Investment Bankers' Bag Essentials: What's Their Go-To?

The banker bag has become a staple accessory for Wall Street interns, bankers, traders, and fund managers. The bag is a duffel bag, often blue, tan, or green, with the bank logo on a ribbon inlayed on the handles. The bag is highly coveted in the banking world and has become a status symbol. Banker bags are standard issue for entry-level analysts, bankers, traders, and fund managers. They are often used as gym bags, and their durability and simplicity have ensured their legendary appeal.

Banker bags are a status symbol

First designed by Warden Brooks in 1978, banker bags are indestructible, made from heavy-duty 18-oz dyed-to-match canvas webbing. They are tubular in shape, with a woven ribbon trim, and are large enough to carry file folders and deal papers or gym clothes. They are standard issue for entry-level analysts, bankers, traders and fund managers.

The exclusivity of banker bags makes them highly sought-after. They are not sold by the banks, but given to new hires, and so they are very difficult to get your hands on. They are also very expensive, with prices as high as $400 for a basic duffle bag on the secondary market.

The little repeating names on the straps tell people something about the social and maybe financial status of the person holding the bag. They are a symbol of belonging to the trade.

They are often used as gym bags

Banker bags are often used as gym bags. They are a staple for interns, bankers, traders and fund managers. Banker bags are a status symbol, a rite of passage, and a way to wear the blood and tears spilled over countless pitchbooks. They are highly coveted in the banking world and are very exclusive. Banker bags are typically cylindrical canvas bags with pieces of Wall Street branding. They are usually navy blue, but sometimes tan or green, and often feature the bank logo on a ribbon.

The original banker bag was designed by Warden Brooks in 1978. It is made of 18 oz DTM (dyed-to-match) canvas with a WRM (water-resistant Martexin) finish, making it durable and able to withstand years of use. It is large enough to carry file folders, deal papers, or gym clothes, and the shoulder strap is designed to be strong and reliable. The simple design and durable materials have ensured its lasting appeal.

In addition to being a status symbol, banker bags can also be used ironically or tongue-in-cheek, as seen with the Rowing Blazers banker bags that feature pop culture references rather than bank logos. However, some people view the banker bag as a display of wealth and exclusivity that lacks taste and self-awareness. Despite this, the banker bag remains a classic and undying accessory in the world of finance and beyond.

Alternatives to banker bags

Banker bags are a staple for investment bankers and have become a status symbol. These bags are usually duffel bags, sometimes with the bank logo on them, and are often used as gym bags. However, if you're looking for an alternative to the traditional banker bag, here are some options:

Leather Briefcase

A leather briefcase is a classic and elegant option. It offers a more polished and professional look compared to a duffel bag. A briefcase with a strap and handles provides versatility and can accommodate your laptop and other essentials.

Messenger Bag

A messenger bag is a good alternative if you're looking for something more casual yet functional. It offers easy access to your belongings and can be comfortably worn across the body. Opting for a leather messenger bag adds a touch of sophistication to your look.

Backpack

If you prioritise practicality and comfort, a backpack might be the best alternative. Backpacks distribute weight evenly across your shoulders, making them ideal for carrying heavier items. Opt for a sleek and simple design in a neutral colour to maintain a professional appearance.

Tote Bag

A tote bag is a versatile option that can accommodate your work essentials and even your gym gear. Look for structured designs in durable materials like leather or canvas to ensure your tote bag exudes sophistication and can withstand daily use.

Satchel

A satchel is a stylish alternative to the banker bag. It offers a blend of form and function, providing ample space for your belongings while making a fashion statement. Satchels often feature adjustable straps and a structured design, giving you a stylish and comfortable option.

When choosing an alternative to the banker bag, consider your personal style, the amount of items you need to carry, and the impression you want to convey in a professional setting.

The history of banker bags

The banker bag, also known as the "corporate duffel", "deal bag", or "douche-tastic man purse", has become a staple accessory for entry-level analysts, bankers, traders, and fund managers in the financial world. The story of the original banker bag began in 1978 when 28-year-old Joan Killian Gallagher founded Warden Brooks, aiming to create a status symbol in the financial world akin to a Rolex or a BMW, but without the hefty price tag. The "Original Duffel", made from heavy-duty 18-oz dyed-to-match canvas webbing, was born out of Gallagher's desire to create a symbol of exclusivity for those in the financial industry.

The banker bag quickly gained popularity and became an institution in the boom years of the 1980s and 1990s. Major financial institutions such as Goldman Sachs, Credit Suisse, and Morgan Stanley embraced the trend and began distributing these bags to their new hires. The bags, often in navy with the bank's name embroidered on the straps, became the distinguishing characteristic of first-year associates across Wall Street. They were so ubiquitous that single women in New York City considered them a good way to determine if a man was worth dating.

The banker bag has endured through economic crashes and changing fashion trends. While some may associate it with the "Greed is Good" era, others view it as an ironic accessory that plays into the theme of hierarchy and status. The bag's longevity can be attributed to its simplicity in design and the durability of its materials, ensuring it remains a sought-after item for those in the financial industry.

Today, the banker bag continues to be a coveted item, with investment bankers, brokers, and fund managers carrying it as a badge of honour. The exclusivity and scarcity of the bags have driven up prices on the secondary market, with basic duffels selling for as much as $400 on eBay. The banker bag has become more than just a bag; it is a symbol of status, education, and financial success.

The price of banker bags

One source mentions that the original Wall Street Banker Bag, designed by Warden Brooks in 1978, is made of durable 18 oz DTM canvas with a WRM finish, making it water-resistant and long-lasting. This bag is likely to be at the higher end of the price range due to its established reputation and high-quality materials.

For those looking to acquire a banker bag, the secondary market offers options ranging from $400 for a basic duffle on eBay to more expensive alternatives from luxury brands. For example, the Saffiano Leather Duffel Bag from Nordstrom costs $2,840, while the Un Jour Leather Briefcase from Mr Porter is priced at $2,970.

When it comes to women in finance, the choice of bag can also be significant. Sources suggest that young female bankers tend to invest their bonuses in designer handbags, such as the quilted Chanel bag, which can cost up to $8,000. As their careers progress, they may opt for bags like the YSL leather Tote ($1,000) or the Prada Saffiano ($4,000). At the top of the hierarchy is the Birkin black bag, also known as the "queen of all bags," which costs upwards of $26,000.

In summary, the price of banker bags varies widely, from a few hundred dollars on the secondary market to several thousand dollars for designer options. The choice of bag often serves as a status symbol and a reflection of one's taste and success in the world of investment banking.

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