In the early 80s, bulge bracket investment banks figured out that they can just hire hungry and ambitious analysts straight out of college, work them to the bon

In the early 80s, bulge bracket investment banks figured out that they can just hire hungry and ambitious analysts straight out of college, work them to the bone for 1-2-3 years, and then send most of them off to grad/business school or somewhere else. That's why, IMO, jr. investment bankers work such horrendous hours. They know it's a temporary thing, and that the real payoff comes later.