Seems to be a case of career osmosis. Uncomfortable with the growing popularity of the tech sector, and noticing a distinct exodus of Wall Street-types (who will arrive late to the tech gold rush), they swoop in to fill the gap.

Hopefully they'll attempt to negotiate for better salaries and more reasonable hours, but, according to all my Wall Street friends, this tends to be an effort in futility.

The best of the best will always put in absurd hours doing the tedious work you describe. They need to show off this way to win distinction. In theory, hacker types could buck the system, but that system in high finance, which awards face time and man hours like few other places, is pretty damn robust.