We asked dozens of young bankers to name their biggest Wall Street concern — and one answer came up over and over

bankers at strip club margin call

Business Insider recently compiled a list of the top talent on Wall Street age 35 and under, interviewing dozens of bankers, asset managers, and traders in the process.

We asked the crop of dealmaker candidates making waves in investment banks and private-equity shops the same question: What’s your biggest concern about the industry?

While responses varied — some bemoaned market trends, like record-low volatility and sky-high valuations — a strong current ran through the vast majority of answers that underscores Wall Street’s challenge in keeping up with Silicon Valley.

Most notably, bankers are concerned with Wall Street’s ability to recruit and retain young talent given the competition from tech giants and startups that offer juicy perks, a more relaxed lifestyle, and an exciting, entrepreneurial environment.

There’s a reason Goldman Sachs is rebranding itself as a tech company and trying to hire engineers in droves.

The industry has changed swiftly since the financial crisis, and the stable, predictable career trajectory calcified over decades on Wall Street has largely been thrown out the window.

“When I joined the industry 10 years ago, if you were smart and had an interest in business, chances are you were coming into finance and consulting,” one private-equity standout told us. “We were able to get the best and brightest undergrads. With the advent of startups and tech — Google, Snapchat, or entrepreneurs — we’re finding it more difficult to recruit that top tier.”

A handful noted that banks, despite marked improvements in recent years, still struggled to offer a healthy work-life balance. Many of the people we spoke with in their early 30s had recently become parents, mixing that daunting responsibility into the cocktail of one of the most competitive, high-pressure career tracks out there.

Here’s what a couple of others had to say:

  • “There’s been a shift in terms of talent and rigor — it’s hard to get people who are super, super committed,” a banker told us. “Work-life balance is very tough. People glamorize tech startup life.”
  • “There’s kind of a lost generation from 2007 to now … for a lot of reasons they don’t want to work in banks,” another banker told us. “This 10-year gap of people that should be in banking that instead chose to go to venture or startup or charity.”

And in the same vein, young financiers are concerned that the technologies coming out of Silicon Valley may further drain the pool of opportunities.

“There’s a lot of fear about how much technology can replace day-to-day tasks,” one banker told us.

Former Citigroup CEO Vikram Pandit said last month that 30% of banking jobs could be gone within five years from the threat of automation and artificial intelligence, though relationship-based practices like investment banking face less risk than trading operations.

“I do think we need to be better coordinated about how Wall Street will protect itself against outsiders who are going to be encroaching on the banks’ turf,” another rising banker told us, highlighting Apple Pay, PayPal, and blockchain as emerging threats.

Banks may continue to struggle to lure talent back from Silicon Valley, but they’re awake to technology threats.

Investments in private tech companies by banks have soared in recent years. Goldman Sachs is leading the charge, but Citigroup, JPMorgan Chase, and Morgan Stanley are all very much in the game as well.

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NOW WATCH: Legendary economist Gary Shilling explains how you can beat the market

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Join us at IGNITION: Future of Media!

IGNITION Henry onstage

Hello, everyone!

Our 8th annual IGNITION: Future of Media conference is about 6 weeks away. We’ll be at the Time Warner Center in New York City. We would love to see you there.

This year, we’ll be joined by, among others:

  •  HBO CEO Richard Plepler
  • Viacom CEO Bob Bakish
  • 21st Century Fox Executive Chairman Lachlan Murdoch
  • Amazon’s Toni Reid
  • Bank of America Vice Chairman Anne Finucane
  • New York Times’ Executive Editor Dean Baquet
  • Washington Post Executive Editor Marty Baron
  • Tucker Carlson
  • Group Nine CEO Ben Lerer
  • Discovery Communications CEO David Zaslav
  • Facebook’s Dan Rose
  • Snap’s Nick Bell
  • NBC Entertainment’s Robert Greenblatt
  • NYU Professor (and entrepreneur) Scott Galloway
  • Harvard Law School’s Lawrence Lessig
  • Harvard Business School’s Bharat Anand
  • Comedian and actor Chris Hardwick

The mission of the conference will be to explore where the media industry is headed.  We’ll discuss the future of TV, print, audio, journalism, and marketing. We’ll look at how to survive the era of “peak content,” audience development in a platform world, and building trust when media and social media platforms have never been more under fire.

We will also interview top marketers about today’s challenges, and solutions, including Samsung CMO Marc Mathieu, Marriott International’s Karin Timpone, Ameritrade’s Denise Karkos, AT&T’s Fiona Carter, Uber’s Bozoma Saint John, and JPMorgan CMO Kristin Lemkau.

Also, new this year, we’ll be unveiling our annual CMO50 list of the most innovative marketers today. Finally, we’ll spotlight a group of exciting new media start-ups.

Future of Media is November 29-30 in New York City. We hope to see you there!

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NOW WATCH: The 5 best hidden features from the latest iPhone update

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These are the countries on Earth with the most junk in space

atv spacecraft atmospheric reentry burning up fireball esa d ducros

  • More than 4,600 satellites orbit Earth, along with more than 14,000 old rocket parts and pieces of space junk.
  • The US is responsible for the most debris in space, followed by Russia and China.
  • Experts worry that not cleaning up space debris could lead to increasing numbers of collisions and a runaway effect that’d make it too dangerous to leave Earth.

At any given moment, thousands of satellites swarm over our heads at altitudes ranging between a few hundred miles and tens of thousands of miles.

But, of the manmade items in space that are larger than your fist, orbiting satellites are a minority. About 95% of what’s out there is space junk: out-of-control space stations, used rocket parts, dead satellites, lost astronaut tools and more.

This dangerous orbital garbage is moving roughly 10 times faster than a speeding bullet and takes a long time to crash back to earth.

“This debris can stay up there for hundreds of years,” Bill Ailor, an aerospace engineer and atmospheric reentry specialist, told Business Insider.

And it gets worse.

Just one collision in space can create thousands of new high-speed, out-of-control pieces and threaten other spacecraft. Meanwhile, perhaps 170 million pieces of debris larger than 1 millimeter — such as flecks of paint and bits of explosive bolts — move around Earth at tens of thousands of miles per hour, according to the European Space Agency.

“Countries have learned over the years that when they create debris, it presents a risk to their own systems just as it does for everybody else,” said Ailor, who works for the nonprofit Aerospace Corporation.

The chart below, which Business Insider created using data from Space-Track.org (registration required), shows the top 10 entities with the most trackable objects around Earth as of October 2017.

space debris junk trash space countries ranked list space track andy kiersz business insider

The chart shows Russia has the most objects currently in space, numbering more than 6,500 objects. However, it’s not the biggest contributor to space junk, shown in red.

The US owns the title of dirtiest country in space for now, and just by a hair. Russia has 3,961 pieces of detectable space debris compared to the 3,999 pieces of trackable space trash in orbit created by American activity.

China has only recently ramped up its space program, yet it’s in a close third with 3,475 hunks of space junk. This is because the nation in 2007 destroyed one of its own satellites in an anti-satellite weapons test.

This highly controversial move instantly created more than 2,300 trackable pieces of junk, more than 35,000 pieces larger than a thumbnail, and perhaps hundreds of thousands of pieces too small to track.

How to clean up outer space

Getting old spacecraft out of orbit is a key to preventing the formation of space junk, and many space agencies and corporations now build spacecraft with systems to de-orbit them.

But Ailor and others are eager to push the development of new technologies and methods that can lasso, bag, tug, and otherwise remove the old, uncontrolled stuff that’s already up there and continues to pose a threat.

“I’ve proposed something like a XPRIZE or a Grand Challenge, where would you identify three spacecraft and give a prize to an entity to remove those things,” he said.

space junk debris field earth orbit esaThe ultimate goal is to prevent alarming scenario known as Kessler Syndrome: when so much stuff is in space, one collision leads to several others, and those crashes lead to even more — littering space with so much debris that it becomes incredibly risky to leave Earth.

The biggest hurdle in defeating space debris, however, is likely human.

“It’s not just a technical issue. This idea of ownership gets to be a real player here,” Ailor said. “No other nation has permission to touch a US satellite, for instance. And if we went after a satellite … it could even be deemed an act of war.”

Ailor said someone needs to get nations together to agree on a treaty that spells out laws-of-the-sea-like salvage rights to dead or uncontrollable objects in space.

“There needs to be something where nations and commercial authorities have some authority to go after something,” he said.

SEE ALSO: How the used rockets of billionaires just might save humanity from doom

DON’T MISS: China’s first space station is going to crash into Earth — but objects inside of it may reach the ground unharmed

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NOW WATCH: Animated map of the solar system shows just how far humans have explored space

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An 'atmospheric river' is about to dump a ton of rain and snow on the West Coast — here's what an atmospheric river actually is

An atmospheric river is scheduled to cause severe rain and possible flooding in parts of California over the next few days. But what is an “atmospheric river” anyways? Following is a transcript of the video.

What is an atmospheric river? Rivers don’t just exist on land. They can form in the sky, too.

Instead of liquid water, they’re concentrated bands of water vapor.

They’re invisible to the naked eye. But space satellites can observe them with radio waves.

They exist worldwide, and can be as destructive as a hurricane for some areas.

When it flows over mountains in California, cold, mountain air causes the water vapor to condense as rain and snow.

In 1862, an atmospheric river likely caused 43 straight days of rain. Turning Sacramento into a place more akin to Venice.

Despite the destruction they can cause, atmospheric rivers are vital to the West Coast’s way of life.

They account for 30-50% of annual precipitation on the West Coast.

Lately, fewer atmospheric rivers have reached California, which is partly responsible for the state’s severe drought.

Experts aren’t sure if the numbers will ever return to normal.

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Nike is using its new digital studio to build a community of sneakerheads

Nike Momofuku A year after acquiring Virgin Mega, Nike is revealing some of the early results of its experiments with augmented reality and community-building. Virgin Mega was a startup backed by Richard Branson’s Virgin Group that focused on fan communities and shopping. Ron Faris, who led the startup, told me that Nike acquired Virgin Mega in order to explore those same ideas. Since then, the team… Read More

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BlackBerry’s KEYone ‘Black Edition’ offers more than just good looks

 BlackBerry’s most interesting phone in years – if not an entire decade – is the KEYone, an Android device with a classic BlackBerry hardware keyboard that finally answers the needs of truly dedicated thumb typists with a modern mobile OS. Now, the KEYone ‘Black Edition’ has arrived, and it’s more than just a fresh coat of paint on an older gadget. In fact,… Read More

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How Samsung plans to catch up to Siri and Google Assistant (GOOGL, AAPL, GOOG)

global voice assistant device forecast

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Six months after Samsung unveiled its answer to Apple’s Siri and Google’s Assistant, the company announced the next iteration of the voice assistant platform, Bixby 2.0, at its developer conference in San Francisco on Thursday

Bixby 2.0 will enhance the assistant’s capabilities in the realm of processing natural language and predicting users’ needs on Samsung’s array of devices. The update aims to improve on the initial flawed version of Bixby, which came under fire for its poor language performance, and could help Samsung position its voice assistant as a strong competitor to Apple’s Siri, Google’s Assistant, and Amazon’s Alexa. 

Samsung is taking the fundamental leap forward in the digital voice assistant arena with this update. Here’s how:

  • Bixby is now capable of recognizing individual users to service multiple users.This ability will enable Bixby to personalize its responses for everyone interacting with the voice assistant. The update comes months after Google introduced the same capability in April, and Amazon introduced it a few days prior. The improved complex processing helps to position Bixby on an even playing field with Google Assistant and Alexa.
  • The update is geared toward the company’s sprawling ecosystem of connected devices. Bixby will officially be the interface that connects its wide array of devices spanning from smartphones, to smart TVs, to connected fridges. Assistants like Siri currently offer a level of smart home integration, via platforms like HomeKit, for example, but a firm like Samsung with its massive ecosystem of products can make controlling devices in the home much more straightforward.
  • Samsung unveiled a Bixby software developer kit (SDK) to enable developers to make apps and services with built-in Bixby support. Opening the door for developers to leverage Bixby will pave the way for more devices with Bixby compatibility. Samsung, however, recognizes that it could take some time for developers to jump on board, so the company unveiled Project Ambiance, a small chip that enables Bixby functionality in a number of products.

This is just a step in the continued unveiling of Bixby functionality, as the company plans to add more features to make it more appealing than rival voice assistants.Despite Apple’s, Google’s, and Amazon’s early entrances in the race to expand the reach of their operating systems and voice platforms, Samsung could leapfrog them by tapping into its substantial audience. This could be particularly concerning to Google, as Samsung makes up the largest share of Android devices globally. By 2020, the voice assistant device base is expected to grow to more than 7 billion, up from 4 billion in 2017.

Jessica Smith, research analyst for BI Intelligence, Business Insider’s premium research service, has compiled a detailed report on the voice assistant landscape that:

  • Identifies the major changes in technology and user behavior that have created the voice assistant market that exists today. 
  • Presents the major players in today’s market and discusses their major weaknesses and strengths. 
  • Explores the impact this nascent market poses to other key digital industries. 
  • Identifies the major hurdles that need to be overcome before intelligent voice assistants will see mass adoption. 

To get the full report, subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you’ll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. » Learn More Now

You can also purchase and download the full report from our research store.

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WeWork, the most valuable startup in New York City, just opened its first gym — and it looks gorgeous

Gym, Rise by WeWeWork — now the most valuable startup in New York City — continues to grow.

After raising $4.4 billion in funding from SoftBank Group and SoftBank Vision Fund in August, the new-age real estate firm just branched out into fitness with its first gym and wellness center, located at the WeWork FiDi facility in Manhattan.

The new center, called Rise by We, is open to both existing WeWork members and non-members. For those who are not already part of the WeWork system, a Rise by We membership provides access to WeWork’s digital member network, plus two credits per month to book conference rooms or workspace in select WeWork locations. Prices start at $100 for four visits a month and go up to $180 for an unlimited number of visits.

Take a look at what the new studio spaces have to offer.

SEE ALSO: Inside the lavish private club for New York City’s creative elite

Rise by We is located at 85 Broad Street in Manhattan. On weekdays, it opens at 6 a.m. and closes at 10 p.m. On the weekends, its hours are 9 a.m. to 6 p.m.

The gym’s pink-and-black color scheme, along with its wall art and wood-panel accent walls, create a relaxed atmosphere that’s unlike most fitness centers.

The general workout space, called “Turf,” has all the essentials: kettlebells, free weights, sleds, and ropes.

See the rest of the story at Business Insider

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Bombardier's next generation $73 million Global 7000 private jet just made its air show debut (BBD.B)

Bombardier Global 7000

  • Bombardier recently showed off its fourth and newest Global 7000 prototype private jet.
  • The aircraft is expected to be one of the most capable and expensive private jets in the air with a price tag of $72.8 million.
  • The 7000 has a maximum range of more than 8,500 miles. That means it can fly non-stop between Sydney and San Francisco or New York and Dubai or London and Singapore.

Last week, the long-await Bombardier Global 7000 made its air show debut at National Business Aviation Association (NBAA) Conference and Exhibition in Las Vegas, Nevada.

The Canadian plane maker showed off its fourth and newest Global 7000 prototype, the first with a complete interior. According to Bombardier, flight test vehicle 4 or FTV4 will be used to evaluate the Global 7000’s passenger experience including its cabin management and in-flight entertainment systems.

“Our Global 7000 flight test vehicles continue to undergo rigorous testing at our world-class flight test center in Wichita, Kansas,” Bombardier vice president of product development, François Caza said in a statement. “Having now flown nearly 900 hours, the aircraft continue to perform extremely well and to exhibit a high level of reliability.”

“Areas of the flight envelope and the performance of the systems, including at extreme temperatures, have been tested. The results show a maturity which is in full support of the planned certification activities,” Caza added.

Bombardier is currently preparing the fifth and final flight test vehicle at its factory in Toronto, Canada.

The long-delayed Global 7000, a victim of Bombardier’s recent financial troubles, is expected to be one of the most capable and expensive private jets in the air with a price tag of $72.8 million.

Here’s a closer look at the new Bombardier Global 7000:

SEE ALSO: The most popular private jet in the world just got a high-tech makeover

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The Global 7000 is the latest development of Bombardier’s current flagship Global 5000 and…

… Global 6000 jets.

The Global 7000 first flew on November 4, 2016. Here’s a photo of the final two Global 7000 test planes under assembly. Once completed, they joined their three sister planes at Bombardier’s flight test center in Wichita, Kansas.

See the rest of the story at Business Insider

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You can now PayPal friends in Messenger and get help via chat

 PayPal users in the U.S. will now be able to send and receive person-to-person payments over Facebook Messenger, the company announced this morning. The deeper integration with Messenger’s platform, which will also include PayPal’s first customer service bot for handling customer questions and requests for help, follows a series of tie-ups between the two companies. Last year,… Read More

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