…there is a peculiar dynamic, where pay can fall even when the economy is strong, said Alan Johnson…
“This is some kind of an inflection point,” he said. “It used to be, ‘As long as AUM is up and as long as the market is up, you’ll be fine.’ But that’s no longer true.”
Although fewer are bringing home massive paychecks, Wall Street still rewards top performers, Johnson said. Those who create products, maintain strong ties with clients and outsmart rivals are particularly valuable… “There’s a huge focus on paying the very best people.”
Reuters / August 6, 2019