Trading became far less lucrative for banks after financial crisis-era rules discouraged hedge-fund like bets and central banks drained volatility from markets. At the same time, human traders have been disrupted by electronic firms likeand XTX, places that employ a few dozen coders to trade billions in stocks and currencies every day.
The drop in employee pay will continue as Goldman undergoes a fundamental shift: For most of its 150 years, its business model was essentially to pay top dollar for the best talent available.faces pressure to reinvent the bank and unearth new sources of revenue, Goldman has been working feverishly to create automated solutions in existing and nascent businesses. That means clients will increasingly interact with software instead of expensive humans.
In fact, the firm spent $450 million so far this year on efforts to draw in new customers, including its launch of the Apple Card, the expansion of its Marcus retail brand and the creation of a payments platform for corporate clients.n to overhaul its stock trading technology to serve sophisticated quants who rely on trading systems over human operators.
To be fair, talented traders and bankers at top-tier firms like Goldman can still command multi-million dollar bonuses. Part of the downward shift of pay at Goldman represents the move to hire younger, cheaper workers, more engineers and support staff for new consumer ventures. Goldman had 37,800 workers as of September 30, compared with 31,700 ten years ago.
That’s disgusting
“Slashing” Lol.
With our fucng tax dollars ,
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