Inefficiencies in Investment Banking

Investment banking is marked by significant inefficiencies, with most professionals spending excessive time on pitching and chasing business, resulting in 90% of their time being unproductive. Workers do not spend their entire time continuously engaged in tasks; instead, they engage in a mix of eating, gym breaks, and intermittent responsibilities, particularly if major deals are not active. Craig Coben highlights that a large portion of the workload revolves around preparing sales materials, such as pitch books, rather than performing high-intellect tasks. This structural inefficiency is compounded by the competitive nature of the industry, requiring constant presence in the office to meet client demands and maintain client satisfaction.