Expect lots of awkward conversations behind closed doors to be under way right now at 200 West Street.
Among the rank and file, prospects seem so gloomy that one source told Dealbook that he was prepping himself for a zero so that any bonus, no matter how small, will feel good.
And it could worse.
Give thanks that you’re not Walmart associate, assembly worker in China or even a surgeon or citizen of Qatar. Then you’d really take a pay cut.
As we wrote about yesterday, total compensation declined, but perhaps not a much as it should have, because it declined less than the year-over-year drops in revenue and earnings.
But to those receiving the number they’ve worked all year for, that decline is still a decline and 21% at that.
Individual by individual and division by division things will obviously vary a great deal, but the overall trend is clear.
And whatever you do, don’t fall into the trap of not talking about your bonus.
If you’ve got details, rumours or insights into what’s happening today at Goldman, let us know: [email protected]