Evening Standard

Moelis bankers sent brutal email chastising them for not being in the office 'in the wee hours'

Evening Standard logo Evening Standard 17/04/2018 12:25:10 Tom Powell

An email chastising junior staff at a top Wall Street investment bank for not being in the office after midnight has been leaked online.

A mid-level banker at Moelis sent a mass email to analysts at 12.30am to say he had just walked around the New York office and found only 11 of them at their desks.

The email was shared on forum Wall Street Oasis and immediately sparked a debate about working culture in the financial services industry.

"I know that you are ALL working very hard and are stretched thin across multiple projects," the message read.

"Given that new staffings continue to flow in and you are all very near capacity, the only way I can think of to differentiate among you is to see who is in the office in the wee hours of the morning."

a screenshot of a social media post: moelis.jpg © Provided by Independent Print Limitedmoelis.jpg
The leaked email (Wall Street Oasis)

The email, which lists the junior members of staff still at their desks, ends: "On the bright side, we only have a week and a half until our class dinner! Looking forward to blowing off some steam with everyone!"

Commenters on the Wall Street Oasis blasted the leaked email, with one writing: "This is why people aren't going into banking."

Another wrote: "Never ceases to amaze me how much bankers lack human management skills."

But others disagreed. "This is how all investment banks work," claimed one.

Moelis, a global investment bank, has not commented on the email itself, but a spokesperson told the Financial Times: "We put a lot of trust in our people, including our junior staff, knowing they can complete their work effectively whether or not they are directly supervised or physically sitting at their desks."

The email has also seen the bank's record put back under the spotlight. In 2015, 29-year-old junior banker Thomas Hughes jumped to his death hours after returning from a business trip to Cleveland.

He was found to have taken drugs and had been in the office from 6pm until 1am, before committing suicide at 10am.

Since the deaths of Mr Hughes and several other young American bankers, Wall Street banks have been under pressure to address the work/life balance of their employees.

Moelis's co-president Jeff Raich reportedly held a meeting in the wake of the email saga to remind top bankers to treat young colleagues well.

The bank, which employs around 500 staff, including 200 junior analysts, ranks fifth out of 137 investment banks for most hours worked. The average employee works 84.3 hours per week, according to a recent survey by the Wall Street Oasis.

The Standard has contacted Moelis for further comment.

© Provided by Independent Print Limited a man in a suit standing in front of a crowd © Provided by Independent Print Limited
17. huhtikuuta 2018 15:25:10 Categories: Evening Standard

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