I worked for a large investment bank a good few years ago. It was probably the crappiest job that I have had in terms of job satisfaction. There was a high staff turnover and the answer was to throw money at the problem and keep the churn going.
I also worked at a few IBs before I came to the realization that one was just worst than the next. I thought that they worked by underpaying people just out of school, but dangling the carrot of big bucks that always seemed just out of reach (maybe next year I will get the big bonus!) and then churning and burning.
I am back in finance at a private company, and I am part of our on-campus recruiting efforts, and I frequently tell candidates "listen, take a job with one of our direct competitors, that's fine, but whatever you do don't take an offer at an investment bank if you can avoid it- they will just work you to death largely filling tech debt and you won't get the opportunity to work with the truly best and brightest..."
>I thought that they worked by underpaying people just out of school, but dangling the carrot of big bucks that always seemed just out of reach (maybe next year I will get the big bonus!) and then churning and burning.
How do they work? currently at an IB and unsure about continuing, everyone seems apathetic
It seemed to work for them.