Wall Street bonuses are anticipated to fall again—despite that the stock market has done well, employment is high, and the economy looks strong
The stock market has done well, employment is high and the economy looks strong. Despite the positives, Wall Street executives are worried.
Automation, artificial intelligence and other technologies are displacing bank financial services employees. In cost-savings measures, companies are moving jobs to lower-cost cities in the United States and to other countries. These factors make it easy for Wall Street management to tap the breaks and hold back on bonuses and raises. It gives them a reasonable excuse to cut the bonus pool.
This doesn’t just hurt the bankers, traders, brokers and other financial professionals. The bonus payment represents a significant part of the total compensation package for a Wall Street professional. The bonus can range from several thousand dollars to a multimillion-dollar package.
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