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.