Is Private Equity Broken? Why the Buyside’s Problems Are Making 2026 “The Year of the Banker” | High Yield Harry

In this episode of Other People's Money, host Max Wiethe sits down with High Yield Harry to examine the major trends in Wall Street compensation and careers, and why 2026 may be the year of the investment banker. Harry shares data from Buy Side Hub to detail buy-side compensation trends, career mobility bottlenecks, and why private equity professionals are resorting to non-recourse loans while waiting on delayed exits. The conversation breaks down the real threat of AI automation on financial modeling and grunt work, emphasizing why finance professionals must develop real-economy operating skills to survive. They also address the surge in private credit redemptions, retail investor panic, and whether buying small businesses is replacing the traditional mega-fund career path.

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Timestamps:

00:00 Intro

00:45 Year of the Banker

03:38 Private Credit Redemptions

07:04 Retail Flows and Gating

10:18 Comp Trends and Hiring

13:17 Career Pyramid Reality

15:13 AI Reshapes Analyst Work

17:16 Big Firms vs Small Shops

20:27 Operators and Real Economy

23:56 Agents and Human Edge

26:39 Who Gets Displaced?

31:46 Rates and Longer Holds

37:42 Software Credit Time Bomb

41:16 Choosing Your Career Track

47:22 Top Jobs and Trading

51:56 Closing Takeaways

54:03 Banking Cycles and Layoffs

57:03 Conclusion