Gone are the days of chunky bonuses and salary increases. Wall Street’s top brass are ready to trim their workforces as annual staff cuts return.
Hi. Aaron Weinman here. Performance reviews are back. Hiring has slowed. And Wall Street''s most influential chief executives from Goldman Sachs'' David Solomon to JPMorgan''s Jamie Dimon are ready to cull under-performing staff. It''s a shift from this time last year, when junior bankers scored significant pay bumps, dealmaking reached record-breaking highs, and investment bankers prepared themselves for some of the chunkiest bonuses they''d ever received. Per this story from Bloomberg, however, the layoffs should not be as severe as what Wall Street experienced after market crashes in 1987 and 2008. According to insiders, most of the cuts should be limited to underperformers in investment banking, who are really feeling the pinch of weak deal flow in equity capital markets and advisory services. As Insider has previously reported , mortgage-lending units are also exposed to job cuts. Before we get into that, however, it''s also time for our Banker of the Week ! If this was forwarded to you, sign up here .
Gone are the days of chunky bonuses and salary increases. Wall Street’s top brass are ready to trim their workforces as annual staff cuts return.
Hi. Aaron Weinman here. Performance reviews are back. Hiring has slowed. And Wall Street''s most influential chief executives from Goldman Sachs'' David Solomon to JPMorgan''s Jamie Dimon are ready to cull under-performing staff. It''s a shift from this time last year, when junior bankers scored significant pay bumps, dealmaking reached record-breaking highs, and investment bankers prepared themselves for some of the chunkiest bonuses they''d ever received. Per this story from Bloomberg, however, the layoffs should not be as severe as what Wall Street experienced after market crashes in 1987 and 2008. According to insiders, most of the cuts should be limited to underperformers in investment banking, who are really feeling the pinch of weak deal flow in equity capital markets and advisory services. As Insider has previously reported , mortgage-lending units are also exposed to job cuts. Before we get into that, however, it''s also time for our Banker of the Week ! If this was forwarded to you, sign up here .