Investment banking is hard. You put in insane hours. You get screamed at. Your life is miserable.
But you make a lot of money. An absurd amount of money. Average pay at a bank like Goldman Sachs (NYSE:GS) can exceed half a million dollars a year.
But that's starting to change. Five years after the financial crisis, banker bonuses are starting to decline. Given new regulations, the change might be a permanent shift, rather than a cyclical blip.
In this video, Fool analysts Morgan Housel and Matt Koppenheffer discuss what pay falling down to Earth means for the industry.
Morgan Housel has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.