Clawbacks, deferred compensation, layoffs timed to occur days before bonuses are paid, not to mention lectures re: not buying clients a couple dozen lap dances because it’s a day ending in ‘y’ hurt them too, y’know.
Bars, restaurants, real estate agents and even strip clubs that rely on the often extravagant spending of bankers in London’s financial district are reporting a decline in trade from steep job losses and cuts in bonuses. “We are worried, we are always worried,” Pierre Smit, front of house manager of 1 Lombard Street, a high profile restaurant in the heart of the City, told CNBC. “It’s such a sensitive market that anything negative that happens in the City has a direct impact on our business. Companies don’t have the money to spend like before, there isn’t the same amount of money on company cards. The spend-per-head has dropped tremendously,” he said…Strip clubs are also feeling the pinch. “They tell me inside on the floor that business is going down,the customers are spending less money, there’s a smaller amount of people coming in now,” a source at a prominent central London strip club told CNBC.