That's how most workers describe life on Wall Street these days, according to a survey of about 100 financial professionals by Options Group, a New York executive search firm.
Survey participants were asked about their satisfaction with their job, their firm, their pay and their prospects.
An alarming 50% of the them said they were unhappy in all four areas, Options Group said.
"In a lot of cases keeping your job is your bonus," said one anonymous U.S.-based trader who works at a European bank.
The negative sentiment among financial professionals gives a glimpse into life on Wall Street and in finance more broadly after the 2008 financial meltdown.
Banks have been forced by shareholders and regulators to rein in risk and adhere to new compliance standards.
"It's become a very challenging environment. Instead of concentrating on generating alpha, you have to concentrate on rules and regulation," said Mike Karp, CEO of Options Group.
Related: Jamie Dimon: New crisis coming, regulations will make it worse
Intense politics: Financial firms should be alarmed by the survey, which covered mostly senior employees located in the U.S. and Canada. The negative results aren't a one-time blip. Options Group conducts the survey twice a year and said it hasn't noticed a meaningful change over the past three years.
"Politics-driven big banks are destroying their talent pools and driving out precisely the kinds of people they need," said one U.K.-based investment banker who works for a U.S. firm.
"In an environment where pay and bonus pools are stagnant, brute politics and internal credit-stealing are ascendant," the investment banker said.
Related: 3 things Wall Street doesn't want you to know
Talent wars: Disillusioned by life in finance, some talented employees may opt to take their talents to sunny Silicon Valley. Fast-growing technology companies like Google (GOOGL, Tech30) offer large paychecks, fewer regulations in some regards and the perceived ability to change the world for the better.
Wall Street is fighting back the best way it knows how: with money. Last summer, several Wall Street firms raised the salaries of some junior-level employees by around 20% in an effort to compete for talent that is increasingly attracted to Silicon Valley.
"Most guys want to go and live in California and work for these tech companies. People are always being recruited by Google and Facebook (FB, Tech30)," Karp said.
Related: Talent wars: Silicon Valley vs Wall Street
Bonuses not back at pre-crisis levels: Bankers' bonuses have rebounded since the financial crisis but remain shy of the record-level payouts.
The average Wall Street bonus last year was nearly $173,000 -- roughly $20,000 below the average in 2006.
Of course, few people feel sorry for the bankers. The bonuses enjoyed by financial professionals these days are over three times the median U.S. household income.
Related: 78 cents on the dollar: The facts about the gender wage gap
Bullying? But is the pay worth it? Bank of America (BAC), JP Morgan (JPM) and Deutsche Bank (DB) have been among the firms forced to confront stress, anxiety and depression facing their staff after banker suicides and premature deaths made headlines.
The financial sector has seen a flood of investigations, lawsuits and new regulations, piling the pressure on workers as their employers demand a return to the massive profits of the past.
That pressure may have even manifested itself in the form of bullying, at least according to one trader at a New York hedge fund.
"There are some very bad people who think nothing of bullying and then taking advantage of employees," the trader said in the Options Group survey. "Be very careful."
Related: Good news: More workers are quitting
CNNMoney (New York) April 14, 2015: 5:36 AM ET
Anda sedang membaca artikel tentang
Wall Street is a miserable place to work
Dengan url
http://ngopingeteh.blogspot.com/2015/04/wall-street-is-miserable-place-to-work.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Wall Street is a miserable place to work
namun jangan lupa untuk meletakkan link
Wall Street is a miserable place to work
sebagai sumbernya
0 komentar:
Posting Komentar