The Price of Happiness: Traders’ Experiences of Work in Investment Banks

Abstract

Work experiences, conceptualized as work attitudes, influence employees’ turnover and performance. Therefore, it is essential for investment banks to understand the determinants of traders’ work experience. Analyzing traders’ reviews of major investment banks, this study shows that traders’ attitudes depend on the banks’ culture, traders’ career opportunities, and, to a lesser extent, their pay perceptions. Furthermore, traders are often happy with their coworkers but dissatisfied with their banks’ technology, bureaucracy, ethics, and their work-life balance. Hence, this study identifies non-monetary determinants of traders’ work attitudes, extends behavioral finance research, and offers applications for investment banks as well as their shareholders.