Banking != investment banking. I work in asset management I do a 45 hour week most of the time, with very few exceptions.

Startups might be better than banking, but the very idea of praising "majority of startups" for working "less than 60 hours per week" best describes the whole brokenness of the startup model for startup employees. And no, there is no "necessity" in working insane hours, it's just the wish of startup founders and owners to succeed per all costs, especially it that cost is someone else time / money.

Life of a programmer in investment banking can be much better in pretty much every respect compared to your typical internet startup (pay, working hours, availability of "toys" and exposure to new tech, etc.).

If you're thinking MBAs, then those 100 page pitch decks that lead nowhere can happen in any industry in equal measure.

Yea I don't think I've ever met a startup employee that regularly puts in 100 hours weeks the way bankers do. Last time I was at a startup, 50-60 was normal, though some crunch periods were closer to 70. My banker & consultant friends on the other hand seem to have terrible balance and much less interesting work.