The credit crisis, which has surged across the global financial infrastructure like a tsunami, washing away millions of share prices, is about to hit one of Wall Street's most hallowed traditions —the fat bonus. The extra pay for all but an elite few may be cut for the first time in five years, Bloomberg reports.
"There's a lot of pessimism out there,'' said one headhunter. Some have more than bonuses to worry about. Headhunters report an influx of resumes from beleaguered staffers who have lost or expect to lose their jobs. Hardest hit will be those who sell securities backed by mortgages. One in three could be axed and bonuses cut up to 40%.