Traders don't work these hours. Bankers do.

As the old joke goes, a bank trusts young bankers with PowerPoint, young traders with its balance sheet. A sleepy trader could lose the bank millions. A sleepy analyst might, at worst, typo a spreadsheet that gets reviewed by an associate. Banks are incentivized to avoid sleepless traders in a way they aren't with analysts. Also, exchanges shut down at night--nobody is gaining an edge by staying up until 3AM. (Counterfactual: FX.)

(Disclaimer: I chose trading over banking. Mostly because the people were more fun. But being able to go home at 6PM on Friday, having put in your 60 hours, and turn off until 6AM on Monday was no small matter, either.)

I know you are phrasing this as a better sign, but even here, I would see 60 hours/week as extreme overwork. I started tracking my hours to get a sense for how much I work in a typical week, and found that both my quality of output and my emotional state are impacted greatly by the number of hours. At 40-50 hours/week, everything is pretty reasonable. I can do 50-65 hours/week in short bursts, but not over a prolonged period. 80 hour weeks are barely possible, and will leave me absolutely shot at the end of the week, and the following week will be spent recovering from the overwork.

(Side note, my personal tracking has only gone down to a minimum of 40 hours/week, but it would be interesting to track productivity with a shorter work day/week as well.)

After a year or two, in trading, that sixty goes down to 50. After some more time it goes down to 40 or so. That said, those hours are work. They are intense and stressful and horrible for one’s nerves and health.

I left trading after my boss, a trim middle-aged man (I assumed) with extensive balding and some cardiac history, celebrated his thirty-second birthday.

Also, traders work very little outside of market hours. It's usually IB analysts that burn through weekends and late nights when working on deals.