According to the New York Post on January 28, local time, Wall Street elites are now "tightening their belts", but their "tightening" is really different from the general sense of "thrift", but it is no longer as luxurious as before.
Affected by massive layoffs and reduced bonuses, many stockbrokers, fund managers, investment bankers and once unattainable hedge fund geniuses on Wall Street are now in "tightening mode."
"I heard that someone who received a bonus of 3 million US dollars (about 20.35 million RMB) yelled at his boss and even threatened to leave. And the boss said unhurriedly, where can you go if you leave? ", said Robert Frank, a reporter for NBC's channel. Wall Street is the only place that views seven-figure bonuses as a moral and economic insult."
This shows what kind of life these elites once lived.
"Since four months ago, every Wall Street person I know has tightened. The holiday on the island of St. Barthélemy, a tourist destination for the rich in the Caribbean, was cut short by one day. The Aspen trip was done without a girlfriend," says a Manhattan restaurateur.
The boss also revealed that most of the Wall Street elite don't want to stay here for the rest of their lives, "they want to live a semi-retired life, invest in hotels, bars or restaurants to maintain a high-spending life, and at the same time participate in fun social activities." But all of this needs to be started from scratch, and now their dreams have been postponed."
The traffic of high-end restaurants has also decreased, such as the well-known Japanese restaurant Nobu, which used to be frequented by elites, but now many people have reduced the number of visits there as much as possible, "the cost is too high, they try to save costs".
Even the "escort women" who clinged to the elite began to shift, and "New Yorkers were less generous, and they went to Florida, where they had more money."
The sharp decline in the income of elites has also led to a "cold winter" in the luxury industry. One high-end watch seller called its performance "plummeted" and "they started using old watches year after year." It is reported that among the Wall Street elites, the most popular is a Rolex watch, which costs nearly $50,000 (about 340,000 RMB).
In addition, the way elites travel is changing. "Junior managing managers who have been cut in bonuses will no longer take helicopters or private jets to the Hamptonson [the eastern resort on Long Island]," says a private jet partner.
It is reported that the membership fee of the club is 15,000 US dollars (about 100,000 RMB) per year, and the cost of private jet is 5,000 US dollars (about 34,000 RMB) per hour.
However, the partner also told interviewers that he still pre-ordered seven Gulfstream this year, and that "the demand for big people is only increasing."
The same is true for the yachting industry, where sales of small and medium-sized yachts (up to 15 meters) have not been affected, while sales of large yachts (above 18 meters) have not been affected. "Last year a lot of people would come and spend $15,000 to rent a yacht for an afternoon, but this year it was no longer a favor, preferring to stay in the hotel pool to bask in the sun."
How long such a situation will last, or whether it will get worse, no one can predict with certainty now. But if it continues, many of Hampton's villas may be left unused during the holidays, "with bonuses or just enough to maintain their usual decent life."