Schwarz Says Some Bankers Will Have to Reinvent Themselves

The video discusses the evolving landscape of banking jobs, highlighting areas of growth such as asset management and retail banking. It explores the absorption of jobs by US, Canadian, and Asian banks, as well as opportunities in fintech and family offices. The video also addresses the challenges faced by traders, especially in equities, and the competitive nature of moving to the buy side. It emphasizes the need for bankers to reinvent themselves and adapt to new compensation structures, focusing on long-term incentives rather than immediate cash rewards.

Which areas have US banks expanded into recently?

• Healthcare and pharmaceuticals

• Technology and innovation

• Asset management and retail banking

• Real estate and construction

What is a significant challenge for traders in the current market?

• Limited access to technology

• Equities divisions being cut

• Lack of investment opportunities

• High competition in real estate

What is a dream job for many bankers?

• Moving to the buy side

• Becoming a CEO

• Working in government

• Starting a fintech company

How is compensation typically structured on the buy side?

• Mostly in cash

• In long-term care

• Via annual bonuses

• Through stock options

What is a new norm for some bankers regarding pay?

• Decreased pay satisfaction

• Increased bonuses

• Stable salaries

• Higher stock options