The funeral dirge has begun on Wall Street, where bonuses will drop an average of 12% this year.The hit will be the biggest in fixed-income trading. Investment bankers will do about the same as last year.
This means the average Goldman employee (secretaries and janitors included) will only make ~10X the average American family income this year, down from last year’s ~15X.
Some details from Bloomberg’s Christine Harper:
- Goldman’s trading bonus pool is down a horrifying 26% from last year
- JP Morgan’s i-bankers will make 16% less
- Bank of America is up
- M&A bonuses will be flat to up 5%
- Fixed-income bonuses may drop 30%
And here are the numbers for the first nine months:
Company Comp Employees Comp/<br /> Employee<br /><br />Bank of America $26.3bn 284,169 $92,723<br /><br />Citigroup $18.64bn 258,000 $72,264<br /><br />Credit Suisse CHF11.23bn 50,500 CHF222,337<br /><br />Deutsche Bank EU9.59bn 82,504 EU116,285<br /><br />Goldman Sachs $13.72bn 35,400 $387,655<br /><br />JPMorgan Chase $21.55bn 236,810 $91,014<br /><br />Morgan Stanley $11.99bn 62,864 $190,682<br /><br />UBS CHF13.14bn 64,583 CHF203,506<br />