Lunchtime Links: Alcoholism, insomnia and Crohn's disease; just some of the health risks of entering investment banking
The hours are notoriously punishing for junior investment bankers, but most graduates go into their new life of 100-hour weeks with their eyes wide open. This doesn't alter the fact that such a lifestyle can be hazardous to your health.
The Wall Street Journal has highlighted a new piece of research by the University of South Carolina, which shadowed 24 entry level investment bankers over a number of years, and found that ALL of them developed some sort of stress-related ailment.
Heart palpitations, insomnia, alcoholism, eating disorders and an explosive temper were all highlighted as potential industry health hazards. Generally, despite the long hours during the first two years on the job, bankers' remained enthusiastic and full of energy, suggests the study. By the fourth year, however, their bodies started to fall apart and some subjects developed long-term health conditions like Crohn's disease or rheumatoid arthritis.
Even worse, if you're thinking that quitting will help, in some cases bankers developed conditions years after leaving the industry.
Juniors are generally the whipping boys of the organizations and, as you progress up the career ladder, the hours become less demanding. Nonetheless, as we've pointed to previously, with banks rolling out hiring freezes at the junior end, the squeeze has started to move up the ranks.
Meanwhile:
If you placed a box outside the headquarters of Goldman Sachs labelled “for Lloyd Blankfein”, you would probably not find much in it at the end of the day. (Financial Times)
Lazard poaches Citi oil and gas banker (Financial News)
Former FX traders at SocGen have won an unfair dismissal case and may now sue for lost earnings (City AM)
Italian investment bank Leonardo has hired a Rothschild MD in Paris (Financial News)
RBS's Australian chief, Stephen Williams, is leaving the bank (Bloomberg)
SocGen's Australian operation is "under review" (Bloomberg)
Ex-Goldman prop trader is starting his own hedge fund (Financial News)
The downsizing of banks helped to contribute to a 27% fall in the use of London's office space (Financial Times)
