“It sounds psychologically soothing, and it’s part of Goldman’s cultivating a gentler and softer Goldman image,” said Mike Mayo, a banking analyst at Wells Fargo. “The reality is it’s not going to make any difference. It’s like telling a restaurant owner you can have unlimited vacation — will that change how the restaurant owner works?”
… what do you want to bet that it hurts your career if you take any vacation at all.
Ayup. In the 80s, I read a comparison of what the “bankers” at a place like Goldman pulled down, vs the hours they worked. The bottom line was that, on an hourly basis, they weren’t making much more than the people in the mailroom.
Ayup. In the 80s, I read a comparison of what the “bankers” at a place like Goldman pulled down, vs the hours they worked. The bottom line was that, on an hourly basis, they weren’t making much more than the people in the mailroom.
Bankers are not technologists, they are peons who shovel money instead of dirt. When I got into selling insurance I was given to read about the best insurance producer the world had ever seen. His secret sauce? He worked more hours, well organized hours, than anyone else 50 weeks a year Sundays included. They he would go fishing for two weeks.
White collar does not mean technologist, it means clerical – paper shuffling peons.
Ayup. In the 80s, I read a comparison of what the “bankers” at a place like Goldman pulled down, vs the hours they worked. The bottom line was that, on an hourly basis, they weren’t making much more than the people in the mailroom.
Steve
Can’t speak for Goldman but my corporate banker daughter has a very generous salary but the vast majority of her income is in the bonus that is based on how much she makes for the bank? She is in town with her four boys (includes hubby) and has invited the grandparents out to dinner at our choice of restaurant this evening. Of course my Nova Scotia wife picked a family restaurant famous for it’s fish n chips. };-@ I was pulling for a really good Turkish restaurant with great kabobs.
They are here for I think another week staying at SIL’s parents place (his mom has serious health issues) then flying off to jolly old England & Scotland for touring around before returning to California via Vancouver for a short visit with friends then home so eldest grandson can head off to college in VT and she can start with her new position at a large US Bank that specializes in large US High Tech companies. Her office will be just a block away from the old office in San Francisco that she didn’t spend much time in anyway.
It’s all BS. Bankers earn a decent salary, but they only make big bucks if they bring in big[ger] bucks. And if they don’t bring in enough, they even lose the decent salary because they are out.
So a rainmaker who can bring in the big deals (maybe he has the gift of gab, or maybe he has the gift of rich dad) will make big money regardless of how much he takes off. Of course, being that type almost always means that you never are really “off” because you’re always making a deal and closing a deal … even on the yacht at St. Barts … even just lying on the beach … anywhere and everywhere you’re always making/closing the deal.