Wall Street headhunter Daniel Arbeeny drove to Fairway Market in the Red Hook section of Brooklyn on a recent Sunday to buy discounted salmon for $5.99 a pound. “They have a circular that they leave in front of the buildings in my neighborhood,” says Arbeeny, 49, who lives in nearby Cobble Hill and also shops at Costco (COST). He hasn’t always been bargain-minded. While declining to give specifics, Arbeeny, managing principal at CMF Partners, says executive-search veterans like him who work with hedge funds and banks had been able to make about $500,000 in a good year.
Recently, his income has “gone down tremendously,” he says, and he no longer goes on annual ski trips to Whistler, Tahoe, or Aspen. He’s learned to appreciate supermarket circulars, keeping an eye out for good prices on his favorite cereal, Wheat Chex. “We sit there, and I look through all of them to find out where it’s worth going,” he says. “Wow, did I waste a lot of money.”
Smaller bonus checks hitting employee bank accounts across the financial-services industry in recent weeks are making it hard to maintain the lifestyles that workers are accustomed to, according to interviews with bankers and their accountants, therapists, advisers, and headhunters. “People who don’t have money don’t understand the stress,” says Alan Dlugash, a partner at accounting firm Marks Paneth & Shron in New York who specializes in financial planning for the wealthy. He’s spending more time talking with Wall Street clients about their expenses, telling them “you don’t have to cut that—but if you don’t cut that, then you’ve got to cut this,” he says. “They say, ‘But I can’t.’ And I say, ‘But you must.’ ”
So sad - less money for cocaine and high priced hookers.
Less money for ski trips to Tahoe and gambling junkets to Vegas.
Fewer nights at the strip club, fewer dollars for the g-strings when they're there.
No wonder they're stabbing cabbies instead of paying their bills...