WSO Weekly Wrap-up

February 01, 2025

In partnership with



Hey WSO Monkey,

This week, Wall Street was shaken by the tragic passing of a 28-year-old investment banker at Jefferies. While the circumstances remain unclear, the news has reignited conversations about the relentless demands of the industry. A first-year analyst on our forum anonymously described the firm’s culture as “out of hand” and “horrible right now”—a sentiment echoed across many banks.

This report comes at a difficult time, but its purpose has never been more important. Our 2024 Investment Banking Working Conditions Report was released to shed light on the realities of the industry—long hours, declining health, and workplace culture concerns that continue to define the profession. While the report show slight improvement over the past few years, the overall picture remains troubling.

Read the full report to see where things stand and what this means for the future of Investment Banking.

-Patrick

Top Discussions

  1. Q&A: PE VP Leaving Private Equity - "I spent 3 years at the UMM firm and worked on some exciting transactions (the shop was a mix of LBO/growth equity). Went through the typical life crisis of an associate, but decided to keep doing PE and skip the MBA. I lateraled to a LMM firm and went up the ranks as a VP. The first year or so was exciting—I had new colleagues, VP title, and achieved a financial goal I set out in my 20s. But I kept waking up thinking about other things I could be doing in life and continued to get more and more disillusioned about the job, especially as it became more and more political. So I quiet quit (well, the PE version of it). As someone without wealthy parents, I couldn’t help but think it’d be a “reckless” thing to quit a high-paying role like PE, so I coasted as much as I can hoping to get fired in the next few years. And it finally happened earlier this year..."

  2. BBG: Jefferies 28-Year-Old Technology Banker Carter McIntosh Dies - "Senior on his team caused or largely attributed to ~90% of the horror stories you'd read about Moelis NY in years prior. Prior generalist pools avoided telecom like the plague."

  3. Networking - You Guys Can’t Possibly Be This Busy - "It’s just the way they roll these days my man. lack of urgency and just more loosy goosy since they came up during an economically prosperous time. I've just stopped responding to those types of students because it is an easy filter for me to figure how to allocate my time to those who are more focused on recruiting. and to be frank, im sure this type of behavior will carry over to the actual job if they were put in so no thanks."

Start learning AI in 2025

Everyone talks about AI, but no one has the time to learn it. So, we found the easiest way to learn AI in as little time as possible: The Rundown AI.

It's a free AI newsletter that keeps you up-to-date on the latest AI news, and teaches you how to apply it in just 5 minutes a day.

Plus, complete the quiz after signing up and they’ll recommend the best AI tools, guides, and courses – tailored to your needs.

Top Discussions (contd.)

  1. Q&A: Breaking Into an EB vs BB - "I personally moved to gain more ownership in my work - I had this with a few deals at the BB, and wanted that to be the status quo. I realised I would be more inclined to work long hours and put in the effort if I was interested in what I was doing and if I was able to speak to clients, hold the pen on the model etc."

  2. I Know I Am Underpaid. How Badly Though? - "A bit of background: I have 6+ years buyside experience (3 years in special sits post-IB, 1 year at an LO post-M7 MBA, 3rd year at my current shop). Part of a small (2 investors, 3 support) $300mm AUM special sits fund on the east coast. We launched in 2023 with ~$250mm, the delta is performance. Of that $50mm, $40mm of that has been my equity/credit picks with the balance being an investor who left us late 2024. I'm on a $150k base, full benefits with a generous 401k. My first year bonus was 1x, I just got year two and it's the exact same number. I own ~1.5% of the GP but the CIO can decide when to make distributions and hasn't yet..."

  3. How Important Is Camaraderie to You? - "I'd prefer to share a trench with people who have my back come hell or high water. To know their families. To attend each other's weddings and watch their kids grow. There were plenty of heated arguments (nearly physical) but I value authenticity. No politics or lingering animosity. No obligatory exchanges of disingenuous pleasantries. It's comparable to setting sail on a long expedition. You can't abandon ship in the middle of the ocean and have to rely on each other to navigate choppy water. It reveals character and elicits genuine connection. And its fulfilling to arrive at your destination with the crew you set sail with."

  4. Bro When Do People Stop Asking About GPA… - "Left an interview in the middle of it after getting grilled about not having test scores and gpa on my resume, I was 27 years old. I was unremarkable until I was 22 and my work experience/progression is the highlight of my resume. If they don't want to focus on that when evaluating my candidacy, I interpret that as not being a great cultural fit and opt out."

WSO Alpha: Latest Updates 📈

We uploaded the December brokerage report for those of you curious how we did.

Hot Jobs 💼

Controller - "This position is responsible for the preparation of financial statements, budgets, and forecasts; maintenance of internal controls and procedures; management of third-party audits and state tax returns; and supervision of accounting personnel..."

Project Finance Associate - "This is a career-level role, and we expect the Project Finance Associate to grow and find new ways to impact our organization, contributing to Zanskar’s broader financial and capital allocation strategy..."

Investment Banking Analyst - “A boutique IB practice focused on MM M&A. Lean, mean, entrepreneurial team of highly motivated deal makers who all ‘punch above our weight’. While other investment banks have large teams working around the clock, we work smart in small teams, and achieve outstanding results for our clients and still get home in time to see our families. Industry generalists…“

Director of M&A - "...formed to be the best long-term home for independent companies that provide unique data, content or information focused on small but important niches and are owned and operated by founders."

Sr Discretionary Researcher / Trader - Fully Remote - "We are a discretionary, event-driven proprietary trading firm and hedge fund specialized in the digital asset space."

Research Associate (Equity Small Mid Cap) - New York, NY - "This position will support the Small/Mid-Cap Equity research team and initially be responsible for covering multiple sectors in support of current team members."

On Deck - Training 🎓

All in Eastern Standard Time

Stay Strong,
Patrick Curtis
CEO and Founder, WallStreetOasis.com

WSO Mobile App: iOS | Android

PS - We're also always looking to add resume reviewers and WSO Mentors to our team. Set your own pay (from $40/hr to up to $400/hr) to increase or decrease mentee flow. To submit an application, go here.

PPS - Think you have an interesting story? Want to share it with our podcast listeners? Hit reply and let me know!




* PE Interview Bootcamp includes lifetime access to the PE Interview Course
** FMV Bootcamp includes lifetime access to the Elite Modeling Package
*** IB Interview Bootcamp includes lifetime access to the IB Interview Course