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Wall St talent aims for hedge funds as rules bite

Reuters – The usual flurry of brokerage firm traders seeking to join hedge funds after the payout of annual bonuses could be more of a blizzard this year, with compensation shrinking on Wall Street and a regulatory crackdown in the offing.

Wall Street’s leading banks cut bonuses by an average of 5 percent for all employees, according to a Reuters survey conducted last month. But executive recruiters say the drop for traders was more severe, closer to 25 percent to 30 percent, because of weaker results and the expected implementation of the Volcker rule ending proprietary trading at the banks.

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