Why bankers in the US expect fewer bonuses

New York, Frankfurt Not so long ago, calls to headhunter Paul Webster went something like this: “The client urgently needed a banker with a certain profile. And he was willing to pay virtually any price to get the banker,” recalls Page Executive’s partner in recruitment, who specializes in the banking world.

It was a comparatively simple business. Because financial institutions were looking for new employees as quickly as possible, and after the pandemic, bankers, like many other employees, were more willing to change jobs than they had been for a long time.

In the meantime, however, the calls have a different quality. “Candidates have been significantly less motivated to change jobs over the past two months,” says Webster. “We call candidates with a great job offer, but suddenly everyone is hesitant, wanting to stay in their old position until the situation on the markets calms down.”