Photo: Wikimedia Commons
The $0 bonus meme is gathering steam.Earlier this week there was a report about how there could be virtually no bonuses this year, as more and more analysts expect the banks to come out with a quarterly loss.
Charlie Gasparino says that at Morgan Stanley (which the market is deeming a wreck this days), CEO James Gorman is telling some executives that there won’t be any bonuses at all this year.
These are just early rumblings, and won’t apply to everyone at either place. But obviously it will be horrible.
Protesters at OccupyWallStreet should be pleased.
And we’ll talk about the knock-on effects on the NYC economy some other time.