February 06, 2012

A groan inducing graff from this week's cover story for New York Magazine. If the title doesn't say it all - The Emasculation of Wall Street - then read this and try not to cringe:

For New York's bankers and traders, the new math suddenly reordered their assumptions about their place in a post-crash city. "After tax, that's like, what, $75,000?" an investment banker at a rival firm said as he contemplated Morgan Stanley's decision. He ran the numbers, modeling the implications. "I'm not married and I take the subway and I watch what I spend very carefully. But my girlfriend likes to eat good food. It all adds up really quick. A taxi here, another taxi there. I just bought an apartment, so now I have a big old mortgage bill." "If you're a smart Ph.D. from MIT, you'd never go to Wall Street now," says a hedge-fund executive. "You'd go to Silicon Valley. There's at least a prospect for a huge gain. You'd have the potential to be the next Mark Zuckerberg. It looks like he has a lot more fun."

Ah, the misery of a $125K annual bonus...

ABOUT THE AUTHOR
Phil Albinus is the former editor-in-chief of Advanced Trading. He has nearly two decades of journalism experience and has been covering financial technology and regulation for nine years. Before joining ...