20 February, 2014

The new class system for young Wall Street bankers | New York Post

The new class system for young Wall Street bankers | New York Post: The typical Wall Street food chain starts with interns, then moves up to analysts, associates, vice presidents, managing directors, partners and executives. “Front-office” investment bankers sit higher on the totem pole than “middle-office” compliance officers or “back-office” IT workers. And private equity and hedge fund workers command more respect (and money) than regular investment bankers.

The financial crisis of 2008 mixed things up a bit — for a few years, back-office workers were being promoted while front-office workers were being laid off. But now, five years later, the caste system has returned to normal — though, for junior bankers, some of the allure has faded due to shrinking bonuses and prestige. Some young guns came into the industry expecting Champagne and caviar but got Adderall and all-nighters instead.