Amid 2022's Dealmaking Slump, Financiers Are Fearing For Their Careers

Young bankers are fearing for their jobs as lighter workloads become the new normal. That’s according to a new report by Bloomberg.

Banking analysts appear to have a lot of extra time on their hands, something which seemed unthinkable last year — and the years prior — for a profession characterized by its long hours and intense workload.

Today’s situation is a huge relief for some finance workers, who had been begging for more flexibility and less straining hours, the reporters note. Others, however, worry that the current lack of work could lead to them losing their jobs.

Fears of a looming recession accompanied by the Russia-Ukraine conflict have placed revenues for the five biggest U.S. banks down by 43% in the first half of the year, compared to the year prior.

Dealmaking is going down as companies and financial institutions face the uncertainty of current times with caution and reduced risk. For younger bankers, a career launched without major successes (and their accompanying bonuses) could have consequences over the coming years. Without major deals to jump-start their success, their careers could stall.

Banks and financial firms are also slowing down recruitment. For young bankers who are just starting out, this could mean increased competition among colleagues and the risk of finding themselves without an employer.

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