Just in case you needed more proof that Wall Street is looking for a younger, cheaper generation now that it's forced to lay off staff amid low economic outlooks and a stricter regulatory environment.A source from Deutsche Bank tells us that the firm hired 80% of its interns in the analyst summer program this year. Other banks, by comparison, hired 30-50%, according to BusinessInsider.
Although any hiring in the current situation - tons of layoffs across Wall Street - might seem surprising, Deutsche Bank's move makes total sense.
Analysts are paid around $100,000 in salary per year. They also work insane hours - 18 hours per day frequently, according to our sources - so it makes little sense to cut them while managing directors are paid closer to $400,000 in salary per year and work fewer hours…
Read more: http://www.businessinsider.com/deutsche-bank-hired-80-of-their-analyst-interns-this-year-2011-8#ixzz1VrlRQi5s
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