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Wall Street Bonuses Expected To Be Lowest In Years
Wall Street bonuses are expected to be the lowest in years, according to the New York Post.
New York State Comptroller Tom DiNapoli told the Post that the average Wall Street worker’s bonus is expected to be $101,000, an almost 50% decline from 2006 bonuses. Bonuses haven’t been this low since the financial crisis began in 2008.
Last year, the average Wall Street bonus was $121,150. In 2010, it was $138,940.
The drop in bonuses shouldn’t come as a huge surprise to those familiar with the financial industry. Wall Street has lost 1,200 jobs this year, and last week, Citigroup announced it would slash 11,000 more.
According to Market Watch, companies who brought in less revenue this year may choose to cut bonuses rather than lay off workers. JPMorgan told Bloomberg that its bonus pool was down 2%. Citi’s could be down as much as 10%.
Don’t feel too sorry for bankers and traders, though. The financial industry still boasts some of the biggest paychecks. The average Wall Street salary in 2011 was $362,950, according to CNN.
Try telling that to Goldman Sachs employees. During the last bonus season, workers reportedly cried over unexpectedly low checks. One Goldman employee told CNBC that it was “a bloodbath.”
http://www.huffingtonpost.com/2012/12/09…67278.html
2012-12-10 08:09:37
Source: http://yeoldefalseflag.com/thread-wall-street-bonuses-expected-to-be-lowest-in-years
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