At many banks the decline in senior appointments reflects job cuts across the board.
The Financial Times reports that it is Wall Street’s “squeezed middle”: a large cohort of bankers in their thirties and forties are fretting that promotions to their banks’ top tier are becoming harder to secure.
Many of them accept that being stuck on a few hundred thousand dollars a year hardly qualifies as hardship for most of the world’s workers, but that does not stop the yearning for a diminishing number of managing director jobs, which offer significantly more pay and prestige.
At many banks the decline in senior appointments reflects job cuts across the board. But one executive at a large investment bank estimates that in the boom years before 2008, up to 16% of Wall Street’s bankers were managing directors. Now, that figure has shrunk to 12%.
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