Wall Street used to be brazen about its spending. Traders would spend large amounts of money to attain or maintain a certain social status. It was like “Keeping up with the Paul Tudor Joneses.”<\/p>\n
But there’s been a shift happening over the last decade. I did an informal poll of 50 Wall Street professionals and the collective response was that spending habits have changed.<\/p>\n
“There’s a lot less peacocking going on these days,” said Rick, a hedge-fund trader. (Peacocking, as in strutting your stuff like a peacock.)<\/p>\n
There are several reasons for the change: 1) The average Wall Street bonus fell 9 percent in 2015 to the lowest level in three years, according to an annual report by the New York State Comptroller, 2) Fear of job security, 3) Fear of a downshift in the economy and 4) “Street shame”\u2014the idea that, in an economic downturn when people are suffering, it’s shameful to be openly extravagant.<\/p>\n
Read Full Article at CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Wall Street used to be brazen about its spending. Traders would spend large amounts of money to attain or maintain a certain social status. It was like “Keeping up with the Paul Tudor Joneses.” But there’s been a shift happening over the last decade. I did an informal poll of 50 Wall Street professionals and … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":1205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/posts\/1204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/comments?post=1204"}],"version-history":[{"count":0,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/posts\/1204\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/media\/1205"}],"wp:attachment":[{"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/media?parent=1204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/categories?post=1204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/turneyduff.com\/index.php\/wp-json\/wp\/v2\/tags?post=1204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}