Admittedly, we’re concerned that the downturn could lead to layoffs or hiring freezes. But at the moment we are all still enjoying that we have a lot more free time. Some of us even leave New York City to enjoy the summer elsewhere. I have also decided to do this.
“Earlier this month I decided to leave New York City”
Many of us noticed as early as March that business in our area was slowing down. That’s why my team gradually became unbearably bored. Sometimes I just walked around our office building in the afternoon to pass the time of doing nothing. Before, I couldn’t wait to leave the office because I was so exhausted. I can’t wait now because boredom is driving me crazy.
From that point I realized that it doesn’t matter if I come to the office or not. The only important thing was that I met the bank’s requirements. So earlier this month I decided to leave town. I booked two tickets for my girlfriend and I to visit my family in a warm place with a pool in the garden.
“Why should I waste time staring at a blank computer screen”
Since I’ve been here, I’ve literally spent more time chilling than actually working. Of course, I make sure my phone and computer are nearby 24/7, and I’m quick to respond to emails from my bosses. Also, I plan to come back to New York from mid-June and go back to the office every day to avoid raising suspicions. But what’s the rush? Why waste time staring at a blank computer screen when I could play tennis with my dad or enjoy my mom’s cooking?
I spent most of the afternoons I spent here sitting by the pool. I spend most of my free time watching TV shows or playing video games like Madden NFL 21 Football and FIFA 22 Soccer on Xbox. It’s not like my presence here hurt anyone or hurt any of the remaining customers badly.
Think about how crazy this all sounds: A Wall Street investment banking analyst sitting by the pool or playing Xbox on a weekday. How do I do that? Well, that’s my secret. My bosses have no idea where I am at the moment.
“The reason why it all works so well: the hybrid work opportunities at my bank”
The reason it all works so well: my bank’s hybrid work capabilities, which log our presence in the office on a monthly basis. When I booked my trip a few weeks ago, I didn’t tell anyone. I just made sure I was in the office every day for two weeks in May – after all, I have to have ID – and then stopped for the rest of the month as soon as I left town. The numbers should eventually even out on their own.
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I’m pretty sure my bosses think I’m just at home. Assuming they even notice my presence – or lack thereof – in the office. But who can say that they themselves are in the office to notice something? When I get emails from senior members of my team, like our CEO or VP, I still reply. I’m not officially on vacation, so I don’t want to appear as absent. I just get my work done by the pool while slathering on sunscreen. I’m the same one who would report for duty any normal day at the office. But instead of wearing a suit and jacket, I chill in jogging pants or a bathing suit on one of my parents’ deckchairs in the backyard.
However, we are concerned about layoffs and hiring freezes
As great as this all sounds, I’ll gladly admit that there are pros and cons.
On the one hand, I’ve slept more in the last few weeks than in the previous nine months. My girlfriend tells me I look “rejuvenated” like I’m slowly coming back to life. The sharp, persistent pain that has plagued me on both sides of my chest for months is easing. He was came up with the job.
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That being said, our bank’s analyst bonus pool is very likely to dry up this year. Fewer deals are likely to mean significantly less compensation when we get our bonuses later in the summer. There is also the possibility of layoffs and hiring freezes. Several teams at my company have quietly told their analysts that they are not hiring at this time. Others have said they are shelving any new hiring plans until they have had a chance to see how things develop.
Of course I hope that I won’t be fired. Analysts are relatively cheap at the big banks, and I think I’ll probably be spared that. If the banks really want to save money, they should first fire the overpaid CEOs – many of whom are underperforming – before they deal with us. By next summer I’ll be able to leave this job anyway and join the private equity firm that offered me an associate earlier this year.
So you won’t hear my junior bank colleagues and I apologizing for getting extra rest or enjoying the rare time we have with friends and family. We’ve all spent our time over the past year rushing about business, getting midnight emails or 2am calls from managers or employees asking us to attend to some minor order that needs immediate attention. But now is not the right time for something like that. And if my girlfriend tells me I’m better looking, my parents cook me dinner, and I’m playing Madden Football on my Xbox in the middle of the workday, well, I think that can safely be counted as a success.
This text was translated from English by Lisa Ramos-Doce. You can find the original here.
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