Wall Street traders are expected to see disappointing annual bonuses this year, according to insiders speaking with Bloomberg.
That will be sobering news for New York’s biggest luxury retailers, but not a surprise after a year of subdued activity dampened by high interest rises designed to stamp out inflation.
JP Morgan, Citibank, Goldman Sachs and Bank of America are all expected to pay bonuses similar or even lower than in 2022.
Following a post-pandemic boom, last year was not a bumper year because interest rates were already causing a slow down in big ticket financial market deals.
“There won’t be any parades on Fifth Avenue this year,” Michael Nelson, head of markets for the Americas at talent consultancy firm Sheffield Haworth, tells Bloomberg.