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"Wall Street's latest problem: too many bankers and not enough deals.
Amid new regulation, lower profits and a dreary market for mergers and acquisitions, several banks are planning to trim investment-banking units that were built for an era of deals aplenty."
...planning to cut dozens of jobs...? Dunno how much this will impact real estate prices in NY. This is too low a number!
"The squeeze on profits and the slow deals environment have made banking less fun and less fulfilling. People are asking themselves, 'is this worth it?"
bullish. they'll find a more fulfilling job and make more money
I think it means dozens at each shop. And you could probably assume the hiring slows as well.
no way! who dare say wall street can run well with less talent? LOVE that word "talent" they use to refer to themselves.
We are talent and you appear jealous at your own inability to afford manhatten real estate.
90% of the people I know who have bought or are buying RE are not in financial services sector. I think it's ridiculous to assume Manhattan RE lives and dies by one industry. There are many careers and industries that pay well but haven't generated the headline-grabbing attention of Wall Street, for better (record bonuses 2007) or worse (TARP, etc).
Even funnier if you are a broker
Re: We are talent and you appear jealous at your own inability to afford manhatten real estate
With all that talent one would think you'd know how to spell the name of the city you live in
the music hasn't stopped for manhattan RE, flippers are still enjoying free housing
My bank has been laying off people the entire month. It ain't pretty, and bonuses are never coming back. I don't understand how anyone in his right mind could say finance bonuses don't have a huge influence on property values in this city.
Just last week former UBS Chairman Grubel said Credit Suisse's investment bank employed 5K too many people. You can probably assume a similar number for UBS. Morgan, Goldman, etc etc these firms need to reduce compensation expense - they all employ too many people and the cuts will definitely hit NYC-based departments.
Employment going down. Bonuses going down.
Wall Street was never gonna be the same in 1987 or 1994 either. The world as we knew it had changed! Never underestimate the ability of the industry to re-invent itself. Nevertheless, my point is that looking at RE through the lens of only ONE industry doesn't paint a full picture of what may be happening in other sectors of the NYC economy.