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Wall Street Bonuses To Sink

Market crisis hits paychecks

By Peter Fearon,  Newser Staff

Posted Aug 22, 2007 12:31 AM CDT
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(Newser) – 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%.

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)   (Associated Press)
A specialist on the floor of the New York Stock Exchange keeps his eyes on three monitors late on a down trading day, Wednesday, July 18, 2007. Stocks retreated as investors reacted uneasily to Federal Reserve Chairman Ben Bernanke's comments on the economy and news that two Bear Stearns Cos....
A specialist on the floor of the New York Stock Exchange keeps his eyes on three monitors late on a down trading day, Wednesday, July 18, 2007. Stocks retreated as investors reacted uneasily to Federal...   (Associated Press)
A view of the floor of the New York Stock Exchange late in the trading day Wednesday, April 4, 2007, in New York. NYSE Euronext shares slipped in their first day of trading following the completion of the $14 billion deal that created the first trans-Atlantic stock exchange. (AP Photo/Henny...
A view of the floor of the New York Stock Exchange late in the trading day Wednesday, April 4, 2007, in New York. NYSE Euronext shares slipped in their first day of trading following the completion of...   (Associated Press)
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private equity • Wall Street • Goldman Sachs • Bear Stearns • hedge fund • credit crisis • bonuses • Whitney Group • Options Group • Glocap Search • financial crisis

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