Investment Banking Contracts [Networking]

[minestrone]

I have actually found the standard of technical skills in IBs to be quite low in all honesty.

Sure, people know how to price an equity swap but usually their choice of technology to do that is a sybase stored proc or a perl script.

[Menelaus]

I'm surprised; I'm not sure what industry experience you all have, but I've worked in several (IB's for the past 5+ years) and IB's are vastly different.

What is primarily different is the quality of the people technically, but also the attitude to getting things done and doing things the right way. Non-performers are weeded out very quickly and ruthlessly - and this feeds into the "unique culture".

For me, it's basically the equivalent of public vs. private sector. You couldn't pay me enough to go back to non-IB. We're paid premium because we are premium. Feel free to make up whatever excuse you want for not liking that factual statement.

subjective.

Detailed answer below:

Bite, much? You arrogant ****.

I'll remember that you're premium, when I'm contemplating the fact that I'm paid a >1 multiple of a quant MD (the highest I'd ever get in an IB due to my inconvenient habit of telling the truth to authority) ... oh, and FYI, I'm ex-DB, UBS, RBS/ABN, Credit Suisse, Bank of China Hong Kong and ING (all as permies, and all but UBS as a consultant).

My belief is that people who provide at a non-IB rates of delivery are weeded out ruthlessly and I've no problem with that.

What I do have a problem with is that people who are basically one bad trade from a cardboard box on the street seem to believe that their genii will continue to propel them forward - and in many IB trading environments spin has developed over the years a far greater significance than substance: now THAT really upsets me.

Indeed, for those of us who are off to Hyderabad next year, it can be somewhat irritating to listen to the constant braying of those who believe their own publicity; what does allow us a little smile is realising that these fools whose choice at the end of their poly education was IB or Foxtons were the first to go in the night(s) of the long knives.

The blood was ankle deep at DB when I was there during this process; it was almost Battle Royale but realising that as a spectator and thus immune from the process added to the enjoyment of the gladiatoral process of watching the sharp-suited, Tom Wolfe-creations made real, deciding how to go and then watching them leave 30 minutes later.

[Not So Wise]

I'm surprised; I'm not sure what industry experience you all have, but I've worked in several (IB's for the past 5+ years) and IB's are vastly different.

What is primarily different is the quality of the people technically, but also the attitude to getting things done and doing things the right way. Non-performers are weeded out very quickly and ruthlessly - and this feeds into the "unique culture".

For me, it's basically the equivalent of public vs. private sector. You couldn't pay me enough to go back to non-IB. We're paid premium because we are premium. Feel free to make up whatever excuse you want for not liking that factual statement.

Pretty much same mentality/excuses that sank the banking system while paying out huge bonus to everyone down to the tea boy

Worked IB years ago, over 50% of my IT contracting friends still work it (and many non IT) and can say that's total crap

While there are a few bright stars, majority are just like contractors in any other industry, ranging from incompetent to average to good, but overall nothing special, except their pay checks are dwarfed by their egos

@OP: Unless in nitch area or particular project that would benefit from prior experience/inside knowledge, there is nothing different about IB (or whole financial sector) from any other sector, just those in it made it into a closed shop to justify and keep their pay checks high, just as others are doing on the NHS gravy train

[MrToast]

For me, it's basically the equivalent of public vs. private sector. You couldn't pay me enough to go back to non-IB. We're paid more money because we work more hours and have to put up with more tulip. Feel free to make up whatever excuse you want for not liking that factual statement.

Fixed that for you.

[Menelaus]

Interestingly, our flamer RedTag appears to have ****ed off. Who'dda thunk it?

[BrilloPad]

I have actually found the standard of technical skills in IBs to be quite low in all honesty.

Sure, people know how to price an equity swap but usually their choice of technology to do that is a sybase stored proc or a perl script.

Its true. But the standard of aggression is alot higher.

[centurian]

Interesting thread, but I still don't quite understand why IB is so closed shop.

I would have thought that they would want some fresh blood in from time to time - to shake up the regulars - or are all the systems basically just churning over the same stuff over and over again.

I'm a damn quick leaner, even by contractor standards (nothing like a bit ego boasting) and I can't imagine it would take me that long to get a grasp the essentials. But IB's just don't seem interested...

[minestrone]

I put it down to 2 reasons. They see themselves as a cut above and this is the way they differentiate themselves from the crowd.

And has been said it can be brutal at times, people often lose it and have witnessed many a screaming match, people crying, people just disappear sometimes after getting the boot, nobody knows why, they just are not there the next day. The IBs like to know that you are able to survive in that arena and a couple of years experience shows that.

Also, some of the business logic is mind bendingly complicated.

[BrilloPad]

Also, some of the business logic is mind bendingly complicated.

For the quants yes. But traders seem to only have to know when to buy and when to sell. And shout alot.

[Evil Hangover]

It's really dull, and the company you are forced to keep will make you question your self worth.

I've spent 10 Years in F.O technology, within a number of US banks and want to get out. It's good money, but i'd much rather be doing something that I enjoy, whilst working with well adjusted grown up human beings.