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…
