A new book by journalist Kevin Roose lifts the lid on the lives of eight entry-level graduates during their first two years on Wall Street, revealing a world of punishing hours, toxic culture, and moral compromise. The book, which changes names and details to protect the subjects, follows these young analysts as they navigate 100-hour work weeks, bullying bosses, and a system that demands total devotion.
Roose, who previously investigated evangelical Christianity, draws parallels between Wall Street and a religious cult. 'Money goes from something that is infrequently discussed to being the primary subtext to everyday life,' he writes. 'Social relationships start to feel transactional. And the world inside the capital markets starts to appear bigger and bigger, while the world outside shrinks to a distraction.'
The analysts, all top graduates from elite universities, earn around $70,000 (£46,300) a year plus bonuses of up to the same amount. Yet the work is often boring and pointless—writing unread reports and compiling unwanted data. The toll on personal lives is severe, with many losing partners and suffering from burnout.
One of the book's most striking chapters describes a 'Fashion Meets Finance' singles event, where bankers and fashionistas mingle with cynical motives. 'It's a bunch of gold-diggers looking to take advantage of guys who are looking to take advantage of gold-diggers,' one banker remarks. Another shows off his expensive watch, calling it 'my piece', while a woman says she wants a partner who 'works 150 hours a week at Goldman Sachs'.
Roose strives for fairness, but the book serves as a stark warning about the moral and human costs of high finance. As one reviewer notes, it is 'like a 21st-century Der Struwwelpeter, a cautionary tale for the young and gifted'.
