Wall Street is in the southern section of Manhattan in New York City. It is the financial center of the United States as it homes two major stock exchanges, the Nasdaq and the NYSE. Aside from that, here are some things about Wall Street that will make you check Google if they’re true.
The Dutch people are the ones who named in the 17th century. It was originally called “de Waal Straat” during the times when New York was a Dutch settlement. They enslaved Africans to make them build a wall for protection from the English, giving it the name “Wall Street”. Speaking of slavery, it is widely believed that thousands of slaves are buried under the area.
It is somehow no surprise how fancy a stockbroker from Wall Street can be, walking around wearing a suit and tie while managing funds for companies. A recent survey says an average banker earns roughly $300,000 to $400,000. Minus performance bonuses and commissions from successful trades. Meanwhile, an average American only earns $50,000.
However, not all of them make a fortune out of it. Some brokers are also losing money and only earning $47,000 per year.
Excessive Working Hours
A junior investment banker works 80 to 100 hours per week, which is close to working more than 18 hours per day. Some bankers are going home for a quick nap and come back to the office to resume their shifts.
The “Opening Bell”
The New York Stock Exchange first used a Chinese gong as a signal for the opening session, it was then later replaced by a brass bell. Timing is also essential on ringing the bell because one should hold down a button for a specific time. It is originally held for 10 seconds for the opening and 15 seconds for closing.
New York’s bread and butter
As an average Wall Street employee earns more than a doctor, the eight-block-long street accounts more than third of New York’s earnings. These comprise securities trading, investments, and banking activities.
Not Your Dream Job
Being a stockbroker and trader can be very stressful as their lives mostly revolve around the ups and downs of numbers. They claim to have the toughest job, regardless of competitive salaries. It also not easy to land on the trading floor. Most of them work their way up by doing regular jobs first.
The Trinity Church
The Trinity Church which owns about 14 acres of Manhattan real estate is located on Wall Street. The parish has a net income worth of $38 million from real estate holdings, making it the richest individual parish across the globe.
The Buttonwood Agreement
Wall Street had a partnership with financial companies and other businesses after 24 traders agreed to trade stocks and start the Exchange Board. The contract signing took place under a buttonwood tree on Wall Street.
Studies suggest that only 8.7 percent of investors check their portfolio’s decline during a market crash compared to a rally. This phenomenon is known as the “ostrich effect” when traders avoid occurring financial threats by pretending it does not exist.