The Bahamas, Michelle, Bloomberg News discussed on Bloomberg Radio New York Show


And then ultimately making money for yourself That was it We just lived for the bonus that was 90% of our comp Times are different now The kids coming in are different now They want to know that what they're doing has meaning has the greater good perhaps That's got to be a tough thing for these Wall Street managers to kind of manage because again when they came up it was all just about making money But things are a little bit different now Well and part of that's because you can't like Wall Street is no longer the place where you can make the most money And I think there's also a feeling of complete exhaustion right now when I talk to people about what's the mood like you know they say honestly I'm exhausted I hope that I can some of these some people haven't had a vacation since December 2019 I talked to people who are M and a lawyer who I was talking to was supposed to go to The Bahamas this week But he's bracing for the fact that he might have to close another mega deal which it's like boo hoo but also you know you kind of feel like people need a break Yeah what I noticed is again when I was young investment banker working those hundred hour weeks I had the support of all the other young bankers like myself to prop you up when you're down The kids today don't have that 'cause they're stuck in their apartment zooming on all these things I can really see where that's tough for them Yeah and again I do think this does speak to a broader issue in society right now where everyone is burnt out There's a feeling that employer employees are not getting paid for the work they're doing I don't know if that completely applies in the case of investment bankers but generally you know it's people need a break So what happens when this is something that kind of seems like a no brainer on Wall Street that eventually this quote speculative nonsense is going to fade away the spac kind of boom is going to go away The crypto Bros are going to get what's coming to them That idea what happens when hypothetically if you start to see cryptocurrencies take off more how much kind of longevity is there in that attitude I think what's interesting is at this point in the story max talks about how last year a lot of bankers looked at crypto as kind of like a cute speculative thing increasingly as it's become mainstream Maybe that view isn't shared by everyone But it's hard to say what will happen next year and you know how what will happen in terms of views around also stocks A lot of it is with the crowd thinks you know And if there's an existential shock or geopolitical thing that takes everyone by surprise that seems to be the only thing that people expect will cause on your list to come crashing down Michelle great story you and max worked on that That's great The shell Davis from Bloomberg news with the big take story here You can see it on Bloomberg dot com slash big take or any big take go on the terminal with our news in New York Here's Michael bark Thank you.

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