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'Buy' or 'hold'
Manhattan's Fifth Avenue and the new crop of luxury retailers lining its financial district probably won't see Wall Street professionals lavishly spending their bonus checks in the coming weeks. According to Pakistani newspaper The Daily Times, "payouts from U.S. financial...
Manhattan's Fifth Avenue and the new crop of luxury retailers lining its financial district probably won't see Wall Street professionals lavishly spending their bonus checks in the coming weeks.
According to Pakistani newspaper The Daily Times, "payouts from U.S. financial companies are being scrutinized more than ever, as several banks cut jobs and reel from losses tied to mortgages and the global credit crunch."
While the mortgage and credit crises may not have these well-to-do workers struggling to pay their monthly bills, job loss in the financial sector may make them reluctant to spend haphazardly.
According to the article, Wall Street professionals typically spend their discretionary income on exotic trips, cars, jewelry and homes.
But Tiffany & Co. isn't counting on their spending binges. The newspaper reported that Chief Executive Officer Michael J. Kowalski said Wall Street bonuses have never been an issue for the jeweler.
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