A senior banker expresses his irritation with juniors
Earlier this week, the new editor of Financial News reported that he'd been chatting to the head of investment banking at two European banks who went out of their way to inform him just how mediocre most of their employees are.
To compound this, senior bankers elsewhere in the world have since suggested disgruntlement with jumped-up juniors.
Firstly, Mike Hurst, managing director at Bendigo and Adelaide Bank (not exactly an investment bank, but it does have a financial markets function, has popped up in the Australian, complaining about irritating 20 year olds.
Specifically, Hurst says:
'You sit in front of these 26- and 27-year-olds earning half a million dollars and they're asking you questions: 'This is what's going to happen in the next three months - what are you going to do about it and what number do I plug into my spreadsheet..
''There's no attention to what's the strategy or how long it takes to play out [or] what does it mean in terms of value to the organisation. 'It's a frustration - I just sit there, take it, and hear what they've got to say and walk out shaking my head.'
Meanwhile, possibly disenamoured of MBAs who think the qualification is everything, is John Taft, the Chairman of the Securities Industry and Financial Markets Association in the US.
He told CNBC that
the "paper value of an MBA might be overstated," and that, "For it to be useful, it needs to form part of a wider package of skills and attributes, and more than a mere credential next to your name."
In the words of CNBC, Taft thinks, 'staff reductions will likely affect all levels-even those with years of experience and expensive MBA degree.'
Hurst advocates banking as a low-profit utility industry. In the event that this comes to pass, eager 20 year olds and MBAs will probably not want to work in financial services anyway.