Three years ago, former Goldman Sachs investment banker Frank Yeung issued an ominous warning to investment bankers: if you stay in the industry for too long, you get trapped there.
'In my first year, some of my bonus was set aside as shares which I wouldn’t be able to access for another two years. And in those two years, I’d get twice that again, and again… before you know it, you’ve amassed too much money to walk away from.'
Three years on (from Yeung), and another banker, who’s also left Goldman, is warning much the same thing. Except he puts a date on it: if you stay in banking beyond 30, you’ll probably be stuck there forever.
'I resigned from Goldman Sachs willingly,' Arnold (not his real name) told us. 'I felt the need to do something different and more meaningful. You’d be surprised how widespread that feeling is at Goldman – especially among the young guys.
'At the end of the day, people know that the good years are pretty much over. Ten years ago, you could earn an insane amount of money in banking, but now the opportunity cost of getting out and doing something you feel really strongly about is just not that huge any more.
'It becomes a lot more difficult to leave banking once you hit 30. Once you have stock and you have a family and a mortgage, it’s almost impossible to get out. I saw a lot of older people there who felt very trapped.'
To access the complete eFinancialCareers article hit the link below.