Wednesday 11 December 2019

How they'll spend it like there's no tomorrow

Wall Street's $144bn pay day is fast approaching and many of New York's top bankers are already deciding how they'll spend it.

In Greenwich, Connecticut, an exclusive commuter town 40 minutes from mid-town Manhattan where many top bankers live, the local Ferrari dealership has accepted shipments of the Italian car maker's latest model that retails at $300,000.

Across town, upscale art galleries sell fine art and sculptures to Wall Street's more discerning traders. A local gallery owner recently told reporters she had an appointment to sell a picture by a famed German artist. The price tag: $850,000 .

Buying new apartments, second homes or vacation houses remains the top way for bankers to spend their salaries, and in Greenwich there are plenty of homes priced above $5m.

With some bonuses running in the millions, some bankers prefer to buy million-plus properties in beach resorts like the Hamptons or exclusive skiing communities like Vail and Aspen, or Saint Moritz in Europe.

Bankers who choose to stay closer to home can invest upwards of $1m on a home renovation or splurge hundreds of thousands on fine jewellery for their spouses or partners.

And then there's the cost of personal upkeep. According to one Wall Street insider, some bankers can be expected to spend upwards of $20,000 on personal grooming.

"Botox for men, getting your eyebrows plucked, all these things have become normal," Milton Pedraza, CEO of New York-based research firm the Luxury Institute, told CNN.

"Many older bankers will rejuvenate themselves with Botox and plastic surgery. They're not Hollywood but they still need to have that fresh, young appearance."

Irish Independent

Today's news headlines, directly to your inbox every morning.

Don't Miss