"The analysts at my investment bank would rather be cut than promoted to associate"
I work at a European investment bank. For analysts here, being let go has become a more attractive outcome than being promoted to associate. I can't speak for everyone's intentions, but people seem way more enthusiastic about finding a way out than finding a way up.
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It's not just about finding a big new role in somewhere like private equity. This still features in the conversation, but some talk about leaving without the next prestigious role lined up. One new joiner tried to resign after just three days. That's a short period in which to assess a career in banking, but might be long enough to form an opinion about a team.
It's not hard to see why people want to leave: the workload is substantial. There's always a great deal to do, which provides plenty of experience and learning opportunities. However, the time available for someone more senior to actually check your analysis is much less substantial. Juniors are expected to just get on with it, which doesn't give them much reassurance that they're actually learning anything. Although it's an environment where you can learn a lot, it's not one that a lot of people want to continue learning in.
If the bank sees people leave its program and take up flashy jobs elsewhere, it might think that the training is actually working. For the analysts themselves, the desire to leave is much more significant than the desire to work somewhere new.
Jean-Luc Jones is a pseudonym
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