The death of a young investment banker underscores the terrible work culture in finance

January 29th, 2025

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SGT
January 29, 2025

Salty Ginger Talk Newsletter

January 29th, 2025

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CURRENT EVENTS

The death of a young investment banker underscores the terrible work culture in finance

Our take: The tragic death of a young banker in Dallas has pushed the brutal work expectations in the finance industry to the forefront once again.

Carter McIntosh, 28, passed away unexpectedly over the weekend. The cause of death is unknown as of this time. His death has sparked comments from peers about the rough working conditions for entry level bankers in the finance field. 80+ hour weeks, all nighters, and prioritizing your work over family and health are job requirements for many in this field.

A first-year analyst who said they worked for Jefferies took to the popular Wall Street Oasis forum on Tuesday to argue that the firm’s working culture “has gotten out of hand” and claiming the bank is “horrible right now.”

“Hopefully someone does something to fix this,” the banker wrote. “The firm’s teams are stretched too thin, timelines are increasingly aggressive, and there’s a very noticeable lack of consideration for junior employees quality of life. My friends at other banks can’t believe when they hear what’s going on at Jefferies.”

Long hours, demeaning conversations and interactions, and prioritizing returns over everything else, including family and personal health, have long been hallmarks in the world of Finance. Many in the industry claim these cannot be avoided, Lazard CEO Peter Orszag among them.

“There are many professions where you can’t get around the effort part of it,” the former Obama administration official told Bloomberg TV, claiming the financial services giant creates a “sense of excitement” for its newer hires.

“That’s what we are looking for. That’s the trade-off,” he added, warning potential recruits that a high-flying Wall Street career was not “make-work” — a term for meaningless jobs created just to keep someone busy.

OK! Listen to us carefully. It is great to grind and go after what you want. When a company tells you they expect you to sacrifice your personal life, health, and mental well being in the name of making money, it’s time to find a new job. Statements like the one from Mr. Orszag are bullshit.

COURTESY: MSN

Trump offers buyouts to federal employees in an effort to shrink the federal government

Our take: Donald Trump campaigned on several issues. Shrinking the size and bureaucracy in the federal government among them. If anyone thought he was kidding, they should reconsider their position.

The administration sent an email to over 2 million federal employees this week, offering them a buyout through September of this year if they voluntarily leave their positions by February 6th. It is unknown how the “work” these folks are currently handling will be absorbed.

Let’s get a few things straight.

First - we have been in business in the private sector for over 30 years, and held many different leadership positions at many different companies. We have yet to see an established organization that did not suffer from bloat at many levels. There is always fat to cut.

Second - This is a voluntary program. The administration has been clear they will root out inefficiencies and streamline the federal government. You don’t have to take the buyout, but you should be aware that your job may be going away whether you agree to take the buyout or not.

Third - We find government as one of the most inefficient delivery vehicles ever for goods and services. The private sector does not include layers of red red tape and multiple approval processes like the ones that exist in many government programs. The more we can strip away from government and push to the private sector, generally the better the delivery of the good or service will be.

It is normal for the pushback and outrage we see from those who could be impacted by these policies. Not everyone is going to agree with everything you do when you are in a leadership position. And people don’t like change. It may be time for some of these long tenured bureaucrats (the average tenure of a government employee is 12 years) to take the buyout, dust off their resume, and look for a new gig.

COURTESY: MSN

Fear-mongering media spreads lies about Medicaid shutdown to push their own narrative instead of reporting the news

Our take: The Trump administration put a temporary freeze on all federal grants and loans Tuesday in an attempt to stop frivolous spending. The memo notably excluded mandatory programs from the freeze. Programs such as medicaid, food stamps, and public safety were specifically called out as exemptions.

That did not stop irresponsible media members and slimy politicians from reporting that “Trump had cut Medicaid” when the system went down nationwide on Tuesday.

It turns out that the system outage was rectified within a few hours, and multiple states reported that they had returned to business as usual the same day.

The information that circulates in today’s world should always be viewed with a skeptical eye. People who want to influence you or make you think a certain way will act opportunistically and try to sell you snake oil. Make sure you always investigate things before you believe them or repeat them as fact to others.

This tired attempt to fear monger citizens did not work, but it won’t be the last time that those in power try to use fear to control how you think.

COURTESY: MSN

TIP OF THE DAY

What you eat has a huge impact on your mental and physical health. When you eat real, unprocessed food for the majority of your calories, you will think more clearly, have more energy, and feel much better physically. Prioritize your nutrition and it will have a multiplier effect on every area of your life.

QUOTE OF THE DAY

“Everyone has a plan until they get punched in the face.” - Mike Tyson

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