Good news. No one wants to become a Wall Street banker anymore


That may seem snarky, but it’s true. Despite efforts by firms like JPMorgan hiking entry-level pay, it remains to be seen if it will be enough to attract young people to come and work with them. It’s true, many are not attracted to the extreme hours required to do the job. It’s more than that, though. As Bloomberg argues, the real reason

… isn’t only the hours. All the exciting work has been regulated within an inch of its life, leaving millennials and Gen-Z employees searching elsewhere.

And that is great news. It means regulation of banks is working. Sure the work is boring. Boring banking is stable banking. After the Great Recession of 2008, the last thing we need for a long time (i.e. eternity) is exciting banks.

Let the young people looking for exciting careers look elsewhere. Let them go join firms and fight climate change, pandemics, world inequality. Leave the people looking for stable jobs to go into banking. Everyone wins that way. Even the banks. (Ask the people who used to work at Lehmans if you disagree.)

(Photo by Sean Driscoll on Unsplash )

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