Wall Street Bonuses to Plummet
Falling revenues behind expected 40% plunge
By Rob Quinn, Newser Staff
Posted Nov 29, 2011 3:05 AM CST
Christmas may be less merry this year for these Goldman Sachs workers.   (AP Photo/Mark Lennihan, file)

(Newser) – The latest news from Wall Street is likely to leave most ordinary Americans dry-eyed. Year-end bonuses for bankers and traders are expected to be down sharply this year, plunging up to 40% to their lowest level since the financial crisis, according to a closely watched industry forecast. A bond trader who is also a managing director at a top securities firm would have received a bonus of some $2.9 million last year, but will have to make do with $1.8 million this year, the Wall Street Journal reports.

At Goldman Sachs and Credit Suisse, both of which have been carving costs and laying off staff, bankers and traders say clients have been doing fewer deals, cutting revenue and reducing bonuses. Commodities traders and investment bankers are expected to see some of the biggest dips, while wealth-management workers will be among the few to see their compensation rise this year.

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Comments
Showing 3 of 11 comments
DieselDaWg
Nov 29, 2011 4:47 PM CST
ATTN: usual lib anti-capitalist "99'ers"---- Meanwhile back in reality, the fact that someone else makes less money this year affects you how? It makes you feel something fuzzy inside? Fuel prices are still up, unemployment is creating another record by extending the rate of joblessness another day, more of you are on the government dole, and the dollar is still worth less than it was yesterday..boy it's sure does feel good when some other guy makes $1.5 million this year versus $2.8!
ZakuDoom
Nov 29, 2011 1:38 PM CST
To quote Nelson "HaHa"
Buckshot
Nov 29, 2011 12:59 PM CST
It couldn't happen to a better bunch of crooks.