"Junior bankers are being exploited without restraint to make them quit"
UBS is allegedly making things difficult for some of its bankers as it cuts costs and tries to encourage resignations. I can't talk to the truth of this claim, but in my experience, it's not the only bank to do this. I work in the US middle-market, and this is common practice here.
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No bank would admit it, but in tough economic times, this approach to thinning the ranks becomes systemic. Instead of terminating employees outright, people are given a choice: work as an overburdened workhorse, or resign.
It happens to juniors especially. Bonuses are poor and the workload skyrockets. Vice presidents (VPs) are pushed to do more with less, which means exploiting juniors without restraint. If you're an analyst or associate in times like these, there is "nothing on the table" for you. There's no clear path to career growth, some associate to VP promotions are deferred indefinitely, and juniors are left without access to leadership and with no means of voicing grievances.
If you're in this situation, I'm sorry. At the very least, you need to know that you're not the only one. There was a time when I thought it was just me, and that it was just this bank which intentionally treats people like this.
It's not. The "take it or leave it" mindset is everywhere. If you're not willing to endure extreme conditions for low pay, you're given no choice but to quit.
Unfortunately, you don't have many options. Some people play politics to become VPs' favorites, but this isn't really a guarantee of survival. Moving laterally isn't an option when markets are struggling. If you've got the money, you could leave to study an MBA, but there's no guarantee of getting back in again.
A lot of people therefore have no choice but to endure. If this is you, I am with you in the same seat. I'm afraid that this may even become the new normal because when revenues do recover there will still be far more junior bankers than jobs for them to do.
It's not just the market, though. Say what they may, banks actively engineer this situation: over-hiring with a view to removing people who won't work themselves into the ground, is simply how they operate.
Damon Hatfield is a pseudonym
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