More Butter, Less Bread

It looks like Wall Street hiring is back on the rise. Bloomberg reports that 6,800 new finance positions were added from the end of February to May, the largest three-month increase since 2008.

Morgan and our favorite Government Sponsored Entity (Citi) are looking to restock monkey shelves, while Nomura Holding and Jeffries Group are looking to the play the role of poacher in luring some top talent onto their squads.

Now that the financial overhaul has been finalized in a less apocalyptic version then some of us feared, companies are apparently ready to start consistently hiring again. Heck, people are even getting multiple offers, might capitalism still have a few breaths to take?

Apparently firms are paying 30 to 40 percent more than bankers are expecting to lure them to New York. Now, are they really offering more duckets then before or is that "30/40 % > NPV of current unemployment benefits"?

I am not so sure.

One thing seems to be highlighted, the nice perks and guaranteed bonuses are things of the past, specifically for the younger crowd. So hail yourself a yellow cab and pack that PB&J. More monkeys sharing the same sized banana crop could yield status deflation.

In related gossip, high school dropouts slinging brake-less Toyotas in Rockland County were seen chest bumping and giggling like Anime teenage girls at the news.

Comments (11)

Jun 28, 2010

why are guaranteed bonuses a thing of the past "specifically for the younger crowd"? I thought the regulations will have less of an effect at the analyst level and more so at the senior levels.

Jun 28, 2010

What drugs do you use, are they expensive and where can I get some?

Regards

Jun 28, 2010

Ben,

I meant guaranteed in terms of the size most youngsters day dream about on the jaunt from class to kegger.

The perceived guarantee of coming in and seeing a nice fat check at the end of your first season in the big leagues.

The money will still be there for some, but by and large, there will be less of it overall, spread amongst more hungry mouths in the long term. I thought the implication was clear, my apologies if not.

Jun 28, 2010

Bravo,

Actually, this is what sobriety does to a growing boy:)

Chinqui!

Jun 28, 2010

P.S. I was actually referring to your "Tags" you set up for the post, not the actual post itself.

One of the issue with perks and the like are they are generally perceived as "extras" (at least to the outside world). So as regulations tighten so will the things that make Wall Streeters appear 'privileged.' This will occur partially because banks, within reason, will attempt to keep in the public's good graces and also, because these companies will cut costs wherever they can. So if no black cars home becomes a standard for some of the larger, trend setting BBs then the rest will potentially follow.

Lets hope this isn't the case because the people who put in the 100+ hour weeks rightfully deserve their bonuses and late night meals and the expended cab rides home at 3 in the AM. The political correctness has to stop at some point in this country before it irreversibly damages our nation.

Very nice!

Regards

Jun 28, 2010

10/4, Bravo.

I agree wholeheartedly, the issue is that the liberal idiots have done such a great job at portraying hard work as greed, that almost any semblance of ambition is tantamount to voracious greed in the public eye.

Personally, I think that it is time to bring back the draft and force some of our (wo) men to remember the wonderful effect testosterone can have on a man's behavior and thought processes.

I am amazed that throughout all of these public witch hunts nobody has actually stepped up to acknowledge the FACT that making $200K a year while working 100 hr/week in NYC is EXACTLY the same as working a 9-5 and making $40-50K in a smaller market like a Kansas City, Santa Fe or Mobile.

Oh well, guess when Wall Street relocates to Zug then the "people will be free".

Jun 29, 2010
Midas Mulligan Magoo:

10/4, Bravo.

I agree wholeheartedly, the issue is that the liberal idiots have done such a great job at portraying hard work as greed, that almost any semblance of ambition is tantamount to voracious greed in the public eye.

Personally, I think that it is time to bring back the draft and force some of our (wo) men to remember the wonderful effect testosterone can have on a man's behavior and thought processes.

I am amazed that throughout all of these public witch hunts nobody has actually stepped up to acknowledge the FACT that making $200K a year while working 100 hr/week in NYC is EXACTLY the same as working a 9-5 and making $40-50K in a smaller market like a Kansas City, Santa Fe or Mobile.

Oh well, guess when Wall Street relocates to Zug then the "people will be free".

Dang man, you have to stop with all the numbers and facts...otherwise the sheep will wake and potentially become aware of what is really going on.

This world is becoming a sad, unrecognizable place and not just because of this crap alone, but because of countless other 'issues' we have going on which appear to be creating a perfect storm of sorts.

I second the draft proposal. Too many people that are running (I use that term loosely) this nation have no clue what it is like to work in the private sector or to earn your stripes in the armed forces because the are academics and career politicians. Maybe if these folks had to earn a living in a competitive market place (not tenured, etc.) then they might be a little more apprehensive about conducting an inventory of your wallet and removing the things you don't really "need." Not to mention they would be less sympathetic to the people that sit their asses on welfare for a lifetime and those who are living in this country illegally essentially robbing the working, income tax paying citizens by utilizing (with little-to-no-regard) the various social services that are given to them free of charge.

This country is going to hell in a hand basket (yes, just like grandma used to say...she was right).

Regards

Jun 28, 2010

God damn these articles. All they do is light a fire under job seekers' asses and cause my phone to ring with numbers I don't recognize

Jun 28, 2010

That's me calling, Wingman, please answer next time.

Jun 29, 2010
ThaVanBurenBoyz:

That's me calling, Wingman, please answer next time.

You are freaking hilarious.

Jun 29, 2010
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