Summary of Young Money
Inside the Hidden World of Wall Street’s Post-Crash Recruits
Post-crash college grads who join Wall Street firms may alter the culture of investment banking from the bottom up.
New York magazine business writer Kevin Roose chronicles the lives of eight young Wall Street workers from 2010 to 2013. He changed their names to encourage them to share their honest thoughts and feelings about working for major investment banks. Their true stories feature common threads, notably the long working hours, handsome pay and mixed status of Wall Street analysts. The author also tells a bigger story about Wall Street. Major investment banks, which the public widely views as the primary movers behind the 2008 financial crisis, must change their approach to recruiting top college graduates. For example, the practice of hiring graduates as analysts for a grueling two-year tryout will become less common. Despite – or due to – the main characters’ anonymity, getAbstract recommends these portraits as a revealing look at post-crisis Wall Street.
In this summary, you will learn
- Why eight talented college graduates wanted to work for post-crisis Wall Street
- What effect their jobs had on them
- What their experience says about the culture of Wall Street and its sustainability
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