Deutsche Bank AG is the latest investment bank dangling a juicier carrot at prospective first-year analysts.
An extra $10,000 sounds nice but, unfortunately, Wall Street is just appealing to individuals focused on short-term compensation ¡ª the kind who won¡¯t hang around long anyway. The banks are going to have to up their game to attract and retain talent. And it¡¯s not all about money.
¡°There is no substitute for hard work¡± has long been the industry mantra. But those first few years are brutal. There is now a number for how much toil is required to reach ¡®base-level mastery¡¯ at an investment bank: The golden ticket to elite level is 10,000 hours or roughly three years worth of 72-hour weeks, according to Mary Erdoes, chief executive officer of JPMorgan Chase & Co.¡¯s asset and wealth management business.
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