wNews: 8 Hours of Sleep and 100X Returns, Welcome to Crypto

This week’s wNews compares work culture at one of the world’s largest investment banks and the 24/7 crypto markets. In short, neither wins. It does, however, look like one industry has a few more passionate individuals than the other. 

FWIW I agree with @Arthur_0x’s OG tweet. I think college grads can make more and work far less in crypto, just comes w some risk

But it’s baseless to say the days are “long gone” for junior analysts. Anyone near the industry knows it’s never been more lucrative actually

— MakeMoneyInvestor (@PermEquity) March 19, 2021

As for markets, more of the same. The Federal Reserve Chairman Jereme Powell spoke mid-week, ushering in more bulls. Bitcoin reached across $60,000 for the second time in its history. Ethereum didn’t find Powell’s speech quite as inspiring. Still, on-chain data suggests ETH will play catch up soon enough. 

Finally, this week’s to-do list walks readers through how to get started on Binance Smart Chain (BSC). Several notable Ethereum-exclusive projects have made waves since joining. Other BSC-native projects have also made headlines. But for much different reasons. 

Now, readers can learn more about the commotion 

All that and more, below. 

A scathing document from within the Goldman Sachs citadel has grabbed the business world’s attention. In it, thirteen first-year analysts at the investment bank cite some pretty extreme working conditions. 

The small sample size suggests the document is a publicity stunt more than anything. Still, the brief glimpse into traditional finance has made it clear for many that crypto offers a much better upside. 

The survey describes the effects the workload has had on the respondents’ mental and physical health via multi-colored charts. It’s mostly large green blocks turning to shorter red blocks over time, which is usually bad in finance.

The unrelenting work hours aren’t all, though. 

When asked, “Have you frequently experienced: Shunned / Ignored in Meetings,” 92% answered yes. More than 80% indicated that they faced excessive micromanaging too. Responses about what these 13 employees think about the firm are also abysmal. 

The “Select Analyst Quotes” section adds more color to the stats. One respondent said: 

“There was a point where I was not eating, showering or doing anything else other than working from morning until after midnight.”

Another said that growing up in the foster care system was worse than working at Goldman Sachs. 

The leaked presentation has since made the rounds not just in traditional finance but also in the cryptosphere. Members of the crypto community have been mixed in their responses. 

Indeed, not everyone sees such a work culture as purely negative. 

80 hour work weeks are rookie numbers; if you're not putting in ~126 hours a week right now, you fail to understand the moment you're in [nor the opportunity].

— GCR (@GiganticRebirth) March 19, 2021

The grueling hours, last-minute changes, and hazing rituals common on Wall Street have been well understood even for those who’ve never stepped foot in Lower Manhattan. The world can thank Hollywood for that. 

It’s also well understood that first-year analysts can earn a serious wedge in exchange for the abuse. Base salaries range from $85,000 to $95,000, but with bonuses tacked on, some analysts can hit and cross the $200,000 figure. And that’s just one year fresh out of college. 

The New York Times reported that this salary immediately places them in the top “0.1 percent for their age and experience” in terms of earnings. 

And despite the rather reasonable tradeoff, Goldman has issued a note saying they’ll look into their workplace culture. A spokeswoman for the bank shared that Goldman is “listening to [analysts’] concerns and taking multiple steps to address them.”

The presentation’s findings gave renewed life to anecdotal evidence about the massive inflows of fresh finance talent in crypto. 

It boils down to two things: More sleep and more money. A lot more money.

Oh yeah I also know at least a dozen people in crypto that make way more than David Solomon last year