Wall Streeters are not happy. According to the latest Bloomberg poll, 48% believe they are paid less (or much less) than they had hoped for.
With the biggest banks cutting costs as new regulations force derisking and deleveraging (in theory), pay is taking a hit (although not so much for the CEOs). As one headhunter noted, "they're still making decent money, but it’s nothing like 2007," but ironically, a massive 71% of Wall Street bankers admit that their banks are still Too Big To Fail.
If banks are still too big to fail, don’t just blame the regulators. Thomas Hoenig, vice chairman of the U.S. Federal Deposit Insurance Corp., says the fault may lie with the institutions themselves. “They’re just too big and complex to manage,” he says. “Every time they turn around, they break a rule, violate some sanction. That’s why there is continuing pressure to break them up. The market will force the biggest banks to shrink, divest, or even break up.”