As you may have heard, a whole bunch of banks have plans to eliminate jobs in the coming months. While it may be little sympathy to those who’ve already lost their jobs (cuts have already begun at Goldman Sachs, UBS, Credit Suisse and Morgan Stanley), those who were spared or will potentially be spared in upcoming rounds can perhaps appreciate the fact that it could well be worse if the firms performing the bloodletting weren’t also cracking down on expenses, thereby saving an employee or two from getting the boot. If you don’t think the belt-tightening is having a serious impact on their lives, think again. For many, it’s like Greece out there.
Morgan Stanley has begun spelling out the cost of market data services, BlackBerry use, travel and other running expenses to employees, encouraging them to cut back…The austerity measures seem to be having an effect on some traders, who have become more cautious in recent months. “It’s tense — everyone is constantly looking over their shoulder,” said one former fixed income trader at a large Wall Street firm who recently moved into a risk-management role. “I’m not expensing lunch, and I’m taking the subway home.”
One firm’s austerity measures, of course, are other firm’s perks. You don’t even want to know the things a UBS employee would let you do to his body for a $10 subway pass. An unlimited monthly? Would haunt even the most debased mind’s dreams (two HJ’s to be redeemed while watching episodes of Hoarders for an express bus plus seven day, if you want the actual figures).
Wall Street Targets Pay As Trading Revenues Fizzle [Reuters]
Man vs Wild! This dude is roughing it for the greater good
It’s tense, I’m not expensing lunch, and I’m taking the subway home
Hm. Is that the body of a man or woman?
- Inquisitive commenter
This question is a layup. Less hookers and blow. Should increase margins by at least 90-100% on an annualized basis.
- Mark Lowe
Trying suing me now! Double Jeopardy mutha fuckas!
Do we need to have a talk?
-Bird & Bee, Uncomfortable Discussion Consultants
I even started to drink me own piss for lunch.
/ Bear Grylls Quant
What’s next, double sided copies and no color printing? Clowns should know by now that these measures never, ever work and are usually a precursor to another round.
that’s how you get pinkeye
best tag ever?
Are they willing to sacrifice their first born to maintain the lifestyle?
That dancer might want to get those moles looked at, unless health coverage is part of the cutbacks.
THATS THE TRUFF TRUFF!
Was the tag to risque for DB? It’s gone but not forgotten:
“two HJ’s and a handie-via-mouth for an express bus plus
seven day if you want the actual figures”
Please–it was swapped for “pictured: a UBS MD dancing for his dinner” and added to the actual post. (And I decided an HJ during Hoarders was sicker than the original.)
That’s a good question… if you are only accustomed to seeing “men” aged 15 and below.
this new fellow Matt is at DB only one day and hes already getting Bess to pose for pics for the tags. bravo man.
I have to say it….UBS sucks!
You didn’t, but thank you for stating the obvious
Ah, the austerity memos. I remember one about reusing paper clips and how much money the firm would save. Immediately started looking for new employment. Swell of them to foreshadow cuts in such a non-threatening way.
Well done.