POVERTY ON WALL STREET As Bonuses Plummet 12%

funeral parade

Photo: Flickr/trioculus

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 />

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