NEW YORK - Many Wall Street workers will see their pay stay flat or decline this year, as big banks and money managers continue to cut costs, according to a report on Tuesday by compensation consultancy Johnson Associates.
FILE PHOTO - People walk by a Wall Street sign close to the New York Stock Exchange in New York, U.S., April 2, 2018. REUTERS/Shannon Stapleton Those in equities trading and underwriting will be hardest hit, with annual pay packages down 10-15%, Johnson Associates predicted. Bond traders and traditional asset managers can expect reductions of 0-5%, with dealmakers and private bankers facing flat pay.
The job market has generally tightened on Wall Street since the 2008 financial crisis, when market chaos and recession forced the industry to adjust. But now there is a peculiar dynamic, where pay can fall even when the economy is strong, said Alan Johnson, who runs the consultancy. “This is kind of an inflection point,” he said. “It used to be, ‘As long as AUM is up and as long as the market is up, you’ll be fine.’ But that’s no longer true.”Pay is under pressure because of increased competition and automation. As an example, Johnson pointed to index funds that simply track the market but cost less and perform better than funds handled by human portfolio managers. As investors demand more for a lower price, firms have been reducing headcount and squeezing pay.
Welcome to the world the rest of the US workers have lived in for more than a decade.
Boo friggin hoo
I’m weeping... OK, it was a stuck eyelash.
they gotta love Trump
Good
They are still a lot better off than workers in other industries which constitutes more than 90% of the world working population. Of course the 90% is not a referenced statistic but the point there are a lot of less fortunate people.
😂😂😂
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