Skip Nav
Sleep
If You've Dreamed That Your Teeth Fell Out, There's an Important Meaning Behind It
Budget Tips
57 Cheap and Original DIY Couples Halloween Costumes
30 Somethings
11 Things You Will Regret in Your 30s

A Look Ahead: Shallower Bank Bonus Pools

Wall Streeters used to the unfathomably generous bonuses of years past will likely be facing lighter stockings (OK, direct deposits) this year. Goldman Sachs and Morgan Stanley employees are now employed by bank holding companies with payment structures closer to traditional commercial banks rather than investment banks, meaning Goldman's 2007 $12.1 billion bonus pool will be shallower in 2008.

The bonuses may be scaled down from past years, but employees will still receive bonuses bigger than what most of us outside the financial world will ever see. Goldman's bonus payouts last year averaged about $400,000 per person, while Citigroup paid its investment banking employees bonuses of about $100,000 per person. If Goldman employees are rewarded with a fraction of what they were accustomed to, it's not a bad chunk of change. Still, there's concern that New York's economy will suffer because of reduced spending on everything from housing to entertainment.

Source

Around The Web
Join The Conversation
cubadog cubadog 7 years
I have not gotten a bonus in a few years and when my friends complain about the amount of their bonus I usually say at least you are getting one. I am amazed at the people that count on them as part of their income, to me you should never count on something like that because you never know when it will be taken away. When I lived in NYC I always thought the end of those fat bonuses is coming and it is not going to pretty. Boy was I right. I guarantee that a lot of those people lived beyond their means and now are pretty screwed.
LadyLiLa83 LadyLiLa83 7 years
Aww what a shame! My bank doesn't do bonuses at all, so Goldman can go p!$$ on themselves.
ilanac13 ilanac13 7 years
i would still love to get ANY bonus this year, but the industry that i work in, we don't get them unless you're a high up executive that was key in pulling in new business or something like that. i used to be completely wowed by the amount of money that people got at goldman, but i guess that those times are over now and we'll see how that changes this year and future years.
shydcgirl28 shydcgirl28 7 years
The housing market in New York is ridiculous anyway, it could use a revamping.
GOP Senator Has A Strange Idea For Reducing Poverty
Tell us about the worst part of your job
Why Do Poor People Make Bad Decisions?
Salaries of YouTube Stars
How to Spend a Year-End Bonus
How to Avoid Banking Fees
$4 a Day Cookbook by Leanne Brown

POPSUGAR, the #1 independent media and technology company for women. Where more than 75 million women go for original, inspirational content that feeds their passions and interests.

From Our Partners
Latest Career & Money
X