The Evolution of Trading Floor Internships
I began my career on the trading floor of a US investment bank 30 years ago. Interns arriving this summer have no idea how harsh things used to be.
It wasn’t as bad as the Wolf of Wall Street, but there were some similarities. At the start of my career, eating challenges on the trading floor were common. It was all about how many sandwiches you could eat, how many eggs you could eat. People on the floor would put money into a kitty, and the intern would be told to start eating and would win the money if they beat the challenge. Often, they vomited.
The Changing Landscape
Trading floor internships today are totally tame by comparison. The change is partly down to electronification. There are far fewer salespeople or traders needed now, which has altered the culture. Banks have become incredibly cost-conscious and are automating as much as they can. Every time someone leaves, the role isn’t filled externally but is either automated or a junior moves into it. There’s a lot of fear among senior and mid-ranking people as a result, and the world is ruled by HR. No one’s willing to do anything that’s not totally by the book.
This means that if you’re an intern on a trading floor this summer, you won’t see any riotous behavior. To succeed at a US bank in sales and trading now, you need to be very clean living. If you go in thinking it will be like the TV series Industry, you will soon be out again.
The New Norm
Banking used to be like darts, where going to the pub was integral to success. Things have completely changed. If you’re an intern this summer, expect a more professional and structured environment. The days of wild antics on the trading floor are long gone.
Author: Brodie Sutton (pseudonym)
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