The banking industry in 2014 is no longer the growth industry that it was before the housing crisis of 2008. People are desperate and trying to get out by any means possible. Not only are the opportunities to make those rapid fortunes gone, but with the lifting of this veil comes a much more detailed scrutiny of the people who were actually able to achieve it. Bankers in their 30s are looking at senior managers and seeing something very surprising: The money is not worth it. In order to achieve the vast wealth that senior bankers of the past have, they have had to give up their lives to travel and stress.
This is not to say that there are absolutely no opportunities available in the banking industry. Goldman Sachs, Barclays and Morgan Stanley have all conducted separate surveys that have shown there is still a great deal of money to be made. Not only that, but the money that is being made is still growing for the people at the top
of the industry. Perhaps the best perspective of the situation is that the banking industry is beginning to mirror society as a whole: The income inequality is increasing, and the people in the middle class of the banking world are finding their opportunities as well as their incomes slipping. Mid-level bankers are just as likely to be found in actual ghettos rather than in rich people “ghettos.”Even bankers at the top of the industry are leaving for more lucrative fields. As a matter of fact, getting to the top of the banking world seems to be a stepping stone to moving into an industry that is showing growth. The tech industry
as well as the food and beverage industries have all taken top executives from large investment banking firms. These executives have not looked back.
There are many mid-level bankers who would follow the example of these top performer; however, the older that they are, the more difficult than it is to leave. Banking has seemed to have found the perfect pay schedule to keep its employees. It can be difficult to leave and take a pay cut if one is in his or her 40s and 50s. This fact will allow the banking industry to continue to profit off of the backs of its older employees for a long time in the future.