Quotes Of The Day

The WSJ summarizes the situation best:

"I haven't seen morale this bad since the Titanic," said Richard Stein, a senior recruiter at Caldwell Partners CWL.T -3.41% who specializes in financial services.

And if bankers are not happy, nobody else will be (here's looking at you dear perpetual banker bailout ATM known as US taxpayers).

Analysts are scrambling to ratchet down earnings estimates ahead of the reports. J.P.Morgan and Wells Fargo are slated to post results on Oct. 11, with Citigroup Inc., Bank of America Corp., Morgan Stanley and Goldman Sachs Group Inc. due to weigh in the following week.

Poor results could prompt additional job cuts and worsen the already downcast mood on Wall Street, bankers and recruiters said. ... Mr. Stein, the recruiter, said he received 100% more calls in August and September than in the same months in 2012 from disgruntled traders in fixed income, currencies and commodities at big banks looking to switch firms. "There's no opportunity to make any money right now," he said. "Nothing is happening." ...

(Following quote, emphasis by paleo.) 

Finally, since a dropping bonus check tide will reduce all compensation packages across all levels, it means more disgruntled bankers, less discretionary income for the wealthiest, even less taxes paid into city, state and Federal coffers, less consumption and more saving, and an end to America's deficit-cutting miracle and certainly and (sic) end to the days of barely even stall speed GDP.