With the recent news story about the analyst (Patrick Blumenthal) that suffered brain damage as a result of hazing at Goldman, what is the current level of treatment for junior level people in investment banking? Have banks tried to improve as a result of this PR problem or are similar things still occurring?
Think most "hazing" in IB is simply the sheer amount of work dumped on analysts rather than things that will actually cause brain damage like alcohol or physical hazing. I have never heard of actual physical hazing for the sake of establishing power dynamic.
I definitely don’t think this type of hazing is common. Like the previous poster said, the only “hazing” is getting crushed by a new deal when you’re brand new and barely know what your doing. If anything, people treat the newbies better over the first few months as they want them to get up the curve ASAP, so somewhat surprised to hear something like this.
Not common at all at least from my work and my fellas at other IBs or related field.
I think banks are trying to impose some rules to avoid that or at least in Europe. I have heard that in some European banks, interns' computer would just turn off after a certain time.. Which I think is great to be honest
Here was working in wealth management, not IB. Sounds like this is just one bad group and not systemic for the bank. Honestly, it's idiots like this that force the bank into policies like, "no alcohol at any events with interns." Head of his group sounds like a psycho.