Courtesy of the Huffington Post: “On Wall Street, there’s some feeling that things just aren’t what they used to be.”
“The industry that many allege played a fundamental role in the financial crisis is now dealing with the ramifications of the meltdown, albeit in its own way. The prospect of smaller profits combined with public ire over banker pay — including that from the Occupy Wall Street movement — means that many in the finance industry are saying they believe that the culture of huge bonuses and paychecks may be over forever, at least according to one ex-Lehman banker.
“The feeling is compensation is never really going to come back, which is something entirely new,” an anoymous ex-Wall Street worker told New York Magazine as part of their Workplace Confidential series. “After the tech bubble, no one questioned it wouldn’t come back. We all knew it would. Now it’s different. It’s just no fun.”
Just no fun! Hell is this, a salt mine?
But, all’s not lost, Pilgrims. While banks’ executive compensation may be dipping, over there at Goldman Sachs, compensation as a share of revenue is slated to go up to 44 percent from 39.3 percent, according to the New York Times, a trend that is common on Da Street.