Here’s Some Good News For Wall Streeters
Wall Street investment banking bonuses may rise up to 35%. Investment bankers working on debt underwriting may see bonuses climb by 25% to 35% this year, and bankers handling initial public offerings could see a 20% to 30% jump in 2024, Johnson Associates, a Wall Street compensation analysis firm said in a report.
Strong growth in debt issuance and IPO activity, which has raised more this year than in all of 2023, are the main reasons for higher compensation.
Other areas in which bankers could receive higher bonuses are equity and fixed income sales and trading. Equity traders may receive 10% to 15% higher bonuses and fixed-income traders may collect 5% to 10% higher compensation.
Even with sharp growth in recent years, alternative investment firms are expected to pay flat to 10% higher incentives this year, as the firms have large volumes of capital that have not yet been invested.
Wealth management and asset management executives are expected to receive 5% to 10% higher incentives this year, the consultancy predicted.
The Job Market, Economy And Stock Market
Today, several key developments are shaping the job market, economy, stock market and political landscape. In the job market, recent data has brought some optimism.
A better-than-expected report on unemployment claims has eased concerns about a slowing economy, with first-time applications for unemployment benefits falling to 233,000 from the previous week's revised figure of 250,000.
This decrease has temporarily alleviated fears of a recession, although continuing claims remain high, indicating ongoing challenges in the labor market.
In the economic sphere, the end of pandemic-era job hoarding is a significant topic, as businesses and policymakers assess the labor market's current state. The Federal Reserve is closely monitoring these developments to gauge the extent of labor market softening and its implications for monetary policy.
Meanwhile, the stock market has responded positively to the encouraging job market update. U.S. stocks have climbed, with the Dow Jones Industrial Average rising by 510 points and the Nasdaq composite increasing by 1.8%. This rally follows a period of volatility, partly driven by concerns over interest rates and global market shifts.
Jamie Dimon And Warren Buffett
Jamie Dimon, CEO of JPMorgan Chase, has recently expressed concerns about the U.S. economy, as he believes that the likelihood of a recession is higher than that of a smooth and soft landing.
He points to various uncertainties, including geopolitical tensions, housing market conditions, budget deficits, government spending and the upcoming general election, as contributing factors to market apprehension.
Dimon has been cautioning about an economic "hurricane" since 2022 and maintains that while the economy has performed better than his expectations, there are still significant risks. He is skeptical about the Fed's ability to reduce inflation to its 2% target, citing anticipated expenditures on green initiatives and military spending as potential obstacles.
Warren Buffett, renowned investor and CEO of Berkshire Hathaway, advises investors to focus on the long-term potential of the economy rather than short-term market fluctuations.
Awa Kone, Global Head of Operations at Flutterwave: Secrets to Building a Global Career
Awa is a go-to expert for multinational corporations and multi-billion-dollar startups looking to expand worldwide, especially on the continent of Africa. In this exclusive episode, she reveals the top three secrets she's used to develop her career and the businesses she's scaled on a global stage. We dive into Swiss Re and Flutterwave's tactics and expansion strategy and how the two giants think about new countries, markets and verticals.
Awa also shares the lessons she's learned from her experiences as a former actuary and how you can level up your career similarly, even if you don't plan on a career in actuarial sciences or risk. Plus, she explains how to deal with interpersonal or company politics and real-life politics.
Thriving In Chaos: How To Be Super Successful, Wealthy And Happy In A F*cked-Up World
We all have something in common: there’s an innate human desire to succeed in life—socially and at work. We want to be loved, forge lasting, fulfilling relationships, enjoy career and financial success and lead wonderful, productive lives.
This seems reasonably simple enough. However, it’s getting exceedingly difficult to stand out in a crowded workplace to get noticed and appreciated for your hard work and efforts, especially in a doom-and-gloom, tough economic environment with high inflation and costs continually rising.
Success in life and work is about developing a holistic approach that nurtures various aspects of personal and professional growth. Despite the odds, you must cultivate a combination of factors that include possessing a positive mindset and attitude, grit, a strong work ethic, a sense of purpose and fostering constructive habits to reach your goals and ambitions.
The goal of this book is to offer the tools, advice and guidance to succeed in your life and work.