Bad news, bankers.
It looks like the bonus pool is really going to stink this year.
Annual compensation for Wall Street bankers may plummet between 27-30% compared to last year, the Wall Street Journal reported citing a compensation survey from Option Group.
Even more disappointing for Wall Street is bonuses, which make up a majority of bankers’ compensation, are expected to tank between 35-40%, the report said.
To provide more context, if you’re an investment-grade-bond trader who is a managing director at a top firm you’re going to probably take home around $1.7 to $1.8 million this year, compared to $2.9 million last year, the report said.
And some Wall Streeters might not even be that lucky because a few banks have been considering zero bonuses this year, according to news reports.
Still, amid massive layoffs hitting most firms, Wall Streeters who are receiving a lower bonus or annual compensation should breathe a sigh of relief that they still have a job.