Many Wall Street workers will see their pay stay flat or decline this year, as big banks and money managers continue to cut costs, according to a ...
NEW YORK: Many Wall Street workers will see their pay stay flat or decline this year, as big banks and money managers continue to cut costs, according to a report on Tuesday by compensation consultancy Johnson Associates.
"This is kind of an inflection point," he said."It used to be, 'As long as AUM is up and as long as the market is up, you'll be fine.' But that's no longer true."Pay is under pressure because of increased competition and automation. As an example, Johnson pointed to index funds that simply track the market but cost less and perform better than funds handled by human portfolio managers.
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