Everyone knew bonuses would be down.
But the big question going into today’s comp communication at Goldman was how much they would be down.
And as has been aptly pointed out, transparency around how comp is actually paid out is basically zero.
Average pay per employee isn’t an indication of what an average employee gets paid (but it is a really fun number to kick around).
But now we have indications from Goldman employees that today was pretty bad (relatively speaking).
Numbers have been reported to be anywhere from flat to down 40%, with Fixed Income Currency and Commodities employees seeing bigger cuts than the Equities and Investment Banking divisions.
Things look particularly bad for the most junior members of the banking teams, who in boom years could expect anywhere from 1 to 2 or even 2.5 times their base salary as a bonus.
Now? Around 1/2 of base salary (or about 40k).
And there are reports of people taking it pretty emotionally, with John Carney’s sources saying employees are putting on a “strong face but there are a lot of clenched jaws” and one report of one employee crying after receiving her number.