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As pointed out by Quartz, making money by running a stock exchange, is more difficult than it used to be. The investment banking industry on the other hand still appears to have healthy margins with John Weinberg of Evercore earning $124M and Paul Taubman, of PJT Partners, walking away with a recent pay packet of $164M.
Making money by running a stock exchange, meanwhile, is more difficult than it used to be. Big markets like Europe and the US are transparent, heavily regulated, and competitive: The Irish stock exchange made just €2.6 million in revenue from cash trading in the first nine months of the year. Stock markets are electronic and dominated by algorithms, and making money is more difficult for bank brokers, too. They’ve had to reboot by stocking up on robots and technologists to remain viable. Traders on Goldman’s US equity trading desk have reportedly been culled from 600, to just two people.
