I know this is untrue, having worked in Wall Street firms.
The bulge bracket firms normally pay a bonus in Feb, based on last year's "production" (but with fiddle-factors based on ill-defined factors such as 'contribution'). It leads to a lot of in-fighting towards the end of the year, and lots of job changes 'once the check has cleared'.
The last couple of years, a large percentage of the bonuses have been paid in (restricted) stock, to keep people where they are. That stock might respond to short-term figures, but that's a feature of the stock market, not the people holding the stock (who would normally prefer to have received cash they can spend).
I now work in a commission-only environment (despite not being a salesperson) since I prefer the clarity of being paid using a plain numerical formula related to the prior month's profits. Some months I might earn exactly zero, but I have to say that I'm a little proud of that, since it keeps the politics to a minimum.