Wall Street to See Smaller Bonuses This Year

[KansDem]

Source: WSJ

Wall Street bonuses are set to shrink by an average of 20% to 30% from last year, with even steeper declines for bond traders, according to a widely watched compensation survey.

The projections, to be released Tuesday by consulting firm Johnson Associates Inc., reflect the tough times at many banks and securities firms since the spring.

Business has been difficult because of fears about the U.S. economy, the sovereign-debt crisis in Europe and volatile equity markets. Along with cuts in bonuses, many financial firms are eliminating jobs and pruning other expenses.

"This year started with great promise for a banner year on Wall Street, but hopes for larger bonuses faded over the summer and continue to dim as we approach year-end," said Alan Johnson, managing director of Johnson Associates.

Lower bonuses will be widespread, with the average managing director taking home about $900,000, down from about $1.2 million in 2010.


Read more: http://online.wsj.com/article/SB10001424052970203733504577024521753724112.html?mod=WSJ_business_whatsNews#articleTabs%3Darticle

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:nopity:

edited to fix link

[no_hypocrisy]

1. Awwwwwwwwwwwwwwwwwwwwwwww

What a shame

[GOTV]

2. Even though the typical bonus can still feed a medium sized American city ...

... this year there would be no dessert.

[valerief]

8. Badda bing! nt

[Ship of Fools]

3. Won't be happy until that reaches ZERO, along with the institution of a perp walk.

[Booster]

4. Well, it's a start.

[RKP5637]

5. This is serious. There must be a bailout fund to ensure these folks do not lose a penny, otherwise,

the country will fail and we will all fall into desperation, because all of the Jobs they sacrifice for to provide us will dry up.

:nopity: :nopity: :nopity:

[Brickbat]

6. OMG, they're totally going to withhold their talents, ideas and magical job-creating sparkles if

this continues. And Christmas will be canceled. WON'T SOMEONE THINK OF THE CHILDREN?

[OhioChick]

7. Awwwwwwwwwww.................

:nopity:

[Politicalboi]

9. What about the jobs!

How will they get creative if we take their money from them? And with Christmas just around the corner, how many kids will have to go without that Mercedes Benz this year? This is a sad day for America for sure.

[freshwest]

10. What's a bonus? LOL.

[Beavker]

11. +1

[katty]

12. o, boo frickin' hoo

[Javaman]

13. Fuck'em. I haven't gotten a bonus, let alone a raise in years. nt

[SoapBox]

14. I want the most "shrinkage" that can happen to these sleeze balls...

Screw 'um.

[DeSwiss]

15. Poor babies.....

- K&R