Most young Wall Street bankers are unhappy with their pay and many would like to work in private equity instead, Bloomberg reports, citing a survey by headhunting firm Capstone Partnership.
While bankers actually enjoy their work, they feel they're not being paid well enough considering the personal sacrifices they make. Out of 2,000 associates and vice presidents in their first three years who were surveyed, 67 percent said they were "disappointed with compensation." Bloomberg cites one banker who complains about 100-hour work weeks and canceled vacations.
"It's been a rough couple of years for them," Rik Kopelan, managing partner at New York-based Capstone, told Bloomberg. "Fewer and fewer plan on making it a career, because they're working these long hours and not getting paid as well as they were."
Warren Buffet to invest $5 billion to shore up Bank of America, stock rallies in response.
Top analysts including Meredith Whitney seek to allay market's Bank of America capital adequacy concerns. [DealBook]
Barclays to lay off 140 in corporate unit as part of wider cost-cutting strategy. [Wall Street Journal]
Goldman Sachs invokes clause that allows pay cuts for London-based investment bankers. [Financial News]
Citadel to fire more than 24 sales and trading employees as hedge fund focuses on electronic trading. [BusinessWeek]
Judge orders fugitive Moody's analyst to pay $34.5 million after fleeing from insider-trading charges. [Crain's New York]
Bank of America slams Henry Blodget's analysis of share price drop. [Zero Hedge]
Recruiter's accidental email reveals pay rates for 3,000 RBS workers, shows some making over $3,300 a day. [Financial Times]
Tudor cuts some fees, raises others after hedge fund clients complain about costs. [Wall Street Journal]
Bank of America Merrill Lynch's Diego Parilla starts new Singapore hedge fund. [Bloomberg]
Indian banks face more indications that another credit crisis is looming. [Financial Times]