Forecasts expect Wall Street bank bonuses and compensation to reach a three year low.
Forecasts expect Wall Street bank bonuses and compensation to reach a three year low.
“Obviously this is not a good year for Wall Street compensation and an awful lot of the pressure is going to fall on managing directors,” Brad Hintz, research analyst with Sanford C. Bernstein & Co., who said lower compensation — largely paid from stock — and volatility in the markets will lead to higher turnover and attrition.
Hintz said bankers in the fixed income market and credit trading will be most affected.
“Becoming a partner at a Wall Street firm is very much like becoming an NFL lineman,” he said, in reference to their job’s lifespan of five or six years. “After a while, your knees go and you’re politely shown the door.”
Read more at ABC News.
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