Two years ago, things were not looking too good for Wall Street at the onset of the financial crisis. The fancy shmancy retreats and private car services for employees were put on hold back then. Workers were reluctant to go for happy hour as they were uncertain of keeping their jobs. And one ex-chief executive's $6,000 shower curtain was seen as being unnecessarily extravagant. But now the moneyed elite are back, spending like there is no tomorrow.
Business is picking up. Expensive restaurants have reported an increase in bookings, and real estate agents have lined up many rentals in the Hamptons for next summer. But compensation on Wall Street is in fact not much higher than last year's, and bonuses certainly won't be any higher. But Wall Street's attitude is now one of confidence, more than having high income. There's a buzz on the street that wasn't around in recent years.
The chef at Porter House reports that bookings for private rooms have increased as firms want to reward their staff and are more willing to do so this year.
Let's hear from you. What do you think of Wall Street's comeback. Will it last?