Many of the Jr. bankers threatening to quit are not qualified for any other position/career that pays nearly as much.
From the New York Post, April 4:
It’s a tale of two Wall Streets.
Hundreds of thousands of junior bankers are cutting back after their bonuses were a bust this year.
But the very top of the 1% is living large thanks to the stock market surging and Bitcoin soaring — meaning their inflation-beaten bonuses didn’t affect their wealth.
Official figures from the office of the New York State comptroller show that the average Wall Street bonus for 2023 was $176,500, compared to $180,000 for 2022. Thanks to inflation, that 2% decline is even more painful.
Given roughly 1 in 11 people in New York is employed in some capacity by a financial firm, according to the state comptroller’s office, any changes in Wall Street compensation can have an outsized impact on the rest of the city.
Bonuses are doled out at the end of the year and typically make up the majority of someone’s total compensation.
For instance, a managing director at a top firm could make a salary of $500,000 or more and in a good year nab a bonus of a million dollars or more.
But a first or second year analyst at a top firm who makes around $110,000 in salary saw their bonus fall as low as $30,000 or even zero — compared to the $100,000 they expected.
And vice presidents at large firms — whose salaries are usually between $200,000 and $250,000 and who had expected at least the same in bonus — are also complaining that they have been getting closer to $100,000. After tax, the bonus is just over $50,000....
....MUCH MORE
If only they had known five or ten years ago that an M.D. was more valuable than an MD, especially if combined with a PhD in something to do with 'puters, so as to leap into the future of digital biology rather than 80-hour weeks staring at Excel spreadsheets until you eyes bleed.
