computer trading requires no bonuses... maybe a few for the programmers thoughA NOTE ABOUT JOBS:
Morgan Stanley chief James Gorman said last week, “there’s way too much capacity” — meaning extra people — “and compensation is way too high.” Still. “The industry is still overpaid.”
And Gorman and his Wall Street peers have also figured out that their employees have nowhere to go if they’re unhappy.
So look out below — still. In the early ’80s, the average Wall Streeter made only twice the average private-sector income in other industries. It rose to six times that during the bubble years — but it’s now back to five times the average salary, and sinking.
Many financial jobs are relocating outside New York as well.
1. $228 Trillion in derivative exposure by the big banks
2. High speed trading that no human can match
3. Banks with Prop Trading Desks that make bets opposing the advice they've given to their investors
4. Lack of trust by investors after recent crash
5. No one wants to risk what they have left.
Revenue is DOWN 57%, and profits are UNCHANGED! Sounds like there are some seriously talented people in charge of this industry.
computer trading requires no bonuses... maybe a few for the programmers thoughI don’t know if Wall Street is never bouncing all the way back but until the area shrinks their high-tax nanny-state governments, there will be a lot of outstanding minds who will never choose to work there.
They killed the golden goose with a bunch of scamming and distortions. The world is on to the “leading” economy.