Wall Street banks’ staff churn to double this year after bonus payouts – experts

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FILE PHOTO: A man walks along Wall Street in New York September 18, 2008. REUTERS/Eric Thayer/File Photo

March 14, 2022

By Elizabeth Dilts Marshall

NEW YORK (Reuters) – Staff turnover on Wall Street is set to surge in coming weeks as investment bankers who held off job-hunting during the pandemic cash in their record bonus checks and leave for new opportunities in the red-hot labor market, said recruiters.

Bonuses are up 20% to 25% on average across Wall Street thanks to last year’s deal-making frenzy, but bankers have been waiting for the checks to hit their accounts — which typically happens each year between January and March — to jump ship.

While bonus payouts usually trigger staff turnover, recruiters and experts say 2022 could see twice as much churn as usual due to a confluence of factors: many bankers felt it was too risky to job hop during the COVID-19…

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