Wall Street firms have hit peak employment, and are now left with littleoption but to cut headcount.
That’s the story for most big banks in 2016, which have had to reduce staffing levels, cut compensation, or both, in response to international headwinds and central banks’ lower-for-longer interest rate mentality.
“A number of these institutions are looking to pull the lever of cost, and that relates to headcount,” said Bhushan Sethi, a partner at PwC and head of its financial services people and organization practice.
