Please read the case ‘A lot of them just need a hug’ and use this for Question 1. Focus on the M&A
department where the author did an internship and worked in a junior position.
1 Some of the problems discussed in this case could be dealt with by introducing elements of
craftsmanship (as discussed by Richard Sennett and in Lecture 8). Choose three different elements,
and explain what these elements would look like in this case. (12 points, max 150 words).
2 Two sociological strands of thought that have been discussed during the course are the
Durkheim-human-relations-systems strand and the Marx-labour-process strand. Use both strands
as a tool to understand the potential implications of offshoring of IT-jobs for organisations or
workers (as discussed in the video for the Globalisation lecture). (12 points, max 200 words).
3 Sometimes, there is a conflict between occupational and organizational institutional logics. Give
an example in the setting of the university, and briefly explain the conflicting logic. (10 points, max
100 words).
, CASE 'A lot of them just need a hug'
She got in touch writing that "one perspective missing from your blog is that of recent MBA
graduates who still are extremely enamoured by the 'glamorous' world of mergers and
acquisitions. While all of us have heard the stories and read standard books like City Boy and
Monkey Business, one really thinks it can't be that bad. But the typical life of an MBA associate
in M&A is anywhere between one and three years, when eventually most realise that the salaries
are not worth the suffering."
She is a cheerful woman in her mid-20s, born and raised in Asia.
"Because some star bankers behave so arrogantly they are an easy target for popular anger, but I
really believe a lot of them just need a hug. After I left the bank, I saw this documentary about
narcissistic personality disorders. It was interesting to see how narcissists lack empathy but
remain extremely sensitive to criticism because deep inside they are so insecure. Looking back, I
was surprised at the number of similar traits I could identify in my colleagues and superiors.
"If you are genuinely confident, you don't need to act arrogant. Why buy all those expensive
bottles of champagne unless you have something to compensate for and need to make yourself
feel better through material possessions?
"Banking is a great place to get a stamp of approval from the world. It validates your intelligence,
your education. If you have the brand name of a major bulge bracket bank on your résumé, it
proves that you have been through the grind and can work hard. Everybody loves to hate bankers,
but people start to consider you in a new light when they hear you work for a major global bank.
"I did an internship first. Why did I stay? Well, my internship experience was less than ideal. But
they offered me a great sign-on bonus which, at that time, I thought was a quick way to pay off
my debt.
"However, after almost two years, I realised it was not for me. I am now in a different area in
finance, still in an investment bank but no longer front office [revenue generating]. It's a very
different work environment. People actually greet each other in the morning. I don't get frowned
upon when I have to leave for a dentist appointment. If I have not been well, people will inquire
how I feel the next day. Compare that to the front office. One time my superior told me that
getting the flu had been 'reckless'.
"In my time there, I learned so much. Professionally, of course: how to handle stress and all the
monkey tasks they make you do. But the real lessons were personal: how quickly you can forget
yourself, and how easily you become the worst version of yourself.
"My frustrations were at the tip of my nose. I was permanently stressed, and this carried over to
the rest of my life: the chocolate getting stuck in the vending machine, the taxi showing up late,
being stranded in traffic – it took very little to provoke a reaction. You have to be fast and on the
edge and alert all the time in your work, and you begin to expect the same instant gratification
from the rest of the world.
"Then there's the gradual loss of the ability to empathise. There are people out there with far
greater problems than bankers, who are so much worse off. It helps if you can see that, but
somehow people in investment banks lose touch with reality.
department where the author did an internship and worked in a junior position.
1 Some of the problems discussed in this case could be dealt with by introducing elements of
craftsmanship (as discussed by Richard Sennett and in Lecture 8). Choose three different elements,
and explain what these elements would look like in this case. (12 points, max 150 words).
2 Two sociological strands of thought that have been discussed during the course are the
Durkheim-human-relations-systems strand and the Marx-labour-process strand. Use both strands
as a tool to understand the potential implications of offshoring of IT-jobs for organisations or
workers (as discussed in the video for the Globalisation lecture). (12 points, max 200 words).
3 Sometimes, there is a conflict between occupational and organizational institutional logics. Give
an example in the setting of the university, and briefly explain the conflicting logic. (10 points, max
100 words).
, CASE 'A lot of them just need a hug'
She got in touch writing that "one perspective missing from your blog is that of recent MBA
graduates who still are extremely enamoured by the 'glamorous' world of mergers and
acquisitions. While all of us have heard the stories and read standard books like City Boy and
Monkey Business, one really thinks it can't be that bad. But the typical life of an MBA associate
in M&A is anywhere between one and three years, when eventually most realise that the salaries
are not worth the suffering."
She is a cheerful woman in her mid-20s, born and raised in Asia.
"Because some star bankers behave so arrogantly they are an easy target for popular anger, but I
really believe a lot of them just need a hug. After I left the bank, I saw this documentary about
narcissistic personality disorders. It was interesting to see how narcissists lack empathy but
remain extremely sensitive to criticism because deep inside they are so insecure. Looking back, I
was surprised at the number of similar traits I could identify in my colleagues and superiors.
"If you are genuinely confident, you don't need to act arrogant. Why buy all those expensive
bottles of champagne unless you have something to compensate for and need to make yourself
feel better through material possessions?
"Banking is a great place to get a stamp of approval from the world. It validates your intelligence,
your education. If you have the brand name of a major bulge bracket bank on your résumé, it
proves that you have been through the grind and can work hard. Everybody loves to hate bankers,
but people start to consider you in a new light when they hear you work for a major global bank.
"I did an internship first. Why did I stay? Well, my internship experience was less than ideal. But
they offered me a great sign-on bonus which, at that time, I thought was a quick way to pay off
my debt.
"However, after almost two years, I realised it was not for me. I am now in a different area in
finance, still in an investment bank but no longer front office [revenue generating]. It's a very
different work environment. People actually greet each other in the morning. I don't get frowned
upon when I have to leave for a dentist appointment. If I have not been well, people will inquire
how I feel the next day. Compare that to the front office. One time my superior told me that
getting the flu had been 'reckless'.
"In my time there, I learned so much. Professionally, of course: how to handle stress and all the
monkey tasks they make you do. But the real lessons were personal: how quickly you can forget
yourself, and how easily you become the worst version of yourself.
"My frustrations were at the tip of my nose. I was permanently stressed, and this carried over to
the rest of my life: the chocolate getting stuck in the vending machine, the taxi showing up late,
being stranded in traffic – it took very little to provoke a reaction. You have to be fast and on the
edge and alert all the time in your work, and you begin to expect the same instant gratification
from the rest of the world.
"Then there's the gradual loss of the ability to empathise. There are people out there with far
greater problems than bankers, who are so much worse off. It helps if you can see that, but
somehow people in investment banks lose touch with reality.
