Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

Industry Perception, Optical Delusion

January 14, 2013
/   Insights

In Washington, they talk a lot about ‘optics.’ This has nothing to do with regulatory scrutiny, or government mandates on eyeglasses. It has to do with perception—how something looks, the way a particular story...

Social Banking: Blessing or Curse?

August 1, 2012
/   Insights

While the topic of Facebook and banking has generated plenty of heat (though not necessarily a lot of light), the debate seems mostly focused on two broad issues: The much-maligned IPO, and the notion...

Mobile Banking Engagement: Data from Digital Insight

June 24, 2013
/   Spotlight

Intuit Financial Services has been conducting a comprehensive and ongoing study of financial institution customers. From these studies, the company has been able to provide a deeper view of banking customer behavior across several...

How many hours do you work in a day?

Urban Dictionary defines the phrase “bankers’ hours” as a joke—“Working or being open for the shortest and most inconvenient amount of time. . .also includes a long lunch break and every possible holiday off.” The reality, of course, is very different.

The issue has taken on greater relevance recently because of the buzz generated by Goldman Sachs’ decision to create better conditions for investment banking analysts. The company has developed a ‘junior banker task force’ to improve the working environment and nurture careers, and is even discouraging analysts from working weekends, since this puts more pressure on entry-level bankers and support staffers.

It’s no secret that Goldman has taken a public battering in the past few years, most memorably being described as a “vampire squid” in a scathing article in Rolling Stone magazine. But this is actually an industrywide concern—in the public mind, the stereotype of lucrative compensation is balanced by the reality of 100-hour workweeks.

The issue was highlighted most tragically by the death earlier this year of a Bank of America intern who was completing a seven-week internship program in London. By some accounts, at least, the long hours worked were a factor.

As industry observers often point out, the banking industry is by no means alone in featuring a grueling schedule. Consider healthcare—more than a decade ago, the Accreditation Council for Graduate Medical Education capped hours for hospital residents at a staggering 80 hours a week. And remember, this is a field where a mistake can literally be lethal.

Nor is this confined to the United States. A survey this summer of financial services professionals in Singapore revealed that the culture of long hours in equally entrenched there. Would similar surveys in markets around the world be any different?

Even the industry’s most aggressive boosters don’t expect the culture to change anytime soon. It’s understandable that not everybody has much sympathy for recent college graduates making six-figure salaries (even if they carry huge college debts). Besides, it’s a difficult economy right now, and everything from global competition to constant technology-enabled transformation only adds to the pressure. But the truth is that this is an industry that thrives on pressure—it’s in the DNA. That’s exactly why it’s not for everyone.

Still, no less a force than Goldman Sachs CEO Lloyd Blankfein has been urging interns and other younger professionals to pursue interests outside the industry. And he’s right, it’s good to get a life.

If only we had the time.

(375)

Insights

Banking.com’s perspective on industry news and trends

(223)

Spotlight

Must-read news and insights from financial industry leaders

(95)

Voices

Compelling voices and contributed content from around the web

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.