2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

2023 Investment Banking Working Conditions Survey

Wall Street Oasis

May 2023

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Message from Patrick Curtis

Wall Street Oasis at its core is a community of students trying to break into careers in finance and young finance professionals trying to thrive and
build meaningful careers. For years, we have been frustrated by the lack of change at the investment banks and have tried to bring transparency to the
realities of the job.

This includes releasing detailed data on # of average hours worked by bank in the WSO Company Database as well as other lifestyle metrics the
candidates have used for years to help them make informed decisions. Unfortunately, this has done little to curb some of the banks with the worst
reputation since there are still many more qualified candidates than seats in the industry.

Inspired by the report released by Goldman 13 in 2020 and some of the concessions we saw then, we decided to continue to conduct this wider
industry-wide survey and continue to track this data each year.

Our hope is that publishing these numbers continues to get the attention of leadership and make the junior banker role more sustainable. We still
strongly believe that investment banking is an incredible career and leads to a very attractive set of options, however, we want to make sure we put the
mental health and safety of our community first.

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Demographic Breakdown (1/2)

The survey was taken by 628 banking professionals during (29 March 2023 – 28 April 2023), 2023 (the professional status of each respondent has not
been verified).

66% of the respondents are currently analysts.

Level of Experience Analyst Breakdown Type of Firm

24 5
47 31 32

141
238
140
128

253
417

217

Analysts Associates First Year Analyst Second Year Analyst Bulge Brackets Middle Market
VPs & Directors Others Third Year Analyst Other Boutiques Others

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Demographic Breakdown (2/2)

Banks – Of the 65% of respondents that

specified their bank, below is the breakdown: Groups Locations

5% 10%
6%

7%
28%
41% 3% 21% 43%
4% 48%
4%
3%
14%
7%
3% 21%
5% 3%
3% 6%
4% 5%
5%
Industry Group Product Group New York City London
JP Morgan Citigroup
Bank Of America BNP Paribas Generalist Other Chicago San Francisco
Barclays Rothschild
Wells Fargo Goldman Sachs Toronto Others
Deutsche Bank Jefferies & Company
UBS & Credit Suisse Houlihan Lokey
Morgan Stanley Others

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 2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Demographic Breakdown (2/2)

Banks – Of the 628 respondents, 409

(65%) had responded with their bank.
Responses from major banks include: Groups Locations

Goldman Sachs
27 Industry Group 303 Others 272

Bank Of America
27 Product Group 131 New York City 177

UBS & Credit Suisse

26 Generalist 130 London 87

Citigroup
26 Other 64 Sanfrancisco 32

JP Morgan
21 Chicago 32

Morgan Stanley
20
Toronto 28

Rothschild
18

Barclays
16

Houlihan Lokey
13

Deutsche Bank
12

Wells Fargo
12
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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Hours & Sleep

“Analysts and Associates in the team work extremely hard (without exaggeration, 100+ hour weeks are very common and somewhat
normalized)” – Industrials Analyst @ Barclays

Question First Year Analyst Second Year Analyst Associate

How many hours have you

worked per week on 77.12 Hours 74.95 Hours 73.05 hours
average?

How many hours do you

sleep on average per night? 5.98 hours 5.99 hours 6.21 hours

On average, what time do

12:33 am 12:32 am 12:10 am
you go to sleep?

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

WFH and Pay

“Ridiculous culture, firing too many people, lying about pay” – Generalist VP @ Citi

Question First Year Analyst Second Year Analyst Associate

45% 55% 47% 53% 44% 56%

Are you satisfied with your
total compensation?

Yes No Yes No Yes No

Do you prefer working from 28% 23% 50% 25% 23% 52% 36% 25% 39%
home or working in the
office?

WFH Office Depends WFH Office Depends WFH Office Depends

2%

What percentage of your 4% 9% 29% 39% 17%

work hours are currently
spent at the office?

0% 0%-25% 25%-50% 50%-75% 75%-100% 100%

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Treatment (1/2)
“Culture in investment banking should become more human and be focused on retention more. These are not 2000s anymore, people
have a life besides work” – TMT Associate @ Goldman Sachs
Have you frequently experienced unrealistic deadlines while at Have your work hours negatively impacted relationships with
work? family and/or friends?

28%
39%
Yes Yes
No No
61%
72%

Have you frequently experienced being shunned or ignored in Have you considered seeking out counseling or therapy due
meetings? to stress at work?

32% 32%

Yes Yes
No No
68% 68%

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Treatment (2/2)
“Seniors teach a lot which is amazing and I truly appreciate that, but there are 0 boundaries. No public holidays are observed, I’ve gotten 2
weekends in over 6 months (both because I used annual leave albeit on the weekdays ie taking Thursday, Friday & Monday off).” – TMT
Analyst @ boutique Have you experienced excessive monitoring or
Have you frequently experienced shouting or swearing? micromanagement?

26%

Yes Yes
50% 50%
No No

74%

Have you frequently experienced blaming without

justification? Do you feel like you've been a victim of workplace abuse?

27%
37%
Yes Yes
No No
63%
73%

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Mental and Physical Health

“Individual experience is so, so dependent on your team. I don’t understand why everyone is so desperate to join the rate race of ‘TMT
this, M&A that’ when they only plan on staying there long enough to jump ship” Financing Origination Analyst @ Bulge Bracket

Question Mean

7.8

Rate your mental health before and after 5.6

starting your current job

Before Now

7.8
Rate your physical health before and after
starting this job 5.4

Before Now

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Retention and Satisfaction

“It is truly baffling how often I end up in the office at 1 am – 2 am just because my Director, VP or Associate is here. They each leave when
they’re done with their work, but it’s highly frowned upon for Analysts to leave before all of them have left.” Industrials Analyst @ Stifel

Question Mean Distribution

If working conditions stay the same, what is the

likelihood you'll still be working at your bank in 6 6.6
28 36
months? (1-10, with 10 being most likely) 72
29 28
64 59 84 70 156

1 2 3 4 5 6 7 8 9 10

How satisfied are you with your current firm? (1- 6.2 70
10, 10 being very satisfied) 45
34 40 35 59 67 118 122 38
41 28 38 61 101 67 33 26
1 2 3 4 5 6 7 8 9 10

How satisfied are you with your work life? (1-10,

5.6
10 being very satisfied)
51 57 50 49 69 78 108 98 43 25
68 51 50 58 56 60 55 49 17 11
1 2 3 4 5 6 7 8 9 10

How satisfied are you with your personal life? (1-

5.4
10, 10 being very satisfied) 58 69 57 77 92 97 79
37 36
60 57 70 57 63 45 47 47 20 26 9
1 2 3 4 5 6 7 8 9 10

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Bank-Specific Data & Quotes

Data in the following eight slides are for banks with 8 or more respondents in our survey.

• Goldman Sachs (27 Responses) • BNP Paribas (13 Responses)

• Bank Of America Merill Lynch (27 Responses) • Houlihan Lokey (13 Responses)

• UBS & Credit Suisse (26 Responses) • Jefferies & Company (12 Responses)

• Citigroup (26 Responses) • Wells Fargo (12 Responses)

• JP Morgan (21 Responses) • Truist Securities (10 Responses)

• Morgan Stanley (20 Responses) • Raymond James (9 Responses)

• Rothschild (18 Responses) • William Blair (9 Responses)

• Barclays (16 Responses) • Stifel (8 Responses)

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Hours, Sleep & WFH

“Hours tend to be very up and down. Sometimes you struggle to fill time sheets but then other weeks you’re pulling 120 hours.” – Natural
Resources Analyst @ JP Morgan

Total Survey Goldman UBS & Credit Morgan

Average Sachs BAML Suisse Citigroup JP Morgan Stanley Rothschild Barclays
% Respondents who are first year
40% 41% 26% 50% 35% 33% 40% 11% 63%
analysts

Hours of sleep per night 6.0 4.9 6.3 6.0 5.9 5.3 5.7 6.0 6.4

% Working 90+ hours per week 15% 63% 23% 43% 11% 34% 25% 23% 12%

% Working 100+ hours per week 5% 22% 4% 8% 0% 10% 15% 17% 6%

% Going to bed at 2am or later 23% 70% 22% 20% 31% 57% 45% 34% 12%

% Satisfied with meal stipend

52% 44% 63% 54% 27% 57% 60% 72% 44%
provided by firm

% Preferring working in office 25% 22% 26% 19% 19% 19% 30% 11% 50%

% Preferring WFH 28% 33% 33% 35% 35% 24% 20% 28% 19%

Best Worst

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Hours, Sleep & WFH

“Industrials and tech close a ton of deals but you will do irreversible physical and mental damage to yourself in the working conditions in
those groups” – Consumer Analyst @ Baird

Total Survey Houlihan Truist Raymond

Average BNP Paribas Lokey Jefferies Wells Fargo Securities James William Blair Stifel
% Respondents who are first year
40% 46% 54% 50% 58% 50% 67% 33% 50%
analysts

Hours of sleep per night 6.0 6.1 6.2 5.8 6.4 5.8 6.1 5.9 5.5

% Working 90+ hours per week 15% 8% 23% 33% 16% 20% 22% 55% 0%

% Working 100+ hours per week 5% 0% 8% 25% 8% 20% 0% 22% 0%

% Going to bed at 2am or later 23% 23% 23% 33% 25% 10% 22% 22% 0%

% Satisfied with meal stipend

52% 54% 77% 75% 42% 50% 56% 44% 38%
provided by firm

% Preferring working in office 25% 31% 15% 17% 0% 0% 11% 11% 25%

% Preferring WFH 28% 23% 23% 17% 33% 40% 33% 56% 50%

Best Worst

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Health & Worker Retention

“We can be loyal if treated well, and we will certainly remember which firms and individuals treated us well – or treated us terribly – as we
progress in our careers.” – Healthcare Analyst @ Middle Market
Total Survey Goldman UBS & Credit Morgan
Average Sachs BAML Suisse Citigroup JP Morgan Stanley Rothschild Barclays
Mental health score before current
7.8 8.3 7.3 7.5 7.7 8.3 8.3 7.8 8.6
job

Mental health score now 5.6 4.5 3.9 4.7 5.4 4.8 4.6 5.4 5.9

Difference 2.2 3.8 3.4 2.8 2.3 3.5 3.7 2.4 2.7

Physical health score before current

7.8 8.1 8.2 7.5 7.5 8.1 7.6 7.3 8.2
job

Physical health score now 5.4 4.2 4.9 5.0 5.1 4.8 5.3 4.7 5.5

Difference 2.4 3.9 3.3 2.5 2.4 3.3 2.3 2.6 2.7

Likelihood still working at your

bank in 6 months if working 6.6 6.3 6.0 6.3 6.2 6.4 5.7 6.0 7.7
conditions stay the same?

Best Worst

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Health & Worker Retention

“This has been the hardest year we’ve ever had with talent recruitment. That’s absolutely killing our analysts on workload to the point that
we’ve had to turn certain work down over refusing to work these poor guys to death on principle.” – M&A Associate @ Boutique
Total Survey Houlihan Truist Raymond
Average BNP Paribas Lokey Jefferies Wells Fargo Securities James William Blair Stifel
Mental health score before current
7.8 8.3 8.2 8.4 8.3 5.9 8.0 7.8 7.1
job

Mental health score now 5.6 7.3 5.3 4.8 6.2 5.0 5.7 4.6 5.0

Difference 2.2 1.0 2.9 3.6 2.1 0.9 2.3 3.2 2.1

Physical health score before current

7.8 7.5 7.4 8.8 7.8 6.3 8.1 6.6 8.4
job

Physical health score now 5.4 6.7 4.5 4.5 5.9 5.2 5.9 5.0 4.8

Difference 2.4 0.8 2.9 4.3 1.9 1.1 2.2 1.6 3.6

Likelihood still working at your

bank in 6 months if working 6.6 7.7 7.0 6.0 7.3 7.7 7.4 4.4 4.9
conditions stay the same?

Best Worst

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Workplace-Culture
“We are at or above pre – pandemic work levels; required to be in office 4 days a week at a minimum; little to no separate between work and
life, MDs and VPs with little to no project management ability...” – Healthcare Associate @ Boutique

Total Survey Goldman UBS & Credit Morgan

Average Sachs BAML Suisse Citigroup JP Morgan Stanley Rothschild Barclays
Work hours have negatively
impacted relationships with family 72% 74% 74% 85% 77% 71% 70% 83% 81%
and/or friends
Feels like a victim of workplace
27% 37% 33% 38% 35% 19% 10% 33% 13%
abuse
Have sought or considered seeking
counseling, therapy or any 32% 41% 37% 31% 42% 33% 35% 39% 19%
additional services

Have you frequently experienced…

… unrealistic deadlines? 61% 78% 67% 69% 65% 81% 65% 83% 56%

… being shunned or ignored in

32% 59% 37% 31% 46% 38% 40% 28% 25%
meetings?

… blaming without justification? 36% 56% 26% 54% 42% 19% 30% 22% 25%

… shouting or swearing? 26% 52% 30% 35% 27% 10% 35% 11% 31%

… excessive monitoring or
49% 59% 52% 69% 54% 43% 40% 39% 63%
micromanagement?

Best Worst
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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Workplace-Culture
“Horrific culture from seniors, everyone being worked to death” – Industrials analyst @ Citi

Total Survey Houlihan Truist Raymond

Average BNP Paribas Lokey Jefferies Wells Fargo Securities James William Blair Stifel
Work hours have negatively
impacted relationships with family 72% 62% 69% 75% 58% 70% 56% 78% 88%
and/or friends
Feels like a victim of workplace
27% 0% 46% 33% 25% 30% 22% 44% 50%
abuse
Have sought or considered seeking
counseling, therapy or any 32% 15% 38% 25% 25% 40% 33% 44% 25%
additional services

Have you frequently experienced…

… unrealistic deadlines? 61% 62% 77% 75% 42% 30% 78% 67% 75%

… being shunned or ignored in

32% 31% 23% 25% 17% 20% 33% 33% 50%
meetings?

… blaming without justification? 36% 15% 38% 50% 42% 30% 56% 67% 75%

… shouting or swearing? 26% 31% 38% 33% 17% 10% 44% 22% 13%

… excessive monitoring or
49% 38% 46% 67% 50% 30% 44% 44% 88%
micromanagement?

Best Worst
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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Satisfaction & Recommending the Firm

“I pretty much like the firm, the issue is the team being only me and the MD with very heavy workload and with a manager that is
micromanaging and constantly pressuring” – Equity Research Analyst @ Citi
Total Survey Goldman UBS & Credit Morgan
How satisfied are you… Average Sachs BAML Suisse Citigroup JP Morgan Stanley Rothschild Barclays

… with your current firm? 6.2 6.1 5.8 5.3 5.6 6.2 5.9 5.8 6.7

… with your work life? 5.6 4.8 5.4 5.2 5.3 4.6 4.5 5.2 5.4

… with your personal life? 5.4 4.5 5.5 4.9 6.1 5.0 4.7 5.1 5.6

How likely would you recommend

your current team to your new team 6.3 5.7 5.8 5.5 6.0 5.0 6.4 5.7 6.9
if you were to move onto another
finance – related role?

How likely are you to actively

4.3 4.6 5.0 4.9 4.8 3.0 4.1 3.7 5.0
recommend against using your
current firm as a financial advisor?

How likely are you to recommend

6.6 5.9 6.0 5.3 5.9 7.1 7.3 6.3 7.5
your current firm as a place to work
to aspiring talent?

Best Worst
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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Satisfaction & Recommending the Firm

“Boutique shop with very slow deal flow resulting in easier hours, but a lot of random projects and high stress from senior management
regarding the future of the group ie. their jobs.” – TMT Analyst @ Boutique
Total Survey Houlihan Truist Raymond
How satisfied are you… Average BNP Paribas Lokey Jefferies Wells Fargo Securities James William Blair Stifel

… with your current firm? 6.2 7.5 6.4 6.3 6.6 5.3 6.0 5.2 3.8

… with your work life? 5.6 7.0 5.3 5.3 6.1 4.7 5.4 4.3 3.4

… with your personal life? 5.4 6.5 4.8 4.8 6.3 4.3 5.1 4.7 4.6

How likely would you recommend

your current team to your new team 6.3 8.0 6.2 5.5 6.4 5.2 6.1 5.2 5.1
if you were to move onto another
finance – related role?

How likely are you to actively

4.3 3.5 3.2 4.9 3.6 3.2 3.3 3.9 4.9
recommend against using your
current firm as a financial advisor?

How likely are you to recommend

6.6 7.7 6.6 7.3 6.6 5.4 6.8 6.6 3.4
your current firm as a place to work
to aspiring talent?

Best Worst
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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Bank-Specific Quotes

Bank of America Merrill Lynch

• “Culture of inefficiency where long hours are applauded and productivity is punished.”

• “With the current macroeconomic situation they started to care less. We passed from being a group with a decent culture to one of the
worse team of the bank.”

Citi

• “I know on other teams the culture is better, you get feedback one way or another. Citi as a whole the culture is like that but the team I
am on now does none of that. Leaders within the group openly lie or just say nothing which is I am transitioning to a different team
within the firm”

UBS/ Credit Suisse

• “Since UBS acq., senior mgmt has been silent despite the “BAU” comments made before acq was official. Our group essentially
operating to “keep the lights on” only, and work has slowed significantly. work life balance improving due to less work, but more stress
due to the need to find new employment”

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Bank-Specific Quotes

UBS/ Credit Suisse (Continued)

• “Thank god these f***ers are finally dead , someone finally put them out of their god damn misery. The shit show l have seen , l need to
baptize my f**** eyes with holy water.”

Goldman Sachs

• “Would be good to have higher pay but cannot complain overall. In HK my role pays better than large PE players like BX, Brookfield,
Oaktree etc. so quite good but tough to transition without taking a pay cut”

• “CEO is bitch”

Stifel

• “Sometimes more about politics than actual work product or process results. VPs/staffers all remote/uninvolved and analysts don’t get
in trouble so work only if they feel like it. No benefits in doing a good job but don’t have to worry about getting in trouble for
performance.”

• “My boss is insane and they refused to hire any new ppl so I’m the only person besides the md … I gave notice last week”

• “Absolutely toxic miserable sweatshop, I hope things change for the better but I know because of the churn and burn mentality they
definitely won’t”

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Bank-Specific Quotes

J.P. Morgan

• “Consumer, Retail & Business Services might be one of the most toxic work environments on Wall Street. Tons of departures (literally
dozens) with toxic workplace environment where we're forced to come in, was told that we shouldn't expect vacation / discouraged,
and people actively undercut others. Not a team environment and have frequently heard peoples’ surprise at just how horrible a place
can be”

Wells Fargo

• “Work place culture is excellent, juniors are good for the most part, managing directors are total idiots, that’s why WF Houston doesn’t
do M&A”

• “Don’t mind the hours on something live, it’s the hours spent pitching that suck”

• “Within my group it doesn’t seem like internal mobility is encouraged. Some MDs are territorial when working across the bank”

Rothschild

• “Lighter hours than most of my other peers in IB, but I still don't love the job”

• “No protected weekends, no mentorship, more MDs and VPs in the group than junior bankers, unsupportive of PE recruiting, we work
more than anyone else but generate no fees, overall it’s a sorry excuse for a group at a bank”

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Additional Quotes

• “Managers want to protect ours weekend as much as possible. Not always realised but there is some effort.” – M&A Analyst @ BNP
Paribas

• “Long hours due to decent deal flow. Most of my work is spent on actual, value-added work and not a ton of pitching or other business
development. Sometimes there annoying internal work that takes way longer than it should but overall it’s a good culture witha really
nice amount of schedule and WFH flexibility.” – FIG Analyst @ Raymond James

• “Absolutely shit hours” – Generalist Analyst @ Morgan Stanley

• “Very group dependent in regards to face time and hours worked” – Leveraged Finance Analyst @ Truist Securities

• “Absolutely terrible leadership and middle managers. half the associates are incompetent and spread cancerous morale to analysts.
Analysts are the only level keeping the group alive” – Healthcare Analyst @ Deutsche Bank

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Additional Quotes

• “The people are here are egotistical cucks with no regard for empathy” – Analyst @ Hidden Boutique

• “Culture across the bullpen is premier. Few hardos but majority of people are fairly chill. Social outings are always a great time. Does a
good job protecting juniors.” – Healthcare Analyst @ Cantor Fitzgerald

• “Stay away from Jefferies ADG like the plague.” – Industrials Analyst @ Jefferies

• “2022 was tough considering we were up 1% from previous year which was firm history record year. Had 2 second year analyst going
into the office which started with 8/9. Now currently have 1. Would think the bank would want to give larger bonus consider all peers
Harris Williams, William Blair, Piper were down -46%.” – Generalist Analyst @ Stephens Inc

• “I’m willing to do anything to make it and it’s worth the pain but LMM boutique is brutal. Small teams = high responsibility, high
visibility, constant criticism and bad comp. Really rough and wouldn’t recommend unless you have the right mindset. Respect is
earned, however, and I can see how I have improved and how my MDs have grown to trust me, their approval actually means a lotand it
feels good.” – Generalist Analyst @ Boutique

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Additional Quotes

• “A lot of times, I don’t have shit to do. Big 4 accounting firms M&A is not the place where you go to learn much about M&A” – Analyst
@ Big 4

• “One of the few women on my team. Do not actively have sexist acts against me, but can notice a difference between how I’m treated
vs other “boys” in the group.” – Analyst @ Hidden Bulge Bracket

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2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Comparing 2021 to 2023: Hours and WFH (Full Survey Data 1/2)

Question Mean

How many hours have you worked per week

82
on average? (Hours) 78
75

2021 2022 2023

How many hours do you sleep on average

6.03
per night? (Hours) 5.96
5.85

2021 2022 2023

2021 2022 2023

On average what time do you go to sleep? 1:35 am 12:18 am 12:22 am

(Time)

27

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Comparing 2021 to 2023: Hours and WFH (Full Survey Data 2/2)

Question Mean

38%
Do you prefer WFH? 32% 28%

2021 2022 2023

Do you prefer working in the office? 26% 28%

17%

2021 2022 2023

WFH Vs In – Office, it depends on

47%
circumstances 42%
45%

2021 2022 2023

28

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Comparing 2021 to 2023: Treatment (Full Survey Data 1/2)

Question Mean

Have you frequently experienced unrealistic

deadlines? 72%
66%
61%

2021 2022 2023

Have you frequently experienced being

37%
shunned or ignored in meetings? 33% 32%

2021 2022 2023

Have you frequently experienced blaming

36%
without justification? 34%
33%

2021 2022 2023

29

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Comparing 2021 to 2023: Treatment (Full Survey Data 2/2)

Question Mean

Have you frequently experienced excessive 57%

monitoring or micromanagement? 50% 49%

2021 2022 2023

Have you frequently experienced shouting or

swearing? 25% 26%
22%

2021 2022 2023

Do you feel like you’ve been a victim of

32%
workplace abuse? 25% 27%

2021 2022 2023

30

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Comparing 2021 to 2023: Mental Health (Full Survey Data)

Question Mean

Mental health before current job 8.3

8.0
7.8

2021 2022 2023

Mental health now 5.6 5.6

5.0

2021 2022 2023

Decrease in mental health 3.3

2.4 2.2

2021 2022 2023

31

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Comparing 2021 to 2023: Physical Health (Full Survey Data)

Question Mean

Physical health before current job 8.3

8.1
7.8

2021 2022 2023

Physical health now 5.4

5.1
4.9

2021 2022 2023

Decrease in physical health score 3.4 3.0

2.4

2021 2022 2023

32

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Comparing 2021 to 2023: Satisfaction And Recommending Your Firm (Full Survey Data)

Question Mean

How satisfied are you with your current firm? 6.2

6.1
5.8

2021 2022 2023

How satisfied are you with your work life? 4.7

5.4 5.6

2021 2022 2023

How satisfied are you with your personal

life? 4.6
6.1 5.4

2021 2022 2023

33

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Comparing 2021 to 2023: Satisfaction And Recommending Your Firm (Full Survey Data)

Question Mean

What is the likelihood you would recommend

your current team to your new team if you 6.3
moved to another role? 6.0
6.1

2021 2022 2023

What is the likelihood you would recommend

against using your firm as a financial 4.4 4.3
advisor? 4.0

2021 2022 2023

What is the likelihood you would recommend

your current firm as a place to work to 6.6
6.3
aspiring talent? 5.9

2021 2022 2023

34

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Bank Of America 2022 to 2023

When asked if conditions have improved over the last year, 19% responded yes, 67% responded no and 15% responded N/A

2022 2023 Difference % Change

Respondents who are first year analysts 50% 26% -24% -48%

Hours of sleep 5.7 6.3 0.6 11%

% Working 90+ Hours 21% 23% 2% 10%

% Working 100+ Hours 7% 4% -3% -43%

% Going to bed at 2am or later 21% 22% 1% 5%

% Satisfied with meal stipend 57% 63% 6% 11%

% Preferring working in office 7% 26% 19% 271%

% Preferring WFH 50% 33% -17% -34%

Mental health before current job 8.0 7.3 -0.7 -9%

Mental health score now 5.4 3.9 -1.5 -28%

Decrease in mental health score 2.6 3.4 0.8 31%

Physical health before current job 8.5 8.2 -0.3 -4%

Physical health score now 5.2 4.9 -0.3 -6%

Decrease in physical health score 3.3 3.3 0 0%

Likelihood still working at bank in 6 months if

5.7 6.0 0.3 5%
conditions stay the same

Improving over time Not improving over time

35
2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Bank Of America 2022 to 2023

When asked if conditions have improved over the last year, 19% responded yes, 67% responded no and 15% responded N/A
2022 2023 Difference % Change
Work hours have negatively impacted relationships 64% 74% 10% 16%

Feels like victim of workplace abuse 21% 37% 16% 76%

Sought or considered counseling or therapy 29% 41% 12% 41%

Have frequently experienced…

Unrealistic deadlines 86% 78% -8% -9%

Being shunned or ignored in meetings 36% 59% 23% 64%

Blaming without justification 50% 56% 6% 12%

Shouting or swearing 21% 52% 31% 148%

Excessive monitoring or micromanagement 64% 59% -5% -8%

How satisfied are you with:

Your current firm 4.9 5.8 0.9 18%

Your work life 4.5 5.4 0.9 20%

Your personal life 5.3 5.5 0.2 4%

Likelihood you would recommend current team to new

5.4 5.8 0.4 7%
team if moved to another role

Likelihood you would recommend against using your

5.2 5.0 -0.2 -4%
firm as financial advisor

Likelihood you would recommend current firm as

5.5 6.0 0.5 9%
place to work to aspiring talent 36

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Barclays 2022 to 2023

When asked if conditions have improved over the last year, 25% responded yes, 44% responded no and 31% responded N/A

2022 2023 Difference % Change

Respondents who are first year analysts 69% 63% -6% -9%

Hours of sleep 6.2 6.4 0.2 3%

% Working 90+ Hours 38% 12% -26% -68%

% Working 100+ Hours 15% 6% -9% -60%

% Going to bed at 2am or later 23% 12% -11% -48%

% Satisfied with meal stipend 38% 44% 6% 16%

% Preferring working in office 15% 50% 35% 233%

% Preferring WFH 38% 19% -19% -50%

Mental health before current job 8.0 8.6 0.6 8%

Mental health score now 6.0 5.9 -0.1 -2%

Decrease in mental health score 2.0 2.7 0.7 35%

Physical health before current job 7.8 8.2 0.4 5%

Physical health score now 5.3 5.5 0.2 4%

Decrease in physical health score 2.5 2.7 0.2 8%

Likelihood still working at bank in 6 months if

6.9 7.7 0.8 12%
conditions stay the same

Improving over time Not improving over time

37
2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Barclays 2022 to 2023

When asked if conditions have improved over the last year, 25% responded yes, 44% responded no and 31% responded N/A
2022 2023 Difference % Change
Work hours have negatively impacted relationships 69% 81% 12% 17%

Feels like victim of workplace abuse 15% 13% -2% -13%

Sought or considered counseling or therapy 31% 19% -12% -39%

Have frequently experienced…

Unrealistic deadlines 38% 56% 18% 47%

Being shunned or ignored in meetings 15% 25% 10% 67%

Blaming without justification 15% 25% 10% 67%

Shouting or swearing 8% 31% 23% 288%

Excessive monitoring or micromanagement 23% 63% 40% 174%

How satisfied are you with:

Your current firm 7.8 6.7 -1.1 -14%

Your work life 6.8 5.4 -1.4 -21%

Your personal life 6.2 5.6 -0.6 -10%

Likelihood you would recommend current team to new

7.5 6.9 -0.6 -8%
team if moved to another role

Likelihood you would recommend against using your

3.4 5.0 1.6 47%
firm as financial advisor

Likelihood you would recommend current firm as

8.0 7.5 -0.5 -6%
place to work to aspiring talent 38

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Citi 2022 to 2023

When asked if conditions have improved over the last year, 23% responded yes, 58% responded no and 19% responded N/A

2022 2023 Difference % Change

Respondents who are first year analysts 45% 35% -10% -22%

Hours of sleep 5.8 5.9 0.1 2%

% Working 90+ Hours 25% 11% -14% -56%

% Working 100+ Hours 5% 0% -5% -100%

% Going to bed at 2am or later 40% 31% -9% -23%

% Satisfied with meal stipend 25% 27% 2% 8%

% Preferring working in office 15% 19% 4% 27%

% Preferring WFH 0% 35% 35% 100%

Mental health before current job 8.7 7.7 -1 -11%

Mental health score now 4.8 5.4 0.6 13%

Decrease in mental health score 3.8 2.3 -1.5 -39%

Physical health before current job 8.4 7.5 -0.9 -11%

Physical health score now 4.0 5.1 1.1 28%

Decrease in physical health score 4.4 2.4 -2 -45%

Likelihood still working at bank in 6 months if

5.2 6.2 1 19%
conditions stay the same

Improving over time Not improving over time

39
2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Citi 2022 to 2023

When asked if conditions have improved over the last year, 23% responded yes, 58% responded no and 19% responded N/A
2022 2023 Difference % Change
Work hours have negatively impacted relationships 69% 77% 8% 12%

Feels like victim of workplace abuse 15% 35% 20% 133%

Sought or considered counseling or therapy 31% 42% 11% 35%

Have frequently experienced…

Unrealistic deadlines 38% 65% 27% 71%

Being shunned or ignored in meetings 15% 46% 31% 207%

Blaming without justification 15% 42% 27% 180%

Shouting or swearing 8% 27% 19% 238%

Excessive monitoring or micromanagement 23% 54% 31% 135%

How satisfied are you with:

Your current firm 7.8 5.6 -2.2 -28%

Your work life 6.8 5.3 -1.5 -22%

Your personal life 6.2 6.1 -0.1 -2%

Likelihood you would recommend current team to new

7.5 6.0 -1.5 -20%
team if moved to another role

Likelihood you would recommend against using your

3.4 4.8 1.4 41%
firm as financial advisor

Likelihood you would recommend current firm as

8.0 5.9 -2.1 -26%
place to work to aspiring talent 40

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Goldman Sachs 2022 to 2023

When asked if conditions have improved over the last year, 7% responded yes, 74% responded no and 19% responded N/A

2022 2023 Difference % Change

Respondents who are first year analysts 30% 41% 11% 37%

Hours of sleep 5.4 4.9 -0.5 -9%

% Working 90+ Hours 39% 63% 24% 62%

% Working 100+ Hours 4% 22% 18% 450%

% Going to bed at 2am or later 48% 70% 22% 46%

% Satisfied with meal stipend 39% 44% 5% 13%

% Preferring working in office 39% 22% -17% -44%

% Preferring WFH 48% 33% -15% -31%

Mental health before current job 8.5 8.3 -0.2 -2%

Mental health score now 4.1 4.5 0.4 10%

Decrease in mental health score 4.4 3.8 -0.6 -14%

Physical health before current job 8.6 8.1 -0.5 -6%

Physical health score now 3.9 4.2 0.3 8%

Decrease in physical health score 4.7 3.9 -0.8 -17%

Likelihood still working at bank in 6 months if

6 6.3 0.3 5%
conditions stay the same

Improving over time Not improving over time

41
2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Goldman Sachs 2022 to 2023

When asked if conditions have improved over the last year, 7% responded yes, 74% responded no and 19% responded N/A
2022 2023 Difference % Change
Work hours have negatively impacted relationships 78% 74% -4% -5%

Feels like victim of workplace abuse 30% 37% 7% 23%

Sought or considered counseling or therapy 39% 41% 2% 5%

Have frequently experienced…

Unrealistic deadlines 87% 78% -9% -10%

Being shunned or ignored in meetings 35% 59% 24% 69%

Blaming without justification 35% 56% 21% 60%

Shouting or swearing 26% 52% 26% 100%

Excessive monitoring or micromanagement 65% 59% -6% -9%

How satisfied are you with:

Your current firm 5.7 6.1 0.4 7%

Your work life 4.4 4.8 0.4 9%

Your personal life 5.1 4.5 -0.6 -12%

Likelihood you would recommend current team to new

5.3 5.7 0.4 8%
team if moved to another role

Likelihood you would recommend against using your

4.8 4.6 -0.2 -4%
firm as financial advisor

Likelihood you would recommend current firm as

6.1 5.9 -0.2 -3%
place to work to aspiring talent 42

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

JP Morgan 2022 to 2023

When asked if conditions have improved over the last year, 24% responded yes, 62% responded no and 14% responded N/A

2022 2023 Difference % Change

Respondents who are first year analysts 45% 33% -12% -27%

Hours of sleep 5.9 5.3 -0.6 -10%

% Working 90+ Hours 24% 34% 10% 42%

% Working 100+ Hours 3% 10% 7% 233%

% Going to bed at 2am or later 62% 57% -5% -8%

% Satisfied with meal stipend 66% 57% -9% -14%

% Preferring working in office 17% 19% 2% 12%

% Preferring WFH 34% 24% -10% -29%

Mental health before current job 8.2 8.3 0.1 1%

Mental health score now 4.8 4.8 0 0%

Decrease in mental health score 3.0 3.5 0.5 17%

Physical health before current job 7.9 8.1 0.2 3%

Physical health score now 4.7 4.8 0.1 2%

Decrease in physical health score 3.2 3.3 0.1 3%

Likelihood still working at bank in 6 months if

5.4 6.4 1 19%
conditions stay the same

Improving over time Not improving over time

43
2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

JP Morgan 2022 to 2023

When asked if conditions have improved over the last year, 24% responded yes, 62% responded no and 14% responded N/A
2022 2023 Difference % Change
Work hours have negatively impacted relationships 72% 71% -1% -1%

Feels like victim of workplace abuse 34% 19% -15% -44%

Sought or considered counseling or therapy 48% 33% -15% -31%

Have frequently experienced…

Unrealistic deadlines 76% 81% 5% 7%

Being shunned or ignored in meetings 55% 38% -17% -31%

Blaming without justification 45% 19% -26% -58%

Shouting or swearing 21% 10% -11% -52%

Excessive monitoring or micromanagement 62% 43% -19% -31%

How satisfied are you with:

Your current firm 5.7 6.2 0.5 9%

Your work life 5.0 4.6 -0.4 -8%

Your personal life 5.0 5.0 0 0%

Likelihood you would recommend current team to new

5.2 5.0 -0.2 -4%
team if moved to another role

Likelihood you would recommend against using your

5.3 3.0 -2.3 -43%
firm as financial advisor

Likelihood you would recommend current firm as

6.6 7.1 0.5 8%
place to work to aspiring talent 44

Improving over time Not improving over time

2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Morgan Stanley 2022 to 2023

When asked if conditions have improved over the last year, 15% responded yes, 75% responded no and 10% responded N/A

2022 2023 Difference % Change

Respondents who are first year analysts 33% 40% 7% 21%

Hours of sleep 5.6 5.7 0.1 2%

% Working 90+ Hours 33% 25% -8% -24%

% Working 100+ Hours 17% 15% -2% -12%

% Going to bed at 2am or later 33% 45% 12% 36%

% Satisfied with meal stipend 67% 60% -7% -10%

% Preferring working in office 17% 30% 13% 76%

% Preferring WFH 33% 20% -13% -39%

Mental health before current job 8.5 8.3 -0.2 -2%

Mental health score now 6.3 4.6 -1.7 -27%

Decrease in mental health score 2.2 3.7 1.5 68%

Physical health before current job 8.2 7.6 -0.6 -7%

Physical health score now 4.3 5.3 1 23%

Decrease in physical health score 3.8 2.3 -1.5 -39%

Likelihood still working at bank in 6 months if

6.3 5.7 -0.6 -10%
conditions stay the same

Improving over time Not improving over time

45
2023 INVESTMENT BANKING WORKING CONDITIONS SURVEY WALL STREET OASIS

Morgan Stanley 2022 to 2023

When asked if conditions have improved over the last year, 15% responded yes, 75% responded no and 10% responded N/A
2022 2023 Difference % Change
Work hours have negatively impacted relationships 83% 70% -13% -16%

Feels like victim of workplace abuse 33% 10% -23% -70%

Sought or considered counseling or therapy 50% 35% -15% -30%

Have frequently experienced…

Unrealistic deadlines 83% 65% -18% -22%

Being shunned or ignored in meetings 50% 40% -10% -20%

Blaming without justification 60% 30% -30% -50%

Shouting or swearing 40% 35% -5% -13%

Excessive monitoring or micromanagement 60% 40% -20% -33%

How satisfied are you with:

Your current firm 6.5 5.9 -0.6 -9%

Your work life 5.2 4.5 -0.7 -13%

Your personal life 5.3 4.7 -0.6 -11%

Likelihood you would recommend current team to new

5.2 6.4 1.2 23%
team if moved to another role

Likelihood you would recommend against using your

5.5 4.1 -1.4 -25%
firm as financial advisor

Likelihood you would recommend current firm as

6.7 7.3 0.6 9%
place to work to aspiring talent 46

Improving over time Not improving over time