Name: 高薪代名詞的「投資銀行家」究竟是做什麼的？ (What do investment bankers actually do?)
Uploaded: 2025-02-22T21:01:30.000Z
Duration: 9 min 12 s

Perhaps no job better embodies the image of business than investment banking.

也許沒有什麼工作比投資銀行業務更能體現商業形象了。

It's got fancy offices, screens, and those dress shirts where the collar is a different color than the rest of the shirt.

這裡有豪華的辦公室、螢幕，還有領子顏色與其他部分不同的正裝襯衫。

程度副詞

You see a fellow wearing one of those and you just know he's got kids he doesn't talk to.

如果你看到一個人穿著這樣的衣服，你就會知道他有很多不愛說話的孩子。

But while the image of investment banking is common knowledge, the function is much less common of knowledge.

雖然投資銀行的形象已廣為人知，但其職能卻鮮為人知。

So what the hell do these guys really do?

I'm here outside the offices of Goldman Sachs.

Just behind these very doors, dozens of my high school bullies are chained to ergonomic chairs, staring at Excel, and cracked out on prescription stimulants.

就在這扇門後面，我高中時的幾十個學霸正被拴在符合人體工學的椅子上，盯著 Excel，嗑著處方興奮劑昏昏欲睡。

Investment banks like these have long been some of the most prestigious places to work on Wall Street.

長期以來，像這樣的投資銀行一直是華爾街最負盛名的工作場所。

Landing spots for young people to make fuck you vest money, coupled with long hours and taking loud phone calls in restaurants.

年輕人賺錢的落腳點，加上工作時間長，在餐館裡大聲接聽電話。

An entire culture has been crafted around investment banking, yet the question remains.

圍繞投資銀行業已經形成了一種完整的文化，但問題依然存在。

Investopedia defines investment banking as a type of banking that organizes and advises large complex financial transactions, such as mergers or IPO underwriting.

Investopedia 將投資銀行定義為組織大型複雜金融交易（如兼併或首次公開募股承銷）並提供相關建議的一種銀行業務。

And they say more, but no chance I'm reading all that.

他們還說了更多，但我不可能都看完。

It's time to stop beating around the bush and go straight to the source.

是時候停止拐彎抹角，直奔源頭了。

Someone, a real life person, who actually investment banked.

一個真實的人，一個真正做過投資銀行的人。

On a high level, investment bankers advise companies when they're either trying to raise money, either debt or they're selling shares.

在高層次上，投資銀行家會在公司試圖通過舉債或出售股票籌集資金時為其提供建議。

And then on the day to day, what does that look like?

A lot of Excel financial modeling and a lot of PowerPoint presentations.

大量 Excel 財務建模和 PowerPoint 演示。

A lot of that is sitting around and waiting for comments from your bosses and your boss's bosses.

其中很大一部分工作就是坐等你的上司和你上司的上司發表意見。

Steph Moy is the founder of the financial service company PIN and a former investment banking analyst at JP Morgan.

Steph Moy 是金融服務公司 PIN 的創始人，曾任摩根大通投資銀行分析師。

And it would appear from her experience that the exciting world of investment banking is actually much more like the dull world of banking.

而從她的經歷來看，令人興奮的投資銀行世界其實更像沉悶的銀行世界。

Anytime you want to do anything in investment banking, it goes through iterative cycles.

在投資銀行業，任何時候做任何事情都要經歷反覆循環。

Your boss sees your work and then he gives you comments and then your boss's boss sees your work and then your boss has to approve it and then it gives it to you.

你的老闆看到你的工作，然後給你提出意見，然後你老闆的老闆看到你的工作，然後你的老闆必須準許，然後把工作交給你。

I just don't think it's that interesting of a job and it's such a small piece of what you hear about in the news.

我只是覺得這不是一份有趣的工作，而且這只是你從新聞中聽到的一小部分。

I thought investment banking was the pinnacle of America's financial system.

我以為投資銀行是美國金融體系的頂峰。

A veritable thunderdome of dealmaking and drug taking where razor sharp minds driven by lust and ego come together to dominate financial markets and buy a house in Sag Harbor.

這是一個名副其實的交易和吸毒的 "雷霆穹頂"，在慾望和自我的驅使下，敏銳的頭腦聚集在一起，主宰金融市場，在薩格港買房子。

When you talk about an investment banking analyst, essentially what you are doing is you are working in a very, very high end sales role.

當你談到投資銀行分析師時，本質上你所做的就是在一個非常非常高端的銷售崗位上工作。

So essentially you are at the mercy of your senior bankers whose job it is to provide financial advice to large corporations.

是以，從根本上說，你只能聽從高級銀行家的擺佈，他們的工作就是為大公司提供財務建議。

利亞姆-基林斯塔德留著小鬍子。

He is also an ex investment banking associate at Goldman Sachs, and he was kind enough to walk us through a day in his life as a former sad Goldman Sachs.

他也曾是高盛集團投資銀行部的一名員工，他非常友好地帶領我們回顧了他作為一名前高盛員工的一天生活。

The typical day would be wake up at or between six and seven, roll out of bed and immediately head to the office.

典型的一天是在六點到七點之間醒來，從床上爬起來，然後立即趕往辦公室。

Nine a.m. to 10 a.m. make sure that you have your inbox at zero.

上午 9 時至 10 時，確保您的收件箱為零。

Overnight, you're probably going to be getting anywhere from 10 to 100 emails.

一夜之間，你可能會收到 10 到 100 封電子郵件。

OK. Around 10 is when the senior bankers usually come in.

好的10點左右通常是高級銀行家進來的時間。

The VPs tend to get stressed out about 11 a.m.

副總裁們在上午 11 點左右往往會感到壓力很大。

You lose a lot of control over your time, and I mean time like the time you have to go get dinner with your friends on Saturday.

你會失去很多對時間的控制，我指的是時間，比如你週六要去和朋友吃飯的時間。

IBanking is famous for its rise and grind work culture that has been well documented in countless films, TV shows and people posting their significant others on social media.

IBanking 以其崛起和磨礪的工作文化而聞名，無數的電影、電視節目和人們在社交媒體上發佈的重要人物都對這種文化進行了充分的記錄。

So who are the moolah cabooses that these dummies are so smitten with?

那麼，誰是這些蠢貨們心目中的 "金龜婿 "呢？

Investment banking is a fantastic job out of undergrad for two types of people.

對於兩種人來說，本科畢業後從事投資銀行業務是一份絕佳的工作。

The first type is the individual who has for their entire undergraduate career wanted to go work in the financial services industry.

第一種是在整個大學生涯中都想進入金融服務行業工作的人。

And then there is the second group, which I think I fell into, which is the ambitious group of people who have no idea what the hell that they want to do with their lives and are aware that the floor from an earning perspective in investment banking is relatively high and that the exit opportunities tend to be relatively extensive.

還有第二類人，我想我就屬於這一類，他們雄心勃勃，不知道自己這輩子到底想做什麼，但他們知道，從收入的角度來看，投資銀行業的底線相對較高，退出的機會也相對較多。

That's right. If you're going to be smart, young and aimless, might as well do it on a hog of a salary, which is almost guaranteed to be well over six figures in your first year as an analyst.

沒錯。如果你要做一個聰明、年輕、漫無目的的人，還不如去做一個薪水高得嚇人的人，在你做分析師的第一年，薪水幾乎可以保證遠遠超過六位數。

So, dude, what do you what do you do for a job?

No, dude, you guys hot in the vest or just the chest and not your arms.

不，夥計，你們的背心很熱，或者只是胸部，而不是手臂。

Depending on how the market's going, let's say a buck or go lower.

視市場走勢而定，比方說降一塊錢，或者降得更低。

If it's a really good market, you should probably do to translate this for poor people by a buck.

如果市場真的很好，你也許應該為窮人翻譯成一塊錢。

However, for an industry that thrives off the grunt work of those willing to grind it out for mad bills, threats have been looming in recent years.

然而，對於一個依靠那些願意為瘋狂的鈔票付出辛勤勞動的人而發展壯大的行業來說，近年來威脅已經迫在眉睫。

As interest rates have risen to stamp out inflation, a slump in dealmaking has led to layoffs across the investment banking industry.

隨著利率上調以抑制通貨膨脹，交易量的下滑導致整個投資銀行業裁員。

And while investment banks have often used massive paydays to justify their intense culture, young people are beginning to find equally lucrative opportunities elsewhere.

雖然投資銀行經常用鉅額薪酬來證明其濃厚的文化氛圍，但年輕人開始在其他地方尋找同樣有利可圖的機會。

Tech companies like Meta can offer high pay and you get to play ping pong with Mark Zuckerberg.

像 Meta 這樣的科技公司可以提供高薪，你還可以和馬克-扎克伯格一起打乒乓球。

Other finance gigs can also pay a high salary and you don't have to play ping pong with Mark Zuckerberg.

其他金融工作也可以支付高薪，而且你不必和馬克-扎克伯格一起打乒乓球。

It's not the same environment that you saw a couple of years ago where people were hiring investment bankers, particularly young investment bankers in mass.

現在的環境與幾年前大肆招聘投資銀行家，尤其是年輕投資銀行家的環境不同。

Shonali Basak is the lead Wall Street correspondent for Bloomberg TV and a writer at Bloomberg News.

Shonali Basak 是彭博電視的首席華爾街記者，也是彭博新聞社的作家。

When I had a conversation with the Morgan Stanley CEO, for example, I had asked him, you know, can you see yourself hiring again at scale?

例如，當我與摩根士丹利首席執行官談話時，我曾問他，你知道，你能看到自己再次大規模招聘嗎？

And he said, listen, we've done two acquisitions.

他說，聽著，我們已經完成了兩次收購。

我們的員工人數已經增長了很多。

When we talked to Blackstone's executives two years ago, they had 30,000 applicants.

兩年前，當我們與 Blackstone 的高管們交談時，他們有 30,000 名申請者。

They've more than doubled in two years in terms of applications at private equity, private credit, real estate.

就私募股權、私人信貸和房地產領域的申請而言，他們的申請量在兩年內增加了一倍多。

And this has raised the question, has one of the most slay jobs in finance lost its luster?

這就提出了一個問題：金融業最風光的工作之一是否已經黯然失色？

I don't think JP Morgan is going to disappear overnight.

我不認為摩根大通會在一夜之間消失。

But, for example, a few years ago, the direct listing, I think Spotify did that, where they kind of went directly to an exchange and listed their shares.

但是，比如幾年前的直接上市，我想 Spotify 就是這麼做的，他們直接到交易所上市。

And they didn't use an investment banking process and therefore an investment banker to facilitate that.

他們沒有使用投資銀行程序，是以也沒有投資銀行家來促成此事。

And so I don't think it's out of the question that investment banking as a practice will decline.

是以，我認為投資銀行業務的衰落並非不可能。

I do think that a lot of the stuff that analysts used to do is getting automated away.

我確實認為，分析師過去要做的很多事情正在被自動化。

A lot of it becomes more and more just like people management, which, again, is why some of the prestige of this job is going away.

很多工作變得越來越像人事管理，這也是為什麼這份工作的一些威望正在消失。

I think you actually lose some of the learning.

我認為你實際上失去了一些學習的機會。

Can you go to other people that are doing the jobs that investment bankers used to do?

你能去找其他從事投資銀行家曾經從事的工作的人嗎？

A lot of the private equity firms are building capital markets businesses and they're doing business at significant scales.

很多私募股權公司都在建立資本市場業務，而且業務規模很大。

KKR, Blackzone, Apollo, these are businesses that used to be inside of, you know, JP Morgan, Morgan Stanley.

KKR、Blackzone、Apollo，這些公司過去都是摩根大通、摩根士丹利的子公司。

Now, Morgan Stanley and JP Morgan are still doing this at scale.

現在，摩根士丹利和摩根大通仍在大規模開展這項工作。

But certainly there are other places that are now doing similar things.

當然，現在也有其他地方在做類似的事情。

So investment bankers facilitate complex financial deals.

是以，投資銀行家為複雜的金融交易提供便利。

At its most entry level, that looks like waiting eight hours for your boss to tell you about a slide deck you have due at 3 a.m. that no one will ever look at.

在最初級的情況下，這就像你要等八個小時，等著老闆告訴你要在凌晨三點前完成一份幻燈片，而這份幻燈片根本沒人會看。

And up until recently, investment banking could justify its culture by offering uniquely high salaries and job security.

直到最近，投資銀行還可以通過提供獨一無二的高薪和工作保障來證明其文化的合理性。

But today, with increasing competition across financial services, high interest rates and other industries offering similar pay and better work-life balance right out of college, iBanking faces an identity crisis.

但如今，隨著金融服務領域的競爭日趨激烈、利率居高不下，以及其他行業在大學畢業後就能提供類似的薪酬和更好的工作與生活平衡，iBanking 面臨著身份危機。