Inside views on the jobs market
Is Wall Street poised for a makeover?
There’s no question Wall Street is undergoing a transformation of sorts with the recent rash of job losses and do-or-die consolidations. But once the dust has settled – what then?
It just may be the start of Wall Street’s warm and fuzzy rebirth, Forbes reports.
“The new Wall Street will be, in some ways, a friendlier place,” writes Michael Maiello. “Investors are no longer interested in secretive hedge fund managers and inscrutable quant trading strategies, and so personal relationships and personal responsibility on the part of financial advisers will be paramount virtues.”
But this supposed new Wall Street — where banks both big and small can flourish, where the personal touch is paramount — has a lot of skeptics to win over. Just today, Fidelity Investments said it was reviewing its staffing amid speculation of 4,000 layoffs. Meanwhile, reports that battered banks have set aside an estimated $20 billion for bonuses is surely confounding news for the thousands of newly-axed bankers left in their wake. What’s more, a new survey shows that most financial professionals aren’t just hoping for a bonus, they’re expecting it.
Is Wall Street capable of making a positive change, or is it headed for more of the same? Share your thoughts with us below.