06Jun

About those year-end bonuses Wall Street bankers and traders were expecting just a few months ago: If they happen at all they’re going to be smaller than last year.

The compensation consulting firm Johnson Associates Inc. says the prolonged business shutdown, which has kept millions unemployed, is weighing on banks, which have upped their cash reserves anticipating the possibility of widespread credit defaults.

They’ve also taken a hit to lending and related activity, as consumers have dramatically reduced their spending.

With so many stores closed US consumers had few alternatives but to save. The personal savings rate soared to 33.5% in April, more than four times the 7.5% in April 2019. Savings, as a percent of disposable income, has since fallen to 19% in June, according to data from the government’s Bureau of Economic Analysis. But that’s still well above the pre-COVID rate.

According to a Bloomberg article, Johnson Associates predicts that bonuses and incentives for those in hedge funds, asset management and private equity will be lower by as much as 15%. Those in retail and commercial banking are looking at up to a 30% bonus cut.

“That is going to be a really troublesome finish of the year,” report author Alan Johnson, is quoted as saying.

For stock and bond underwriters and equity traders on the other hand are likely to get bigger bonuses. The Johnson Associates prediction is their year-end bonus will be 15% or even 20% above last year.

Underwriters have been kept especially busy as companies struggled to raise money to maintain payrolls and cover other expenses.

Traders, meanwhile, have worked to keep up with record volumes of transactions from investors trying to stay ahead of the highly volatile, but rising, markets.

Photo by Patrick Weissenberger on Unsplash

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Green Key

Green Key Unlocked: Why Green Key?

“We are always inviting new, innovative ideas,” says Brooke Stemen, Director of Talent Acquisition at Green Key. As the person responsible for interviewing and onboarding new recruiters at the agency, Brooke has several reasons why someone should want to work and grow here. If you are looking for a different recruiting experience, or simply trying to switch career paths entirely, Brooke has provided a handful of motivating reasons to consider Green Key Resources. 

1. Commission structure 

The industry standard for commission structures is 5%, but at Green Key, *it typically starts* 12%. As this is more than double, the earning potential is unmatched. We also have zero threshold to earning commission, meaning you will make commission on your very first placement. You will never have to hit a spread quota or achieve a number of placements before unlocking strong earning potential. In addition to a competitive commission structure, Green Key also promotes from within. “We push our management teams to develop their internal teams,” says Brooke. “We are very growth-focused and invested in the success of our recruiters.” With a tech-focused mission and access to industry leading sourcing techniques, employees at Green Key have unlimited opportunities to succeed

2. Flexibility 

Green Key was founded on empathetic leadership, where you are treated like an adult and granted full autonomy to build your own day and optimize your time. Brooke reiterates, “We are not driven by arbitrary numbers, like how many calls you make. We’re a results driven firm and focused on net and production, which is a system that cultivates efficiency.” Green Key is also a give and take environment. Remote and hybrid schedules allow for a trusting relationship and higher productivity. We are always centered on quality of work over quantity. 

3. Mentorship 

Because Green Key promotes from within, managers across the organization are more motivated to mentor their recruiters and facilitate growth. Hierarchies tend to break down in these relationships and promote open communication. Mentorship within various teams is a unique aspect that makes Green Key successful. The opportunity to trust and learn from seasoned recruiters leads to goals being met and a healthy work environment.  

4. Diversity & inclusion 

“Prior to Green Key, I didn’t really see myself represented in leadership,” Brooke mentions. “As a woman who wants children one day, I was thrilled to see so many mothers holding leadership positions here.” Brooke emphasizes that Green Key is a place where you can make a substantial life for yourself, both professionally and personally. If you have to attend to personal matters outside of work, that will never hinder your success or growth here. “All we ask is that when you’re here, be present and try your hardest. At the end of the day, Green Key is an agency made by recruiters for recruiters.” 

Contact us 

If you’re considering a career change, do not hesitate to connect with Brooke on LinkedIn or visit our Join the Green Key Team page. With so many opportunities for growth and advancement, this just might be the perfect place for you! 

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Green Key

Green Key Unlocked: The Story of Green Key

When Matt Kutin, Andrew Chayut, and Robert Kahn, first founded Green Key Resources, they knew they didn’t want to name their staffing firm after themselves.