It's been a good year for bonuses and lots of deals are in the air. So, why aren't investment bankers happier?
According to Wall Street Journal columnist Dennis K. Berman, their discontent stems from their changing role. Where before investment bankers were prized for their advice as much as for their money, today they're being pushed into more technical roles while private equity firms bring more money into the game.
On top of that, more clients have offices full of their own, in-house advisers to call on. The spread of information has changed the playing field, too, allowing clients to get information that previously had been difficult to obtain without tapping into the resources of their investment-bank advisors.
Berman says some bankers at Goldman Sachs have complained about the increasing clout of the firm's private equity arm. In response, a spokesperson told him, "Our clients expect us to be an adviser, financier, and co-investor ... but the advisory business is at the center of our franchise."
How's your role changed in the last few years? Where do you think it's going this year and next? Post your comment below.