Wall Street: Leaner and meaner – FT.com

Today, amid a regulatory clampdown and a turbulent global economy, the industry is contemplating a future that looks more like the lower-key profession Mr Forese remembers. Securities firms are cutting jobs. Bonuses are down sharply. The prestige of being a Wall Street banker has plummeted. And the profits that underpinned the heady years of the past are harder to come by. For Wall Street’s critics, these are not all bad developments.This week, the Financial Times looks at the industry’s attempts to adapt to a post-crisis world. We investigate whether the spread of electronic trading is a threat or salvation, examine the competitive challenge from non-bank firms and report on the struggle of troubled European institutions to stay in the top tier of financial players.

via Wall Street: Leaner and meaner – FT.com.

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