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The United States is the most successful political, economic, and financial enterprise the globe has ever seen. It has this position because it has always embraced risk.
January 6 -
Fintech startups, like many young software companies, are using fun recruiting strategies to attract most-coveted technical talent to their teams and to engage people with their brands.
August 21 -
With competitive pressure mounting from trendy software companies, banks are trying out new ways to attract the most-sought-after technical talent and modernizing their career websites' interfaces to better showcase their cultures.
July 31
The best critique I've seen of Martin Scorsese's film "
It's not a movie yet but the new book "
Most of Roose's subjects are smart, hard-working but, oddly, risk-averse college grads who regard entry-level jobs at the likes of Goldman Sachs (GS), Citigroup (NYSE:C) and JPMorgan Chase (JPM) as a way to start careers, lock in good salaries or kill time while figuring out what else they want to do with their lives.
Roose spends time with true believers, too. In one chapter he visits an exclusive hedge fund run by Harvard undergrads with an "honest-to-God passion" for finance. But the majority of his focus is on the people who go into banking because they don't know quite where else to go. He argues that investment banks have deliberately sought out such people, cultivating a "generation of accidental financiers"and hurt themselves in the process.
"Wall Street, more than most industries, makes its workers feel expendable; many entry-level bankers conceive of themselves as lumps of body mass who perform uncreative and menial work, and whose time can be exchanged for labor at any moment," Roose writes.
While young employees on Wall Street have been miserable forever, "Young Money" follows this batch of recent grads at a time when the banking industry is contracting, and trying to dig itself out of layers of reputational muck acquired during the financial crisis. In a post-Dodd Frank, post-Occupy Wall Street era, Roose argues, big banks will no longer have their pick of the best and the brightest.
Which brings us back to the filmed orgy celebrating the good/bad old days of Wall Street debauchery that is "The Wolf of Wall Street." The flashiest chapter of "Young Money"
Roose observed this all in January 2012, less than four years after the height of the crisis, when he successfully infiltrated the annual dinner of the Wall Street fraternity Kappa Beta Phi. The group's members
That chapter has understandably been the focus of the initial attention "Young Money" has garnered and effectively illustrates how little the financial crisis, bank bailouts, sweeping regulation or widespread public anger has affected the worldview of Wall Street's old guard. But it serves as an exception to the rest of the book, which makes clear the vast differences between Wall Street's high life and the routines followed by the hordes of low-level grunt bankers.
Yes, Roose's subjects might play beer pong at company retreats and get stoned regularly after work, but they are far more likely to pass out from exhaustion at their desks than to
So while the behavior of some Wall Streeters continues to damage banking's reputation, its future problems extend far beyond over-the-top parties or the
As banks struggle with declining revenues and
Roose welcomes the change, arguing that Wall Street has too long had a "monopoly on brilliance," and citing a "cultural contagion and the genuine misery I saw Wall Street inflict on so many young people." Whether or not you agree with him, it's clear that banks have work to do to make themselves more appealing to future generations of pleasant young men and women, no matter how many Excel shortcuts they know.
Maria Aspan is the national editor for American Banker. The views expressed are her own.