WSO 2022 IB Working Conditions Survey

2022 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS
2022 Investment Banking Working Conditions Survey
Wall Street Oasis
April 2022
1
Table of Contents
Part 1: Pages 4 – 11
• Overall 2022 results
• Quotes from a range of employees at various firms
• Comparison of 10 different banks (Goldman Sachs, J.P. Morgan, Citigroup and more)
• A closer look at which banks performed best/worst across various categories
• Quotes from employees at these banks
• Comparisons between 2021 and 2022
• Deep dive on what has improved, what has worsened, and what has stayed the same since 2021
2
Message from Patrick Curtis
Wall Street Oasis at its core is a community of students trying to break into careers in finance and young finance professionals trying to thrive and
build meaningful careers. For years, we have been frustrated by the lack of change at the investment banks and have tried to bring transparency to the
realities of the job.
This includes releasing detailed data on # of average hours worked by bank in the WSO Company Database as well as other lifestyle metrics the
candidates have used for years to help them make informed decisions. Unfortunately, this has done little to curb some of the banks with the worst
reputation since there are still many more qualified candidates than seats in the industry.
Inspired by the report released by the Goldman 13 and some of the concessions we are seeing, we decided to conduct a wider industry wide survey
and publish the results outside of the database so that we can hopefully continue to shine a light on some of the worst parts of the industry. We all
know with Covid and WFH, the chain of threads on WSO over the past year has shown that the current situation at many banks is not sustainable.
Our hope is that publishing these numbers continues to get the attention of leadership and try to reduce the mental abuse at the junior levels that is
still far too common. We still strongly believe that investment banking is an incredible career and leads to a very attractive set of options, however, we
want to make sure we put the mental health and safety of our community first.
This is the 2nd annual report and in Part 3, we will include comparisons to the 2021 report found here.
3
Demographic Breakdown (1/2)

The survey was taken by 485 banking professionals March 2022 (the professional status of each respondent has not been verified).
72% of the respondents are currently analysts.
Level of Experience Analyst Breakdown Type of Firm
23 16 24
33
98 139 187
105
210
348
135
Analysts First Year Analyst Bulge Brackets

Associates Boutiques
VPs & Directors Second Year Analyst
Middle Market
Third Year Analyst
4
Demographic Breakdown (2/2)
Banks - Of the 30% of respondents

that specified their bank, below is the
breakdown: Groups Locations
9% 5%
15% 14%
7% 23%
13%
6%
12%
1%
47%
6% 18%
3%
4%
5% 3%
7%
4% 3%
5%
4%
8%
5%
3% 9% 30%
3%
3% 3% 3%
JP Morgan Goldman Sachs M&A TMT Chicago London

Real Estate Natural Resources NYC San Francisco
Citigroup Deutsche Bank
Atlanta Charlotte
Bank Of America Jefferies & Company Industrials Healthcare
Los Angeles Other
Barclays RBC FIG ECF
Macquarie SunTrust Leveraged Finance Generalist
Wells Fargo Other Other
5
Hours & Sleep

“While I currently work less than 70 hours a week because of the prevalent workload, I am expected to go to 90+ when its required with
limited appreciation for doing so.” – Associate, Generalist, IB
Question First Year Analyst Second Year Analyst Associate
How many hours have you

worked per week on average 78.12 hours 78.29 hours 76.77 hours
so far in 2022?
How many hours do you

sleep on average per night? 5.97 hours 5.98 hours 5.97 hours
On average, what time do

12:28 am 12:16 am 12:10 am
you go to sleep?
6
WFH and Pay

“WFH is great when hours are lax. During busy weeks it's hell, you don't get up from your seat for 12 hours but you're in your own home and mentally
that doesn't put you in a good place." Analyst, PNC Financial Services
Question First Year Analyst Second Year Analyst Associate
45% 55% 56% 44% 45% 55%

Are you satisfied with your
total compensation?
Yes No Yes No Yes No
Do you prefer working from 32% 17% 51% 36% 21% 43% 45% 13% 42%
home or working in the
office?
WFH Office Depends WFH Office Depends WFH Office Depends
What percentage of your 8% 11% 19% 26% 26% 10%

work hours are currently
spent at the office?
0% 0%-25% 25%-50% 50%-75% 75%-100% 100%
7
Treatment (1/2)
“A few extremely toxic apples at the senior level who are overly protected by the firm. Should be fired and then culture will improve.” –
Associate, Industrials, Elite Boutique
Have you frequently experienced unrealistic deadlines while at Have your work hours negatively impacted relationships with
work? family and/or friends?
25%
34%
Yes Yes
No No
66%
75%
Have you frequently experienced being shunned or ignored in Have you considered seeking out counseling or therapy due
meetings? to stress at work?
33%
38%
Yes Yes
No No
62%
67%
8
Treatment (2/2)
“Team is a gem. But not all teams are equal. Also much depending on staffing and personal behavior. You have to set boundaries and
boundaries get respected or you get eaten to the bone.” – Third year analyst, Industrials, Elite Boutique
Have you experienced excessive monitoring or
Have you frequently experienced shouting or swearing? micromanagement?
22%
49.70% 50.30%
Yes Yes
No No
78%
Have you frequently experienced blaming without

justification? Do you feel like you've been a victim of workplace abuse?
25%
34%
Yes Yes
No No
66%
75%
9
Mental and Physical Health

“M&A turns people into sociopaths.” – First year analyst, Generalist, Boutique
Question Mean
8.0
Rate your mental health before and after 5.6

starting your current job
Before Now
8.1
Rate your physical health before and after
starting this job 5.1
Before Now
10
Retention and Satisfaction

“Complete lack of respect of personal time and lack of push back to unreasonable/unnecessary client deadlines. Comp could double YoY
and I would still not stay at my firm / current role.” – Analyst, Jefferies & Company
Question Mean Distribution
If working conditions stay the same, what is the

likelihood you'll still be working at your bank in 6 6.0
months? (1-10, with 10 being most likely) 64 23 45 24 49 36 51 57 42 90
1 2 3 4 5 6 7 8 9 10
How satisfied are you with your current firm? (1- 6.1
10, 10 being very satisfied)
31 37 33 45 64 101 76 42 36
41 20 61 101
28 38 67 33 26
1 2 3 4 5 6 7 8 9 10
How satisfied are you with your work life? (1-10,

5.4
10 being very satisfied)
39 38 52 56 48 62 78 54 38 20
68 51 50 58 56 60 55 49 17 11
1 2 3 4 5 6 7 8 9 10
How satisfied are you with your personal life? (1-

5.4
10, 10 being very satisfied)
28 40 55 58 60 52 79 66 33
60 57 70 57 45 47 47 20 14 9
63
1 2 3 4 5 6 7 8 9 10
11
Part 2 - Bank-Specific Data & Quotes
Data in the following four slides are for banks with 8 or more respondents in our survey.
• Bank Of America (14 Responses)
• Barclays (13 Responses)
• Citigroup (20 Responses)
• Deutsche Bank (19 Responses)
• Goldman Sachs (23 Responses)
• Jefferies & Company (13 Responses)
• JP Morgan (29 Responses)
• Macquarie Group (8 Responses)
• RBC Capital Markets (9 Responses)
• SunTrust (8 Responses)
12
Hours, Sleep & WFH

"Some weeks are light, some are absolutely hell. I have gotten to travel to pitches which is cool." – First year analyst, M&A, Evercore
Total RBC
Survey Goldman Deutsche Bank of Jefferies & Capital Macquarie
Average JP Morgan Sachs Citigroup Bank America Company Barclays Markets Group SunTrust
% Respondents who are first
60% 45% 30% 45% 42% 50% 69% 69% 67% 0% 75%
year analysts
Hours of sleep per night 6.0 5.9 5.4 5.8 5.6 5.7 6.1 6.2 6.4 6.0 5.6
% Working 90+ hours per week 18% 24% 39% 20% 21% 14% 23% 23% 22% 0% 25%
% Working 100+ hours per week 4% 3% 4% 5% 0% 7% 0% 15% 0% 0% 13%
% Going to bed at 2am or later 25% 62% 48% 40% 37% 21% 8% 23% 22% 13% 25%
% Satisfied with meal stipend

46% 66% 39% 25% 16% 57% 31% 38% 33% 50% 0%
provided by firm
% Preferring working in Office 18% 17% 39% 15% 26% 7% 8% 15% 22% 13% 13%
% Preferring WFH 37% 34% 48% 0% 53% 50% 38% 38% 44% 50% 25%
% "Depends" 45% 49% 13% 85% 21% 43% 54% 47% 34% 37% 62%
13
Health & Worker Retention

“Most of my close friends have told me to quit for mental and physical health reasons." – Analyst, JPMorgan
Total
Survey Goldman Deutsche Bank of Jefferies & RBC Capital Macquarie
Mental health score before
8.0 8.2 8.5 8.7 8.2 8.0 7.7 8.0 8.2 7.8 8.1
current job
Mental health score now 5.6 4.8 4.1 4.8 5.7 5.4 5.5 6.0 6.4 6.3 4.9
Difference 2.4 3.4 4.4 3.9 2.5 2.6 2.2 2.0 1.8 1.5 3.2
Physical health score before

8.1 7.9 8.6 8.4 7.8 8.5 8.2 7.8 8.3 8.0 8.4
current job
Physical health score now 5.1 4.7 3.9 4.0 4.9 5.2 5.4 5.3 5.9 6.4 3.6
Difference 3.0 3.2 4.7 4.4 2.9 3.3 2.8 2.5 2.4 1.6 4.8
Likelihood still working at your

bank in 6 months if working 6.0 5.4 6.0 5.2 5.1 5.7 6.2 6.9 5.3 5.0 4.9
conditions stay the same?
14
Workplace-Culture
"Head of IB really tries to provide a good work environment, what f*cks it up is the people below him." – Analyst, Citigroup
Total Survey Goldman Deutsche Bank of Jefferies & RBC Capital Macquarie
Work hours have
negatively impacted 75% 72% 78% 80% 79% 64% 85% 69% 78% 75% 75%
relationships
Feels like a victim of
25% 34% 30% 45% 37% 21% 8% 15% 11% 25% 63%
workplace abuse
Have considered
seeking counseling 36% 48% 39% 50% 32% 29% 46% 31% 33% 25% 25%
or therapy
Have frequently experienced
unrealistic deadlines 66% 76% 87% 65% 63% 86% 77% 38% 33% 63% 75%
being shunned or
32% 55% 35% 50% 32% 36% 15% 15% 44% 25% 13%
ignored in meetings
blaming without
33% 45% 35% 50% 26% 50% 23% 15% 22% 38% 25%
justification
shouting or swearing 22% 21% 26% 35% 21% 21% 0% 8% 22% 25% 50%
excessive monitoring
49% 62% 65% 85% 53% 64% 62% 23% 33% 63% 50%
or micromanagement
15
Satisfaction & Recommending the Firm

"I left Goldman after 7 months because the filter and the people suck. Throwing more money at us is not the answer. Mental health is." –
First year analyst, DCF, BB
Total
Survey Goldman Deutsche Bank of Jefferies & RBC Capital Macquarie
How satisfied are you Average JP Morgan Sachs Citigroup Bank America Company Barclays Markets Group SunTrust
with your current firm 6.1 5.7 5.7 4.8 4.6 4.9 6.3 7.8 6.7 5.8 5.9
with your work life 5.4 5.0 4.4 4.3 4.8 4.5 4.9 6.8 6.3 5.5 4.9
with your personal life 5.4 5.0 5.1 4.2 5.8 5.3 4.6 6.2 6.1 6.1 4.4
If moved to new finance

role, how likely would
6.1 5.2 5.3 5.0 5.3 5.4 5.9 7.5 6.4 6.4 4.9
you recommend current
team to new team
How likely are you to
recommend against
4.4 5.3 4.8 3.8 3.6 5.2 3.8 3.4 5.8 5.0 3.6
using your current firm
as a financial advisor
How likely are you to
recommend your
6.3 6.6 6.1 5.6 4.8 5.5 5.9 8.0 7.60 6.8 5.0
current firm to aspiring
talent
16
Bank-Specific Quotes
Bank of America Merrill Lynch
• "Banking is not rocket science, most first years come from pedigree and do not know work ethic. The biggest hurdles are dealing with
seniors egos and unpredictability largely due to poor time management and delegation rolling down. If you can't handle stress in
exchange for making over 180k because you don't want to give up social aspects of life etc, find a new job." – Analyst, Bank of America
Merrill Lynch
Barclays
• "Too much Saturday work." – Analyst, Barclays Capital
Citi
• "This is all bullshit." – Associate, Citigroup
Deutsche
• "Long hours, teams half the size of pre-pandemic, pay below street." – Associate, Deutsche Bank
17
Bank-Specific Quotes
Goldman
• "I moved over from Goldman and it's been night and day. Goldman was a death ship and life has gotten much better since leaving. Still
banking, hours are still like 80 a week, but that's way better than 110 hours a week, every week at Goldman." – Associate, TMT,
Boutique
JPM
• "Healthcare group is a sweatshop and 11 people have left in the past 2 months including 6 people to competitor banks." – Analyst,
JPMorgan
Macquarie
• "We have a long lunch every other week at cool restaurants. Good physical health culture with people leaving for the gym in late
afternoon." – Analyst, Macquarie Group Limited ABN
RBC
• "RBC nice. Not a bad place to do your IB gig for two years WLB wise, still sucks tho." – Analyst, RBC Capital Markets
18
Part 3 – Comparisons Between 2021 and 2022
Banks Included in Part 3:
• Bank Of America (24 responses in 2021, 14 Responses in 2022)
• Barclays (8 responses in 2021, 13 responses in 2022)
• Citigroup (30 responses in 2021, 20 responses in 2022)
• Deutsche Bank (8 responses in 2021, 19 responses in 2022)
• Goldman Sachs (33 responses in 2021, 23 responses in 2022)
• Jefferies & Company (6 responses in 2021, 13 responses in 2022)
• JP Morgan (21 responses in 2021, 29 responses in 2022)
• Morgan Stanley 17 responses in 2021, 8 responses in 2022
• RBC Capital Markets (30 responses in 2021, 20 responses in 2022)
19
Comparing 2021 to 2022: Hours and WFH (Full Survey Data)
% Increase
2021 2022 Difference (Decrease)
How many hours have you

82 78 (4) (5%)
worked per week on average
How many hours do you

5:51 5:58 00:09 2%
sleep on average per night
On average what time do you

1:35am 12:18am (1:17)
go to sleep
Do you prefer WFH 32% 38% 6% 18%
Do you prefer working in the

26% 17% (9%) (35%)
office
WFH vs In-Office, it depends

42% 45% 3% 8%
on circumstances
20
Comparing 2021 to 2022: Treatment (Full Survey Data)
% Increase
Have you frequently

experienced unrealistic 72% 66% (6%) (8%)
deadlines
Have you frequently

experienced being
37% 33% (4%) (11%)
shunned or ignored in
meetings
Have you frequently

experienced blaming 33% 34% 1% 3%
without justification
Have you frequently

experienced excessive
57% 50.3% (7%) (12%)
monitoring or
micromanagement
Have you frequently

experienced shouting or 25% 22% (3%) (12%)
swearing
Do you feel like you’ve

been a victim of workplace 32% 25% (7%) (22%)
abuse
21
Comparing 2021 to 2022: Mental and Physical Health (Full Survey Data)
% Increase
Mental health before current job 8.3 8.0 (0.3) (4%)
Mental health now 5.0 5.6 0.6 12%
Decrease in mental health score 3.3 2.4 (0.9) (27%)
Physical health before current

8.3 8.1 (0.2) (2%)
job
Physical health now 4.9 5.1 0.2 4%
Decrease in physical health

3.4 3.00 (0.4) (12%)
score
22
Comparing 2021 to 2022: Satisfaction and Recommending Your Firm (Full Survey Data)
% Increase
How satisfied are you 2021 2022 Difference (Decrease)
with your current firm 5.8 6.1 0.3 5%
with your work life 4.7 5.4 0.7 15%
with your personal life 4.6 6.1 1.5 33%
Likelihood you would

recommend current team
6.0 6.1 0.1 2%
to new team if moved to
another role

recommend against using
4.0 4.4 0.4 10%
your firm as a financial
advisor

recommend current firm
5.9 6.3 0.4 7%
as place to work to
aspiring talent
23
Bank of America 2021 to 2022

When asked if conditions have improved over the last year, 29% responded yes, 50% responded no, and 21% responded N/A.
2021 2022 Difference % Increase (Decrease)

Respondents who are first year
54% 50% (4%) (7%)
analysts
Hours of sleep 5:18 5:42 0:24 8%

% Working 90+ hours 54% 14% (40%) (74%)
% Working 100+ hours 13% 7% (6%) (46%)
% Going to bed at 2am or later 42% 21% (21%) (50%)
% Satisfied with meal stipend 33% 57% 24% 73%
% Preferring working in office 38% 7% (31%) (82%)
% Preferring WFH 50% 50% 0% 0%
Mental health score now 4.3 5.4 1.10 26%

8.6 8.5 (0.10) (1%)
job
Physical health score now 4.3 5.2 0.90 21%

4.3 3.3 (1.00) (23%)
score
Likelihood still working at bank

in 6 months if conditions stay 5.3 5.7 0.40 8%
the same
24
Bank of America 2021 to 2022


Work hours have negatively impacted
96% 64% (32%) (33%)
relationships
Feels like victim of workplace abuse 54% 21% (33%) (61%)

Sought or considered counseling or
54% 29% (25%) (46%)
therapy
Have frequently experienced…

Unrealistic deadlines 83% 86% 3% 4%
Being shunned or ignored in meetings 71% 36% (35%) (49%)
Blaming without justification 46% 50% 4% 9%

Shouting or swearing 50% 21% (29%) (58%)
Excessive monitoring or
63% 64% 1% 2%
micromanagement
How Satisfied are you with:

Your current firm 4.9 4.9 - 0%
Your work life 3.3 4.5 1.2 36%
Your personal life 3.9 5.3 1.4 36%
Likelihood you would recommend current

4.7 5.4 0.7 15%
team to new team if moved to another role
Likelihood you would recommend against

4.4 5.2 0.8 18%
using your firm as a financial advisor

4.5 5.5 1.0 22%
firm as place to work to aspiring talent
25
Barclays 2021 to 2022

Respondents who are first year analysts 13% 69% 56% 431%
Hours of sleep 5:54 6:12 0:18 5%
% Working 90+ hours 38% 23% (15%) (39%)
% Working 100+ hours 0% 15% 15% -
% Satisfied with meal stipend 71% 38% (33%) (46%)
Mental health before current job 7.4 8.0 0.60 8%
Mental health score now 6.8 6.0 (0.80) (12%)
Decrease in mental health score 0.6 2.0 1.40 233%
Physical health before current job 7.3 7.8 0.50 7%
Physical health score now 5.9 5.3 (0.60) (10%)
Decrease in physical health score 1.4 2.5 1.10 79%
Likelihood still working at bank in 6 months

8.9 6.9 (2.00) (22%)
if conditions stay the same 26
Barclays 2021 to 2022

63% 69% 6% 10%
relationships
0% 15% 15% -
Feels like victim of workplace abuse
38% 31% (7%) (18%)

Sought or considered counseling or therapy

Unrealistic deadlines 50% 38% (12%) (24%)
13% 15% 2% 15%

Being shunned or ignored in meetings
0% 15% 15% -
Blaming without justification
25% 23% (2%) (8%)

Excessive monitoring or micromanagement

Your current firm 7.5 7.8 0.30 4%
Your work life 6.8 6.8 - 0%
Likelihood you would recommend current 8.5 7.5 (1.00) (12%)

Likelihood you would recommend against 4.6 3.4 (1.20) (26%)

Likelihood you would recommend current 8.0 8.0 - 0%

firm as place to work to aspiring talent 27
Citigroup 2021 to 2022

50% 45% (5%) (10%)
analysts
Hours of sleep 6.0 5:48 (00:12) (3%)
% Working 90+ hours 31% 20% (11%) (35%)
% Working 100+ hours 13% 5% (8%) (62%)
% Going to bed at 2am or later 34% 40% 6% 18%
% Preferring WFH 38% 0% (38%) (100%)
Mental health before current job 8.7 8.7 - 0%
Likelihood still working at bank in 6

5.5 5.2 (0.3) (5%)
months if conditions stay the same
28
Citigroup 2021 to 2022


63% 69% 6% 10%
relationships
Feels like victim of workplace abuse 0% 15% 15% -
38% 31% (7%) (18%)
therapy

Being shunned or ignored in meetings 13% 15% 2% 15%
Blaming without justification 0% 15% 15% -

25% 23% (2%) (8%)
micromanagement

Your work life 6.8 6.8 - 0%
Likelihood you would recommend
current team to new team if moved to 8.5 7.5 (1.00) (12%)
another role
against using your firm as a financial 4.6 3.4 (1.20) (26%)
advisor

current firm as place to work to aspiring 8.0 8.0 - 0%
talent
29
Deutsche Bank 2021 to 2022


Hours of sleep 5:30 5:36 0:16 2%

% Working 90+ hours 38% 21% (17%) (44%)
% Working 100+ hours 25% 0% (25%) (100%)
% Satisfied with meal stipend 0% 16% 16% -
% Preferring working in office 13% 26% 14% 108%
% Preferring WFH 63% 53% (10%) (15%)
Physical health before current job 8.6 7.8 (0.80) (9%)
Decrease in physical health score 4.9 2.9 (2.00) (41%)

5.7 5.1 (0.60) (11%)
30
Deutsche Bank 2021 to 2022


100% 79% (21%) (21%)
relationships

13% 32% 20% 156%
therapy

Being shunned or ignored in
38% 32% (6%) (16%)
meetings
Blaming without justification 50% 26% (24%) (48%)
75% 53% (22%) (29%)
micromanagement

Your current firm 5.1 4.6 (0.50) (10%)
Your work life 4.2 4.8 0.60 14%
current team to new team if moved to 5.8 5.3 (0.50) (9%)
another role
against using your firm as a financial 3.0 3.6 0.60 20%
advisor
current firm as place to work to 6.6 4.8 (1.80) (27%)
aspiring talent 31
Goldman Sachs 2021 to 2022


54% 30% (24%) (44%)
analysts
Hours of sleep 5:36 5:24 (00:12) (4%)

% Working 90+ hours 43% 39% (4%) (9%)
% Working 100+ hours 23% 4% (19%) (83%)
% Preferring working in office 31% 39% 8% 26%
Mental health score now 4.70 4.1 (0.60) (13%)


Likelihood to still be working at

current bank in 6 months if 5.70 6 0.30 5%
conditions stay the same
32
Goldman Sachs 2021 to 2022

Work hours have negatively
86% 78% (8%) (9%)
impacted relationships
Feels like a victim of workplace
20% 30% 10% 50%
abuse
Sought or considered counseling
46% 39% (7%) (15%)
or therapy
Have frequently experienced… 0%

Being shunned or ignored in
46% 35% (11%) (24%)
meetings
Shouting or swearing 14% 26% 12% 86%
63% 65% 2% 3%
micromanagement
How satisfied are you with:

Your work life 4.4 4.4 0 0%

current team to new team if 5.6 5.3 (0.3) (5%)
moved to another role

against using your firm as a 4.2 4.8 0.6 14%
financial advisor

current firm as place to work to 5.1 6.1 1.0 20%
aspiring talent 33
Jefferies & Company 2021 to 2022

Hours of sleep 5:12 6:06 0:54 17%

% Working 90+ hours 33% 23% (10%) (30%)
% Working 100+ hours 17% 0% (17%) (100%)
% Preferring WFH 50% 38% (12%) (24%)
Mental health before current job 7.7 7.7 - 0%
Physical health before current job 8.2 8.2 - 0%

5.5 6.2 0.70 13%
34
Jefferies & Company 2021 to 2022

100% 85% (15%) (15%)
relationships
Sought or considered counseling or therapy 83% 46% (37%) (45%)

Being shunned or ignored in meetings 33% 15% (18%) (55%)
Blaming without justification 67% 23% (44%) (66%)

Excessive monitoring or micromanagement 100% 62% (38%) (38%)

Your work life 3.5 4.9 1.40 40%

5.7 5.9 0.20 4%

4.5 3.8 (0.70) (16%)

4.2 5.9 1.70 40% 35
firm as place to work to aspiring talent
JP Morgan 2021 to 2022


75% 45% (30%) (40.0%)
analysts
Hours of sleep 5:42 5:54 0:12 3.5%

% Working 90+ hours 38% 24% (14%) (36.8%)
% Working 100+ hours 10% 3% (7%) (70.0%)
% Going to bed at 2am or later 52% 62% 10% 19.2%
% Satisfied with meal stipend 42% 66% 24% 57.1%
% Preferring working in office 24% 17% (7%) (29.2%)
% Preferring WFH 14% 34% 20% 142.9%
Mental health before current job 8.9 8.2 (0.70) (7.9%)
Mental health score now 4.6 4.8 0.20 4.3%
Decrease in mental health score 4.3 3.0 (1.30) (30.2%)

8.2 7.9 (0.30) (3.7%)
job
Physical health score now 5.2 4.7 (0.50) (9.6%)

3.0 3.2 0.20 6.7%
score
Likelihood still working at bank

in 6 months if conditions stay 6.3 5.4 (0.90) (14.3%)
the same 36
JP Morgan 2021 to 2022

Work hours have negatively impacted 86% 72% (14%) (16.3%)

relationships
Feels like victim of workplace abuse

38% 34% (4%) (10.5%)
48% 48% 0% 0.0%
therapy

Unrealistic deadlines 62% 76% 14% 22.6%
38% 55% 17% 44.7%

Being shunned or ignored in meetings
Blaming without justification

29% 45% 16% 55.2%
Shouting or swearing 14% 21% 7% 50.0%

Excessive monitoring or 52% 62% 10% 19.2%
micromanagement

Your current firm 6.2 5.7 (0.50) (8.1%)
Your work life 4.9 5.0 0.10 2.0%

Your personal life 5.3 5.0 (0.30) (5.7%)
Likelihood you would recommend 5.9 5.2 (0.70) (11.9%)

current team to new team if moved to
another role

against using your firm as a financial 3.9 5.3 1.40 35.9%
advisor
Likelihood you would recommend 37
current firm as place to work to aspiring 6.1 6.6 0.50 8.2%
talent
Morgan Stanley 2021 to 2022

41% 33% (8%) (19%)
analysts
Hours of sleep 5:49 5:36 (0:13) (4%)
% Working 90+ hours 41% 33% (8%) (19%)
% Working 100+ hours 6% 17% 11% 178%
Physical health before current job 8.2 8.2 (0.03) 0%
Likelihood still working at bank in

6 months if conditions stay the 6.3 6.3 0.03 1%
same
38
Morgan Stanley 2021 to 2022

% Increase
76% 83% 7% 10%
relationships
Feels like victim of workplace abuse 24% 33% 9% 39%
Sought or considered counseling or therapy 41% 50% 9% 22%


Excessive monitoring or micromanagement 47% 60% 13% 28%

Your work life 4.4 5.2 0.77 17%
Likelihood you would recommend current team to

5.6 5.2 (0.40) (7%)
new team if moved to another role
Likelihood you would recommend against using

3.4 5.5 2.10 62%
your firm as a financial advisor
Likelihood you would recommend current firm as

6.6 6.7 0.07 1%
place to work to aspiring talent
39
RBC Capital Markets 2021 to 2022

Hours of sleep 6:24 6:24 0:00 0%

% Working 90+ hours 0% 22% 22% -
% Working 100+ hours 0% 0% 0% 0%
Physical health before current job 8.40 8.3 (0.10) (1%)

7.40 5.3 (2.10) (28%)
40
RBC Capital Markets 2021 to 2022

88% 78% (10%) (11%)
relationships
Sought or considered counseling or therapy 13% 33% 20% 154%


Excessive monitoring or micromanagement 13% 33% 20% 154%

Your work life 5.0 6.3 1.30 26%

5.9 6.4 0.50 8%

3.1 5.8 2.70 87%
Likelihood you would recommend current firm

6.6 7.6 1.00 15%
as place to work to aspiring talent
41
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WSO 2022 IB Working Conditions Survey

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WSO 2022 IB Working Conditions Survey

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2022 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

2022 Investment Banking Working Conditions Survey

Wall Street Oasis

• Overall 2022 results

• Quotes from a range of employees at various firms

• A closer look at which banks performed best/worst across various categories

• Quotes from employees at these banks

• Comparisons between 2021 and 2022

Message from Patrick Curtis

Demographic Breakdown (1/2)

72% of the respondents are currently analysts.

Level of Experience Analyst Breakdown Type of Firm

Analysts First Year Analyst Bulge Brackets

Demographic Breakdown (2/2)

Banks - Of the 30% of respondents

JP Morgan Goldman Sachs M&A TMT Chicago London

Hours & Sleep

Question First Year Analyst Second Year Analyst Associate

How many hours have you

How many hours do you

On average, what time do

WFH and Pay

Question First Year Analyst Second Year Analyst Associate

45% 55% 56% 44% 45% 55%

Yes No Yes No Yes No

WFH Office Depends WFH Office Depends WFH Office Depends

What percentage of your 8% 11% 19% 26% 26% 10%

0% 0%-25% 25%-50% 50%-75% 75%-100% 100%

Have you frequently experienced blaming without

Mental and Physical Health

Rate your mental health before and after 5.6

Retention and Satisfaction

Question Mean Distribution

If working conditions stay the same, what is the

How satisfied are you with your work life? (1-10,

How satisfied are you with your personal life? (1-

Part 2 - Bank-Specific Data & Quotes

• Bank Of America (14 Responses)

• Barclays (13 Responses)

• Citigroup (20 Responses)

• Deutsche Bank (19 Responses)

• Goldman Sachs (23 Responses)

• Jefferies & Company (13 Responses)

• JP Morgan (29 Responses)

• Macquarie Group (8 Responses)

• RBC Capital Markets (9 Responses)

Hours, Sleep & WFH

% Working 100+ hours per week 4% 3% 4% 5% 0% 7% 0% 15% 0% 0% 13%

% Satisfied with meal stipend

Health & Worker Retention

Physical health score before

Likelihood still working at your

Have frequently experienced

Satisfaction & Recommending the Firm

If moved to new finance

Bank of America Merrill Lynch

• "Too much Saturday work." – Analyst, Barclays Capital

• "This is all bullshit." – Associate, Citigroup

Part 3 – Comparisons Between 2021 and 2022