^You’re completely missing the point of why people go into banking.
Nobody’s doing it because they get paid 120-130k year one out of school. It’s a raw deal if you’re looking for that, even though I’m personally very happy to pony up what it costs to live in NYC because it’s an amazing city. I’d hate living outside of a major urban center immediately postgrad. People go into banking because of the career trajectory it provides. After two or three years someone who’s done banking will easily be making 200k+, more if you can make it into top exit opps, and many will be millionaires by 30 or earlier. Your argument really isn’t valid because people don’t usually become bankers so they can stay bankers their whole life. It gets much better and the career trajectory of someone who does go through two years in a major bank is simply unmatched. Why do you think all these super smart kids are still clamoring to get these jobs?