What’s Happening On Wall Street
Jobs cuts and hiring freezes punctuated 2022 for Wall Street. And with banking activity expected to dry up as economic conditions worsen in 2023, finance professionals, especially those in senior investment banking roles, could see a bonus reduction of up to 50%, according to multiple reports.
So how are finance professionals on Fishbowl, a professional social network reacting to the possibility of their total compensation taking a significant hit? Industrywide discussions reveal frustration and a growing desire among young analysts to resign and move to private equity – or even leave Wall Street. Interested in getting a better understanding of where fianance professionals stand on this matter, we decided to ask them the following question;
“If your company were to reduce bonuses in the next bonus cycle, would you consider quitting your job?” Y/N
The survey ran from December 19, 2022, to December 22, 2022, and was answered by 1,096 finance professionals on the Fishbowl App. Respondents included employees at companies such as JP Morgan, Goldman Sachs, Citi, Morgan Stanley, Credit Suisse, and many more.
It appears young banking professionals on Fishbowl aren’t the only ones considering giving notice should management slash bonuses. This sentiment is shared across finance. A whopping 72% of respondents said they’d consider resigning from their positions.
This poll provides a limited perspective on the finance industry; however, it shouldn’t be ignored by banking leadership considering budget cuts. In an industry where bonuses are used to reward and recognize top-notch performance, it’s worth considering options to keep their high-performing employees motivated and prevent a mass exodus during this recession.