The Strategist

Bloomberg: investment banks are rushing to find employees

05/03/2021 - 02:24

Hundreds of vacancies for entry-level professionals have been opened by leading investment banks amid rising investment activity and associated emotional burnout among employees, Bloomberg news agency reported.

Barrett Kuethen
Barrett Kuethen
Recruiting agency Odyssey Search Partners reports that 1,342 vacancies for investment analysts have already been opened in New York, 1,214 - in London and 588 - in Hong Kong.

HSBC Holdings Plc was the latest major bank of the week to promise to hire a group of young professionals to free the hands of analysts and partners overwhelmed by the explosive frequency of investment deals. Goldman Sachs Group Inc and Jefferies Financial Group Inc had earlier announced intentions to hire entry-level employees, while JPMorgan Chase & Co last week announced plans to recruit almost 200 junior bankers.

The reason for the increased staffing concerns is a surge in investment activity and resulting workloads, in some cases driving workers to suicide.

Whereas in pre-pandemic realities investment bankers shared stressful work periods with colleagues in the office, isolation during the pandemic has forced them to face difficulties one-on-one.

Earlier, The New York Post reported on a news that hit the web, in which junior Goldman Sachs analysts shared that they "consider themselves victims of workplace abuse", they are forced to work 100 hours a week and spend only 5 hours a day sleeping. 

A few days later, Goldman Sachs CEO David Solomon, speaking to employees, admitted that the pandemic had indeed forced bankers to work to the limit. He promised to step up enforcement of the "Saturday rule", which bans work from 9 p.m. Friday to 9 a.m. Sunday, and added that the company would hire more junior specialists to offload some units.