Saturday, July 26, 2008

New York Times Article on Wall St. Pay Drop

It's sobering to think that we are down to 6 major investment banks in New York City : JP Morgan, Morgan Stanley, Lehman, Citigroup, Goldman Sachs, and Merrill Lynch. You also have Bank of America, Wachovia, DeutscheBank, Barcap, and UBS among the secondary employers (ie: banks whose primary headquarters are not in New York). If Lehman goes down, then it leave 5 major IB's.

Back in the day, you had many many more firms that Wall Street IT professionals could hop between. The old adage was that you had to change companies every two years, with each move resulting in a salary increase and a bump in title. You had companies like Chase, Banker's Trust, Manny Hanny, Kidder Peabody, Drexel Burnham, Chemical Bank, Republic Bank, and many more. Then, you had all of the consulting firms like PWC, Ernst and Young, Anderson, Coopers and Lybrand, etc.

With all of consolidation that has gone on, plus companies who were forced out of business by the regulators, you are now more limited in terms of companies to go to. There are countless hedge funds in Connecticut, but that means you have to commute to Connecticut.

©2008 Marc Adler - All Rights Reserved.
All opinions here are personal, and have no relation to my employer.

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