Do investment bankers have social lives? (AskIvy)

This article from AskIvy has an interesting tone.  It reads like one can have a social life in investment banking.  But is it really so?

Here are some selected abstracts... with some commentaries / highlights.  The key underlying questions being, what is a social life?, and how much of it can you reasonably expect when working in investment banking?

"Your social circle will quickly start to revolve around other junior bankers in other teams (ie. different industry groups, or departments) and [maybe] in other banks."
"(...) You will most likely only have time to spend with people that are immediately next to you (ie. a few desks away)"
"Social life of investment bankers consists of weekday dinners [and often weekends, too] at the office, 15min coffee chats [often at the office], and weekend dinners that are always organised at the last minute (...)."
Is this a "social life"?

"The question is, are your non-banking friends nice enough to accept not seeing you several months in a row?"
Is this worth trying?
"If you have a boyfriend/girlfriend, you will need to plan your time carefully and make him/her accept that you may have to cancel your plans at the last minute, and may not see each other much during the week, only weekends, but sometimes not."

The article finishes saying "There is hope: banking gets better every year. The more senior you are, the better the hours."
Some believe this is a similar fallacy was that with pay.  It assumes you actually make it to VP, Director, or even Managing Director.  With staff turnover of ca. 20% per year, the odds are not that favourable to the juniors to reach the really attractive layers of hierarchy.
Some say you would end up with little or no social life for many years, before leaving the industry and not having the "rewards" of being a senior investment banker.  Sounds like sacrifices without the rewards... are monetary rewards the only benchmark, though?

iBankingFAQ

Here is another website with some resources and information for graduates.

Career planning and money (FT)

All career considerations don't revolve around money.  Or, at least, don't have to.  An interesting experience is shared in this article.