Sign up FAST! Login

Will a Dead Intern Change Wall Street’s Pledge-Class Culture?


Stashed in:

To save this post, select a stash from drop-down menu or type in a new one:

I hope this tragedy isn't shoved aside, and people take a hard look at the unhealthy lifestyle of an I-banking analyst. There is nothing glamorous in working 100 hour weeks. 

"When I asked senior executives across Wall Street why it had to be this way — why you couldn't hire twice as many young workers, pay them each half as much, and create a more reasonable work environment for everyone — their answers often boiled down to "because it's always been this way." Like older frat members running a pledge process, senior bankers remembered being mistreated and overworked as young analysts and viewed it as a galvanizing experience that confers special status, and that should be passed on to the next generation. Anthropologist Karen Ho, the author of Liquidated, calls this status the "cultural geography of segregation," and says it allows young bankers to feel superior to workers in the "real economy," who put in 40-hour workweeks, enjoy weekends off, and aren't on call around the clock."

It is really strange that people are still attracted to this profession.  The money must be really good.

You May Also Like: