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Wall Street banks are cutting jobs and slashing bonuses — here’s what you need to know
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A dealmaking slump has forced investment banks to retrench again after a period of frenzied hiring. Job cuts are picking up pace and after last year's hefty bonuses, bankers are being handed doughnuts as fees have tumbled by more than 40%.
Only a year ago, bankers saw a 50% surge in salaries after a record-breaking 2021. A fierce talent war for top dealmakers led to huge pay demands from bankers switching jobs, pushing up compensation costs at Goldman Sachs, JPMorgan and Morgan Stanley to levels not seen for a decade.
Read more on fnlondon.comAbout this in other media
Wall Street investment bank fees off to the slowest start since 2009 fnlondon.com /1 year ago
Hedge funds buck jobs gloom as Millennium, Man Group, Brevan Howard hire for hundreds of roles fnlondon.com /1 year ago
Barclays to slash dealmaker bonuses after Wall Street banks pull back on pay fnlondon.com /1 year ago
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