Investment banking (IB) has long been notorious for its grueling hours, with stories of 100-hour workweeks becoming almost folklore in the finance world. But what exactly are these bankers doing for so many hours each week? Is it productive work, or is there more to the story?

The Breakdown of an Investment Banker’s Day

To understand the workload, it’s crucial to break down the typical day of a junior investment banker. The common belief is that these professionals are constantly working on high-stakes projects, crunching numbers, and crafting intricate financial models. However, as many insiders will tell you, the reality is far more complex.

A significant portion of the day is spent waiting—waiting for senior bankers to review work, for meetings to start, or for the next task to be assigned. One former banker described it as “a whole lotta nothing,” highlighting that much of the 9-5 period is filled with menial tasks like tinkering in Excel or listening in on meetings that offer little to no direct contribution to their projects.

The real work begins after 5 PM when senior bankers, who often have spent their day networking or attending meetings, start delegating tasks. This is when the grind truly starts, leading to workdays that stretch into the early hours of the morning. A typical evening might involve working on a pitch deck or financial model, sending it to a superior, and then waiting for feedback that could take hours to arrive. This cycle of working, waiting, and reworking can stretch well into the night.

Why the Long Hours?

So, why do investment bankers work such long hours if a lot of it is spent waiting? The answer lies in the culture and expectations of the industry. Investment banking is seen as an “apprenticeship business,” where junior employees are expected to be available at all times to learn from and assist their senior colleagues. This “always-on” mentality is a holdover from a bygone era when senior bankers themselves worked around the clock to climb the corporate ladder.

Moreover, there’s a perception that being visible—being seen as busy, even if you’re not actually doing much—builds goodwill with senior bankers, which can be crucial for career advancement. As one former banker noted, even if you’re sitting at your desk doing nothing for three hours, it’s still time well spent if it helps you secure a better bonus or promotion.

The Impact on Health and Wellbeing

The physical and mental toll of these hours is immense. Sleep deprivation, stress, and even substance abuse are not uncommon in the industry. One ex-banker recalled the “victory lap”—a ritual where you’d leave the office at 3 AM, go home for a quick shower, and then return to work as if nothing had happened. This relentless cycle can lead to serious health issues, from exhaustion to more severe conditions, as tragically illustrated by the case of an analyst who reportedly died after working multiple all-nighters.

The impact on mental health is equally severe. The pressure to perform, coupled with the lack of sleep and personal time, can lead to burnout and long-term psychological stress. Some who have left the industry describe it as a form of PTSD, a constant reminder of the unhealthy demands they once faced.

The Path Forward: Why Endure It?

Given the brutal conditions, why do so many young professionals flock to investment banking? The answer often lies in the career trajectory that IB offers. For many, investment banking is a stepping stone to more lucrative and less grueling roles in private equity (PE) or other areas of finance. The promise of high pay and the prestige associated with these exit opportunities make the sacrifice of personal time and well-being seem worth it.

However, not everyone sees IB as merely a means to an end. Some genuinely aim to climb the ranks within the industry, with aspirations of becoming managing directors or moving into other senior roles. For these individuals, the long hours are a necessary part of the journey.

Conclusion: A Culture in Need of Change?

The 100-hour workweek in investment banking may not be a complete myth, but it is certainly exaggerated in some cases. While there are undoubtedly weeks where the hours are extreme, much of the time is spent waiting rather than working. The real issue lies in the culture that perpetuates these long hours, with little regard for the well-being of employees.

As more stories emerge about the toll these hours take on individuals, there is a growing call for change within the industry. Whether this will lead to a genuine shift in how work is structured remains to be seen, but for now, the reality is that many investment bankers are working far harder—and less productively—than most outsiders would imagine.