I agree with you, but my point is that when it comes to recruiting that’s a lot more relevant to juniors, and significantly more people working on Wall Street are more junior employees (we can’t all make MD). In an industry where most people are only going to stay for a few years before moving on, the prestige is important. I’m not sure how much RTO will really impact people’s decisions long-term - the same people who want to kill themselves to make MD at a top bulge bracket or EB will probably continue to do so regardless, and a lot of the people who would prefer more wfh flexibility are the ones who would have looked to move to a smaller shop anyway.

I also wonder if the point about more prestigious banks paying less is slowly but surely starting to change (though current market conditions and the impact on big tech, etc may slow this down). It’s interesting you use Goldman as an example, given they just raised base salaries to move towards the top of the street, and paid out bonuses largely on par with even elite boutiques this year…

As someone who worked on Wall Street, I can tell you that will not be the case for the vast majority of people who go to IB. It’s an absolutely brutal job, that you would never choose for work-life balance - you choose it for, 1) Pay, and 2) exit opps. The kind of people willing to take on that lifestyle generally aren’t going to turn down more prestigious banks offering better pay/exits just to work from home twice a week.

It’s also worth noting that because you work so much, most of your friends in the city end up being your co-workers - particularly important when you’re a more junior employee who may be single/doesn’t have a family. Work from home as a banker was fucking miserable, because you still work 15 hours a day, but also don’t have the chance to at least have SOME social interaction with friends during the week. RTO is not as big of a deal for a lot of people as it may seem…

Even in Manhattan it’s far less efficient. If I’m taking Uber/Lyft, it’s usually because I’m trying to get somewhere as quickly as possible and at a specific time, or because I’m feeling too lazy to use the train and just want a comfortable ride.

So my options are, 1) Call Uber/Lyft, be picked up right outside my apartment/bar I’m leaving, know exactly how much I am going to pay, have a clear idea on arrival time, have the ability to track the route so I know it’s legit, and (for the most part) have the option to go for a quiet and comfortable ride. Or 2) I walk outside and roll the dice trying to flag down a cab which may or may not be there/already be occupied, just hope the price isn’t outrageous, have little insight into ETA or ability to push back if the driver takes a bad route, and be forced to watch whatever they insist on playing on the TV they shove in your face.

Not to mention that if there are issues, it’s far easier to dispute payments on Uber/Lyft than it is with a yellow cab.

Uber/Lyft are scummy companies, but people really need to stop blaming them for the downfall of yellow cabs, without recognizing the plight of yellow cabs was largely self inflicted. They provided a shitty service for decades, and became a prime target for displacement as soon as someone figured out a way to compete. While it’s great these guys are getting a more liveable wage, they really need to fix a lot of these issues or they’ll eventually end up with no job at all.

Worth noting that this method of buying the club wouldn’t even be allowed by England’s Football Association now