Asides
Why Do Banker’s Get Paid So Much?
24 Feb 2008 - While The Prince was scanning Wall Street Oasis for the latest members that are angry with him he happened upon this very interesting forum post. Basically, the forum ask the members of WSO to comment on why bankers get paid so much even though the job as an analyst is basically mindless and not very challenging. The forum discussion moves from talking about analysts to really focusing in on the senior bankers. It is really worth a read if you want to get inside how investment bankers justify their enormous salaries and the value they believe they add to the companies that are their clients.
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[...] February 23, 2008 New blog post: Why Do Banker’s Get Paid So Much? http://www.princeofwallstreet.com/2008/02/23/why-do-bankers-get-paid-so-much/ [...]
Hmmm, I worked at a bank and the people who do the work - tellers and stuff make almost nothing, while the fat cat execs who warm chairs make a bundle.
All execs talk about is firing people and making cuts. Also they go play golf on company time. The add very little to the bottom line.
To Carlos: While your socialist rant is palpable to The Prince, he is talking about investment bankers not commercial bankers. At an investment bank a managing director playing golf with clients does actually add to the bottom line. However, The Prince guesses there are some similarities. Analysts do most of work but I wouldn’t say MDs are warming chairs. At least if they are doing their job they should be bringing in business for analysts to toil away on.