Good morning! This is Dan DeFrancesco At New York. We are almost at the weekend. Hang on.
Today we have stories about best places business students want to work (hint: it’s not Wall Street), how Twitter is looking to get a little riskyand what life is like in one of the most luxurious places in the world.
But first, the survey says…
1. The children are fine.
Would you like to enter the minds of junior bankers on Wall Street?
Luckily for you, you don’t need to spend a night in Murray Hill to find out more.
Insider’s Emmalyse Brownstein got its hands on recruitment firm Odyssey Search Partners’ survey of first-year investment banking analysts.
The data, which includes responses from more than 1,000 junior bankers between November 2021 and January 2022, is full of nuggets.
There is a breakdown of their background. (White and straight men still dominate the field.) What they like and dislike about their job (more hands-on experience, fewer mundane tasks). And in which banks they like the most, and the least, to work. (You might be surprised on this one.)
What struck me was the question of whether they would be ready to leave their position at the IB before the end of their programme.
A quick refresher: investment banking analysts typically spend two to three years at their firm before changing jobs. such as private equity -or get an MBA.
More than half of respondents (52%) said they would be willing to leave their current job sooner than expected, compared to 48% who said they would rather complete the IB program. By comparison, around 42% said they would be ready to jump ship at the start of 2019 and 2020.
Now consider what we know about how this generation of junior bankers is not shy about pushing for change and breaking the norm. Could we see the traditional IB pipeline collapsing in some way?
It is true that junior bankers are not looking for new business for banks. But they still play a critical role, doing the behind-the-scenes work needed to close deals. Disrupt this talent pool — something we saw briefly last summer — has serious repercussions.
In other news:
2. A former senior Google executive has just launched a startup posing as a digital family office. Caesar Sengupta, who was Google’s payments chief before he left in 2021, has launched a fintech that will expand access to the kind of investments typically reserved for the wealthiest people. Learn more about fintech, which he described as a next generation robo-advisor.
3. Business students don’t want to work on Wall Street. Nearly 90,000 business students from around the world were surveyed about the top employers they would most like to work for. Only two banks made it into the top 10. Check out the full list of the top 30 companies.
4. Twitter might be looking to get a little spicy. Elon Musk wasted no time finding ways to generate more revenue on the social media platform. One idea would be to create a so-called “paid video” which could be similar to OnlyFans. Here’s what we know about the new feature and why some are skeptical it will work.
5. Turns out pets are the real culprits for why no one wants to go back to the office. Survey finds majority of workers cite man’s best friend as the reason they were opting for remote work. Cats, of course, is another story.
6. Washington Commanders owners Dan and Tanya Snyder say they have hired Bank of America to explore “potential transactions” involving the team. BofA previously oversaw Steve Ballmer’s purchase of the LA Clippers in 2014. While Dan Snyder has long been the target of criticism, the latest news follows an ESPN story in which Snyder allegedly told close associates he could ‘blow up’ other NFL owners with the secrets he had.
7. HSBC’s CFO wasn’t ready to wait. Ewen Stevenson told the bank’s board that he wanted the top job but was given no deadline or even a guarantee that he would take over from CEO Noel Quinn, leading to his decision to leave the company at the end of the year, The Wall Street Journal reports.
8. Jack Ma’s former special assistant has a book with details of Alibaba’s management philosophy. Brian A. Wong, who was Alibaba’s first American employee, discusses how the company’s approach could be applied to other companies in his book “The Tao of Alibaba: Inside the Chinese Digital Giant That is Changing the World”. Read our review here.
10. You may be rich, but are you rich in Monaco? The so-called “billionaires’ playground” has the highest GDP per capita in the world. Here are 12 signs of over-the-top luxury that stood out on a reporter’s recent trip.