Merry Christmas, Wall Street: here’s your pay cut
Wall Street bankers will have to tighten their belts this Christmas – or at least pull up those silly suspenders they all wear. A review of the latest statements from the Big Apple’s largest financial companies shows that pay and benefits are going to be slashed.
The money men are all right for now but they will get hit in the pocket when it comes to handing out the end of year bonuses, with a $10 billion slashing anticipated. In total, the city men will have received $18 billion less than they did the previous year.
The New York Times laments, “A decline in bonuses of that magnitude would easily eclipse the drop of 2001, the year of the 9/11 terrorist attacks, when total bonuses declined by $6.5 billion.” It’s all very sad, sniff, sniff. Mind you, they get paid too much anyway so no one else will really be complaining …except their wives.