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Working hours – do China’s bankers have the right idea?
11 March 2008
Forget slogging your guts out for an investment bank, you’re much better off working for the public sector.
This, at least, seems to be the conclusion reached by a senior banker in China.
Wilson Feng, former chairman of China investment banking for Merrill Lynch, told Bloomberg last week that he was quitting banking to work in a state-owned enterprise because he wanted to change his life.
“It's a nightmare,” Feng reportedly said. “My father won't recognise me if I stay in investment banking. I didn't see him for almost three years.''
He added that during the four years he worked in banking, he spent 70% of his time executing deals and never slept for longer than five hours a night.
Although salaries at state-owned enterprises are low by comparison with banking, Feng pointed out that you can at least have a (better) life.
Time to hoof it over to Network Rail?
Show me a public sector employee and I'll show you someone who's banking their entire life on an index linked pension and the thrill of retiring at 55. Far better to make your money now, far away from the state, and live large in the process.
Fancy Pants 11 Mar 2008
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