“The pandemic is wreaking havoc on many parts of the U.S. economy this year, and the financial services industry is no exception,” said Alan Johnson, managing director of Johnson Associates… Even with an optimistic vaccine view, the pandemic will continue to weigh on the economy in 2021, but likely to a lesser degree than in…
“The majority of professionals at traditional and alternative asset firms as well as retail and commercial bankers will see smaller bonuses,” said the firm’s managing director, Alan Johnson. “Conversely, fixed income pros will be rewarded handsomely as uncertainty and high volatility contributed to record trading.” Hedge funders will have a check about 5 percent to…
Experts see a small pay cut coming for executives at traditional asset managers, hedge funds, and private equity shops, particularly at smaller firms, given disruption in the underlying economy because of the coronavirus. The predicted five-to-10 percent compensation drop would make for two down years in a row, according to Johnson Associates’ third-quarter report on…
“Financial services and banking has too many people,” said Alan Johnson, the head of compensation-consulting firm Johnson Associates Inc., who predicts the industry’s headcount will shrink 10% by mid-2021 from its level as the pandemic began. “Next year is going to be very low hiring. There’ll be some layoffs.” One silver lining for job hunters…
“This is the first time since the financial crisis that we’ve had such a dramatic difference between parts of the big banks,” said Alan Johnson, founder of New York-based pay consultancy Johnson & Associates, referring to the gulf in the performance of the banks’ retail business and their advisory and trading divisions… Johnson said issues…
Hartford anticipated about $70 million in severance costs in the third quarter, according to its second-quarter results. “They’re probably looking at getting whole head count down 10% or 12%” through both buyouts and layoffs, says Alan Johnson, president of compensation consulting firm Johnson Associates… The fact that the pandemic now appears likely to stretch well…
Alan Johnson, managing director of New York-based compensation consultant Johnson Associates Inc., said that Wells Fargo’s announced cost-cutting plan will hurt the firm from a recruitment perspective, including in asset management. “It’s not just the cost cutting, but years of instability at the bank,” since the 2016 sales scandal surfaced, he said. “It’s just one…
Equities traders at major U.S. banks largely succeeded in navigating the most tumultuous markets in a generation as the pandemic triggered lockdowns in March and sent stocks swooning, only to later rebound. But that performance was soon overshadowed by fixed-income trading. Federal Reserve intervention in credit markets helped banks arrange a slew of fundraisings for…
CNBC Squawkbox / August 10, 2020 WATCH TV SEGMENT
“You’ll hear about some multimillion-dollar trader that got some multimillion-dollar increase in pay while you got less pay,” Alan Johnson, president and founder of Johnson Associates, said in an interview. “You’re not going to be able to make everybody happy and, unfortunately, this year you’re going to make many people unhappy. There are limited funds…