FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino reports that prospective young investment bankers are failing Wall Street entry-level exams at a higher rate. Gasparino says that, “People inside Bank of America Corp (NYSE:BAC) say that a higher percentage of the incoming class of investment bankers this year failed their entry-level exam than in previous years, perhaps as high as 40% compared to 30% in the past.”
Excerpts from the report are below.
On prospective young investment bankers entry-level exams at Bank of America:
“People inside Bank of America Corp (NYSE:BAC) are saying that a higher percentage of the incoming class of investment bankers this year failed their entry-level exam than in previous years, perhaps as high as 40% compared to 30% in the past. That’s huge. We have heard from other sources at other banks that failure rates have been increasing lately. That basic test is like apples and oranges very basic stuff, if you want to be an investment banker you have to know these basic things. Banking executives say the lower-quality recruits may be the result of Wall Street’s battered image since the 2008 financial crisis. In addition, post-financial crisis reforms have squeezed once hefty paychecks.”
