If you?re a paid up member of the Anton Kreil fan club, you will already be fully cognizant of the idea thatworking as a trader in an investment bank isn?t what it used to be. Kreil, an ex-trader at Goldman Sachs, tours the world preaching the pointlessness of working on a banks? trading floor today. Now that proprietary trading has been done away with (except in an obscure corner of Citigroup), he argues that investment banks? trading jobs are only really about executing trades, and that execution is mostly done by machines. Worse, he calculates that young traders in investment banks are earning a mere £11 ($19) per hour and living hand to mouth.
This article was published in Efinancialcareers, 27th June 2014