MEREDITH WHITNEY: Bankers Are In For A 'Much Ruder Awakening' When It Comes To 2013 Pay

Meredith Whitney

Photo: CNBC screenshot

Bad news, bankers.Bank analyst Meredith Whitney warned that 2013 will be a “much ruder awakening” when it comes to total bank compensation, she said during CNBC’s “Closing Bell” with Maria Bartiromo

“Importantly, whatever happens with bonuses this year will be no indication of what happens next year.” 

The reason, she explained, is because in 2009 a lot of people were hired on contracts and the banks are forced to have a higher payout than they would want to have. 

And that’s not all the bad news she had. 

Whitney, who has predicted thousands and thousands of layoffs, thinks we haven’t even started to see the beginning of those layoffs. 

SEE ALSO: Meredith Whitney’s Gone Bullish On Financials >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.