- 2022 was not a good year for investment banking, as a slump in deals led to declines in fees and revenues at all major institutions.
- Due to the challenging economic environment, several Wall Street banks resorted to cutting jobs to manage costs.
- Related: A Week After Morgan Stanley Layoffs, Goldman Sachs Axes 4,000 Jobs.
- Recruiters expect year-end bonuses for bankers in New York and London to be 30% to 50% lower, while some may receive none.
- This year, the pace of mergers and acquisitions and stock offerings slowed significantly as debt financing markets collapsed and stock market volatility hurt valuations.
- For U.S. managing directors at Goldman Sachs Group Inc (NYSE:GS), compensation for 2022 might fall 40% – 45% on average, Reuters reported citing data by Sheffield Haworth, a recruitment firm for top executives.
- At rival banks, including Morgan Stanley (NYSE:MS), JPMorgan Chase & Co’s (NYSE:JPM), Citigroup Inc (NYSE:C), and Bank of America Corp (NYSE:BAC), the average pay for senior bankers is expected to fall between 30% – 40%.
Wolfe Research Initiates Coverage On CBRE Group with Outperform Rating, Announces Price Target of $112
Wolfe Research analyst Andrew Rosivach initiates coverage on CBRE Group (NYSE:CBRE) with a Outperform rating and announces Price Target of $112.
