There may be no better image of Wall Street's hunger for data – and Wall Street's largesse – than surveillance pictures taken by helicopter and satellite for the purpose delivering traders advanced trading information.
Never before has Wall Street been so excited about volumes of new regulations that will likely result in massive compliance expenditures. In fact, Wall Street's reaction to the final version of the Volcker rule released Tuesday reinforces the old principle that everything is relative.
IDC estimates that financial services firms worldwide will allocate more than $430 billion to IT spending in 2014. But as firms weigh how much to budget for data, cloud computing and other hot technology next year, some of these technologies are increasingly becoming part of the budget process in ways other than as line items.
The tragic death in London of 21-year-old Bank of America Merrill Lynch intern Moritz Erhardt, the efforts of Goldman Sachs to make life for its most junior associates better and the publication of industry-critical The Buyside all called attention to what everyone already knows: Wall Street can be a tough place to make a living. It really asks for your soul.