By Tom McKay
Think you have what it takes to work on Wall Street? If a leaked memo from Barclays analyst Justin Kwan is any indication, you might not want to. Kwan penned a memo of "10 Power Commandments" -- leaked to The Wall Street Journal -- to incoming summer interns who hope to get a full-time job.
Kwan's checklist seems designed to intimidate young hires for what he calls the "frattiest" division at Barclay's.
"We expect you to be the last ones to leave every night ... no matter what," he wrote. Later in the email it says the employees are demanded to bring breakfast in for their respective mentors and informed that questions about anything in the directives will be "noted."
While some of the advice seems jokey -- "it is customary to wear a bowtie and/or suspenders" -- the parts about working until you're insanely exhausted are not. At one point in the email, Kwan tells the interns to bring a pillow so they can sleep under their desks.
"During my summer in the group an intern asked our staffer for a weekend off for a family reunion -- he was told he could go. He was also asked to turn in his Blackberry and pack up his desk," Kwan wrote. At the end, he challenges the interns to find the intentionally made typos in his message.
The leaked list of commandments is unlikely to help Wall Street's image problem, which began after the 2009 economic collapse and has only gotten worse since as a series of high-profile deaths among young, overworked bankers went public. But while many big banks have announced major changes to their employment requirements following the bad publicity, 100-hour workweeks remain common (if not the default).
If all of this has you wondering why anyone would want to work on Wall Street in the first place, money has a lot to do with it. Starting analysts can make over $100,000 a year at a major firm.