Overheard on the streets of New Haven, just ten minutes ago:
Two young women, almost certainly Yale undergraduates, are walking down York Street, discussing their efforts to get jobs as bankers.
Student #1: “Why does everyone want to go into banking?” [Note: When an Ivy League undergrad says “banking,” he or she invariably means “investment banking,” meaning underwriting or trading.]
Student #2: “We should advertise – ‘Being a lawyer is so much better than banking.'”
Student #1 (after a pause): “Seriously, everyone wants to go into banking.”
Also further proof that no one does campus recruiting better than a Wall Street investment bank. Or do undergrads these days want to work in investment banking after the financial crisis? At least, after the last twelve months, no one can claim that he didn’t know what kind of business he was getting into.
Update: I edited out a crack I made that, on reflection, was gratuitous. I’ll let the rest speak for itself.
By James Kwak