I have worked at a few banks and this is all standard practice. Part of the business model practically revolves around creating a cult like environment about how great it is to work at the bank while they systematically underpay/overwork.

You will either get burned out and never work in banking again, start hopping between banks to get an actual good raise while risk can never be pinned on you or be like most bankers with just doing nothing and repeat the cult like banking mantras because you have to constantly convince yourself of these things that are so at odd with reality.

The sooner you can get out of banking the better.