Wall Street’s head honchos will be seeing a dip in their bonuses this year by as much as 30 percent compared to 2010, CNN Money reported.
In a report released by Johnson Associates on Tuesday, the “challenging market environment” and the “sluggish and uncertain” economic recovery were to blame for the 20 to 30 percent decrease in year-end bonuses for Wall Street companies, CNN Money reported.
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Employees in bond-trading are expected to get hit hardest, with their bonuses down 35 to 45 percent from last year. Equity traders and senior executives are not far behind with a cut of up to 30 percent ; investment bankers will see a loss in bonuses up to 20 percent, Reuters reported.
In the industry, employees usually receive base salaries of $100,000 to $1 million, but most compensation comes with their year-end bonuses based on the performance of the individual and the overall firm.
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“This year started with great promise for a banner year on Wall Street, but hopes for larger bonuses faded over the summer and continue to dim as we approach year end,” Alan Johnson, managing director of Johnson Associates, said, MSNBC reported.
Johnson’s quarterly survey is based on publicly disclosed data in regulatory filings and conversations with employees at investment banks, commercial banks and asset-management firms, the Wall Street Journal reported. The average managing director will take home about $900,000, down from $1.2 million in 2010.
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