Automation will not end banks’ grunt work


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The less work you complain about, the less you complain.This is because investment banks, including Goldman Sachs Automate data processing Currently, I am in charge of a junior bunker. Subordinates have also received salary increases as Wall Street attempts to prevent a pandemic spill that could occur among young staff in line with trading frenzy. It seems logical that if banks pay more to trainees, it will want less of them. The banking framework as an automation initiative to prevent employee burnout, rather than to reduce costs and increase productivity, may seem dangerous. But two things can be true at the same time.

Banks need to improve efficiency to deal with the M & A boom. $ 4 trillion deal agreed so far Meanwhile, a company’s finance department lags behind its colleagues in trading and sales when it comes to leveraging technology. Banks also have the right to consider ways to free their employees from the monotonous and mundane by automation. Repeating several times helps shape the knowledge of your subordinates, but there is a point of diminishing returns when forcing juniors to pay membership fees.

The “Churn and Burn” model has been mercilessly pursued for decades. We know that only some juniors need to be retained throughout the ranks.Many graduates are still willing to trade Handsome reward: The average salary for the first year on Wall Street is currently around $ 100,000. The investment bank reports a good harvest of graduate students in 2021.

The problem is to keep them for only two years. Even before the pandemic, the decline was accelerating as tech companies and hedge funds beckoned. Analysts left posts on average 30 months after 1995. 26 months after 2005.Or later 17 months by 2015.. If the churn is accelerated, the pandemic will only exacerbate the burn. Working from the surveillance provided by young employees and offices of friendship deprived of their homes leads to widespread mental health problems and disillusionment. If editing a public relations book in the office at 11 pm is a pain, it can be overwhelmed in the range of your four walls and loneliness.Similarly, what Wall Street banks have The requested employee returns to the office (As long as it is vaccinated).

However, novice bankers need to resist repelling corks on champagne magnums. Automation may not always be the good news, as the lessons from the other side of the wage spectrum suggest. Automation, in some respects, has made life easier for workers in Amazon’s vast warehouses. Robots now bring items.But automation is also human Keep up with the robot’s relentless pace.. The output target has tripled.

In the banking industry, the M & A boom means that there is little chance that a 100-hour week will soon be shortened. But even without a bubbling market, broader questions remain about the culture of investment banking.That expectation Trainees need to work 16 hours You risk creating a task that simply fills the time, not a task that sets the parameters for the day. The attitude between presenteeism and some seniors is that this year’s intake will not be a productive work environment, even if they have to do it.

In reality, the roaring work is relative. Especially in a hierarchical environment such as a bank, the relatively unsatisfied tasks are always present and are generally classified as the least experienced tasks. At least a growl, not a robot, is assigned the task. At this point.

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