Sheffield Haworth in the News: Bloomberg – U.S. Banks Are More Profitable Than Ever, But Wall Street Pay Is Slipping

Julian Bell, Managing Director and Head of the Americas Sheffield at Haworth, recently spoke to Bloomberg about the decreasing compensation rates on Wall Street, despite Banks in the US being the most profitable they have been for some time.

 

Julian commented on his observations of the market particularly among investment bankers whose pay had been reduced by about a third.  However, competition is still fierce for investment banking talent as advisory boutiques swoop in on talent from big banks, meaning that the full-service banks still must pay more on hiring than they would like to.

 

You can read the article in full here.

 

U.S. Banks Are More Profitable Than Ever, But Wall Street Pay Is Slipping

By Yalman Onaran, Bloomberg.com, 16th September 2019

Goldman Sachs Group Inc. Chief Executive Officer David Solomon was paid $23 million last year, a third of what his predecessor received in 2007. Other Goldman employees haven’t fared much better.

Compensation per employee is down by 61% at the Wall Street firm when adjusted for nominal wage growth in the period, according to company filings and calculations by Bloomberg. Goldman had the sharpest pay decline among a dozen of the largest U.S. and European banks, followed by Credit Suisse Group AG at 46%. The group had an average reduction of 14%.

Source: Bloomberg.com