Wall Street used to be brazen about its spending. Traders would spend large amounts of money to attain or maintain a certain social status. It was like "Keeping up with the Paul Tudor Joneses."
But there's been a shift happening over the last decade. I did an informal poll of 50 Wall Street professionals and the collective response was that spending habits have changed.
"There's a lot less peacocking going on these days," said Rick, a hedge-fund trader. (Peacocking, as in strutting your stuff like a peacock.)
There are several reasons for the change: 1) The average Wall Street bonus fell 9 percent in 2015 to the lowest level in three years, according to an annual report by the New York State Comptroller, 2) Fear of job security, 3) Fear of a downshift in the economy and 4) "Street shame"—the idea that, in an economic downturn when people are suffering, it's shameful to be openly extravagant.