Word: stillings
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Dates: during 1990-1999
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...better than my friends at any other bank," Shemmer says--a mere 75 or 80 hours a week, compared to as much as 100 at larger banks. At the biggest firms, the partners conduct "bed checks"--stopping by each cubicle at 9 p.m. to make sure analysts are still at work. At Broadview, I'm assured, you might even get out the door by 7 on a good day. The style is strictly "business casual," which means no one under 30 wears a tie. Shemmer stresses how friendly the senior partners are, how receptive they are to analysts. It sounds...
...annual bonuses, which are based on evaluations from higher-ups. (The median income of American households was $38,885 last year, by the way.) At that salary, Shemmer can afford his portion of the $2,400-a-month apartment he shares with a college friend. Still, everything's relative. Although Shemmer invests his annual bonus, he spends the rest. "I break even every month," he confesses. His three main expenses: rent, alcohol and cabs. Shemmer spends most Friday and Saturday nights partying with friends at "dives" in the East Village, a welcome change from the weekday grind...
...here, and a certain type who can't." Shemmer echoes that sentiment: "In general I-banking is more male-oriented. There's a lot of testosterone, it's considered the old Wall Street--maybe they shy away from that." Broadview has more women than many banks, but it's still jarring...
...wander around the office to see what the other analysts do. I spend time with one employee who specializes in writing fairness opinions--reports outlining for shareholders whether they're getting a fair deal in a merger. The number crunching and boilerplate legal writing seem dull, but it's still a high-wire act--shareholders who feel cheated can sue Broadview. "It's a pretty amazing responsibility for someone my age," the analyst says...
...course, despite the popularity of the straight-to-startup route, investment banks are still deluged with applications from eager college seniors. Analysts spend several hours a week interviewing and reading resumes, mostly from their own schools. Today Shemmer spends three hours in the late afternoon interviewing candidates--this week it's Yale...