Wall Street Employees Expect Smaller Bonuses
Finance Monday, October 10th, 2011
By Michael J. Moore, Bloomberg.com
More Wall Street finance professionals expect bonuses to fall than rise over the next three years, according to an eFinancialCareers.com survey.
About 80 percent of the 1,098 people who responded to the e-mailed query in the U.S. said they don’t expect bigger bonuses for the industry over the next three years, with 46 percent expecting them to shrink, the job-search website said in a statement today. About 41 percent said their own bonus will climb this year, while 30 percent expect less, the survey found.
About half of respondents from hedge funds and boutique banks expected a bigger bonus than last year, while 36 percent of their counterparts at commercial and so-called bulge-bracket banks expected an increase, compared with 38 percent anticipating a smaller package. Analysts including Rochdale Securities LLC’s Richard Bove have predicted lower pay at the biggest U.S. lenders as trading revenue is estimated to have fallen for the second straight quarter.
“Even amid an atmosphere of slower recruitment activity and targeted layoffs, Wall Street will continue to be a pay-for- performance culture,” Constance Melrose, managing director of eFinancialCareers North America, said in the statement. “Firms need to be resolute in taking care of their best-in-class employees, as they will always have opportunities to make a career move if they feel disenchanted.”
To read more, visit: http://www.bloomberg.com/news/2011-10-10/wall-street-employees-expect-bonuses-will-shrink-survey-shows.html
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