If you went into banking for the money, you may have made a mistake. You could have made more (particularly this year), playing video games instead.
This is the sorry realization that has struck the millennial bankers and others hanging out on Wall Street Oasis, lamenting the grind of their banking jobs. Noting that Félix Lengyel, a 27-year-old Canadian-Hungarian internet personality-cum-person who plays games while people watch, has received a two $70m contract, plus bonuses that could hike the total to $100m, they have been lamenting their path.
"You: Worked your ass off to get into Ivy League and best internships; worked your ass off to get into top IB/PE; worked your ass off grinding 80+ hours/week in your 20s for a CHANCE at $1m+, losing your soul along the way; have shitty bosses and unlikable competitive peers who constantly judge you on "mUh PrEsTiGe"," observes one Wall Street Oasis user claiming to be a first year analyst. "Him: Dropped out of high school; plays video games and watches TikTok videos; gets a $100m contract; millions of fans and industry thought leader (online entertainment)."
Lengyel's success, which is based on his charismatic personality and nearly 12 million followers, comes after a four-year streaming career on Twitch, where he played games like Overwatch and League of Legends and was the site's most watched person. His large payday is the result of being poached by rival streaming platform Kick. Similar things happen in banking, but only when you're a top trader at somewhere like Goldman Sachs and are being feted by top hedge funds like Millennium. If Lengyel were in banking, he'd be a junior VP on circa $500k at most.
The reassuringly self-evident news for anyone questioning their banking career is that Lengyel is clearly an outlier. Average monthly pay for Twitch streamers is typically less than $1k a month. Pay on Twitch reflects average viewers. To make $500k a year, you'd need over 13,000 committed viewers of your stream each month. That requires a combination of hard work and an ability to be consistently entertaining for hours on end. The former may be easier than the latter.
Separately, Sergio Ermotti says he's reenacting UBS in 2012 at Credit Suisse in 2023. Speaking to a Swiss paper, the UBS CEO said Credit Suisse may see some "massive downsizing" and pointed out that UBS underwent something similar when he first arrived over a decade ago.
Anyone who recalls that time at UBS may now feel slightly apprehensive: the bank made 10,000 job cuts, and in London traders were forced to reconvene in pubs after discovering their door passes no longer worked.