When the stock market was soaring, it was easy for executives to capitulate and try to address burnout by increasing paid vacation time and paying out hefty bonuses. With more and more industries experiencing layoffs and hiring slowdowns, job cuts could be coming for Wall Street next. ![]() While employees have been able to wrangle more bargaining power in the last few years, an economic downturn will likely lead Wall Street execs to feel the pressure to tamp down on costs. In fact, Mayo argues the idea of a junior banker revolution is simply a blip. ![]() Plus, no one was getting fired for refusing to follow the CEOs’ return-to-office mandates.īut these days the chance of victory isn’t looking like a sure bet for employees. Many junior bankers, including Goldman Sachs employees, have been fighting for better work-life balance and flexible work-from-home options.Īnd for a little while, it looked like they might be winning-and not to mention enjoying a raise with starting salaries over $100,000. ![]() Last year’s record revenue, the Great Resignation, and a talent shortage has emboldened and empowered younger staffers in the financial sector. “If you’re an employee of Wall Street, you better have your eyes wide open,” warns Mike Mayo, a bank analyst at Wells Fargo.
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