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FactSet and CapIQ have the capability to do this. A lot of this job is 'automated' to a certain extent, so it's not like the hours are being driven by antique software. There's just so much bespoke / custom work that goes in the PPT decks that makes full automation hard (and I'm talking about non-sexy stuff like rearranging logos or data entry...it just takes time). There's already a good amount of automation in banking between software vendors and the use of template presentations / excel spreadsheets. Any incremental bit of automation will not reduce hours for junior bankers, it will just create more work product, more meetings, etc. Blackberries, software vendors, etc. have all made bankers more efficient, but it just increases the work output, not the amount of input. Every time IB work hours comes up in a forum of 'outsiders,' people always point towards 'more automation' or 'hire more people' as panaceas for the terrible work-life balance. But when you are in high-profile, white-collar client service, there's just no pushback between senior bankers and clients. If you are giving a presentation to a F500 CEO, you're always going to solve for the quickest deadline, and that means 100 hour weeks for the junior people. Only solution is a huge top-down cultural shift amongst senior bankers and executives. I think there's two things that could change this: (1) the job gets such bad press that junior talent gets worse or (2) clients start pushing back on bad work conditions. But on (1), the job is so mindless and repetitive that a degradation is talent is not that big of a deal (especially compared to engineering). On (2), clients would never do this. Clients pay large fees for this work, being a banker is still perceived as a prestigious job for juniors, it's flattering to think that someone is working 100 hours a week for your company, clients don't see the pain amongst junior employees, etc. - there's so many reasons why clients wouldn't push back. The saddest part of all of this is not that some people are highly compensated yet miserable. The saddest part is there's still hundreds of college graduates who are chasing this dream because they think it will pay dividends in the future, but most of these kids get burned out and exit to 'generalist' jobs that they really have no passion for. They could have been building a product, adding something new to society, etc. |