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Wall Street shrinks headcount as dealmaking and trading slump
- deleted 3y ago[deleted]
- badcppdev 3y agohttps://archive.li/OTSyh https://archive.li/OTSyh
- gumballindie 3y agoReplace the lot with ai. They want to replace us anyway, without paying royalties mind you, so they might just as well start with themselves.
- dangus 3y agoJust slap the word “AI” on it and magically you don’t need employees anymore! My business relies on machine learning blockchain Web 3.0 to do all the work.
- falcor84 3y agoMy AI dawg heard that I like AI, so now my AI fully relies on AI to do all the AI for the AIs.
- gumballindie 3y agoHere's a better one, check this out. "Our customers are all AI and they pay with a crypto we made." - I call this the commerce centipede, based on South Park's HUMANCENTiPAD. Basically, if these companies automate end to end, both product and customer they've enabled the endless money cheat. They can even build their own little parallel government where the board rules as benevolant benefactors.
- red-iron-pine 3y agoforgot cloud. an older buzzword but still gets eyeballs
- game_the0ry 3y agoI get this is a flippant comment, but this is not about AI, this is about a slow down in business, not about replacing people with AI. Punchline is - economy is bad and getting worse.
- curiousgal 3y agoI would argue that it has very little to do with the economy. Interest rate is high so companies don't have access to cheap funding to finance their mergers and acquisitions hence the slowdown in M&A deals on Wall Street.
- moneywoes 3y agoI recall too PE funds like Bravo salivating at how they’ll save 10-20% in Eng costs from AI Somehow doubt that will occur for finance functions
- yardie 3y agoHi former Wall Street employees the planet could really use your help. Tech, Capital, and Web3 may be in a slump at the moment but industrial, environmental and infrastructure can't find enough people. The pay isn't as sexy and you may have to relocate to unsophisticated parts of the country. But if you've noticed, the Earth is heating up dramatically and this is a problem that can't be solved with a spreadsheet.
- lpapez 3y agoNeither is it a problem which can be solved with magical techno solutions alone. The primary way is to solve it is through systemic and habit change, so I would say if these people wanted to help the environment, they're better off getting into politics.
- thebooktocome 3y agoSomething tells me these Wall Street types aren’t going to be too interested in the pervasive industrial re-regulation necessary to make a dent in atmospheric CO2 levels over the next century.
- JumpCrisscross 3y ago> Something tells me these Wall Street types aren’t going to be too interested in the industrial re-regulation necessary to make a dent in atmospheric CO2 levels over the next century What or who is that? Wall Street’s rank and file is left of centre on social issues.
- archgoon 3y ago[dead]
- sydbarrett74 3y agoRegulation of emissions isn't a social issue. It's an economic one.
- CSMastermind 3y agoI think we're in for a bloodbath for white collar work the rest of this year. Trends I've been seeing: 1. The end of startup runway. It's been about a year since VC money pulled back and there were a lot of startups that only had 12 to 18 months or runway left. I'm starting to see them go out of business in waves. 2. Late followers starting layoffs. People I know at big corporate giants like insurance companies, retail chains, etc. are starting to get laid off. This took much longer than the big tech layoffs but seem to be starting in earnest. 3. Severance packages and savings running out. This hasn't really happened yet for most people I know but will in the next 6 months.
- frankfrank13 3y agoAgreed. I also have to wonder if this is the beginning of the end of inflated tech salaries. I guess the two cases are 1. Paying $200-600k a year is fine, as long as you're hiring the best 2. Why pay $200-600k a year when the recently laid-off person will do it for <$200? Are companies still confident that they're doing #1 accurately?
- drivebyhooting 3y agoTC deflation from 600k to 200k would be a disaster. Personally it would break my family.
- blovescoffee 3y agoHonest question, why couldn’t your family survive on 200k? High mortgage? “Break my family” seems pretty hefty and 200k is a decent chunk of change.
- ke88y 3y agoKids are expensive and housing is intractable where the mid-level jobs are. In some housing markets, a family with 2 boys and 2 girls earning $150K/yr will qualify for government subsidized housing. It's not 1995 anymore and not everywhere is the suburban midwest.
- moneywoes 3y agoSeems to pale in comparison to the number of tech layoffs ( ~220k in 2023)
- efields 3y ago> With the reductions in headcount, severance costs drove up expenses across the six largest US banks. Expenses tied to personnel and compensation jumped 6% to $95.5 billion. It's almost like… the bankers were paid too much? Wait wait wait… the folks involved with moving money around decided that they're not worth as much as they've been compensated? You mean to tell me moving money around professionally isn't as valuable to society as maybe the last 40 years postulated it was????
- gruez 3y ago>Wait wait wait… the folks involved with moving money around decided that they're not worth as much as they've been compensated? >You mean to tell me moving money around professionally isn't as valuable to society as maybe the last 40 years postulated it was???? As opposed to tech people working in adtech?
- piva00 3y ago> As opposed to tech people working in adtech? No, not at all, I think we can say the same about those people. Or even more broadly, tech in general, we are only paid these absurd sums of money because our work can scale very easily/cheaply to our employers, as an individual I produce millions of US$ worth/month to my employer but as value to society I don't know why I'm being paid multiples of what nurses, and teachers earn. At least I'm not in adtech or finance, lessens the disgust a little. I think a lot of us are very aware of that fact.
- antisthenes 3y ago> Or even more broadly, tech in general, we are only paid these absurd sums of money because our work can scale very easily/cheaply Yes, and the fact that every tech giant is a monopolist in their field. Advertising/Retail/Enterprise productivity/Social Media, etc.
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- CraigRo 3y agoMost of the people who are going to be let go are pretty talented and hopefully fairly flexible. They'll find work, maybe not at the salaries that they were getting before, but this has happened many times before.