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# Wall St Bonus Falls 44%

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SVP
Status: Burning mid-night oil....daily
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Wall St Bonus Falls 44% [#permalink]

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28 Jan 2009, 10:48
Wall Street firms slashed cash bonuses for New York City employees by 44 percent in 2008, as they reeled from record losses in the securities industry, New York State’s comptroller said in a report issued on Wednesday.

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Re: Wall St Bonus Falls 44% [#permalink]

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28 Jan 2009, 11:16
Considering that most of their firms are getting bailed out with my tax money, I'm ticked that they're getting any bonuses at all. Leeches.
SVP
Status: Burning mid-night oil....daily
Joined: 07 Nov 2008
Posts: 2400
Schools: Yale SOM 2011 Alum, Kellogg, Booth, Tuck
WE 1: IB - Restructuring & Distressed M&A
Followers: 79

Kudos [?]: 741 [0], given: 548

Re: Wall St Bonus Falls 44% [#permalink]

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28 Jan 2009, 11:29
They should just forget bonuses next 2 years and hire us MBAs instead....
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Re: Wall St Bonus Falls 44% [#permalink]

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28 Jan 2009, 13:19
Not trying to undermine your point, but isn't this the same exact reason why we are all (wanted to) headed to the wall street.
SVP
Status: Burning mid-night oil....daily
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Schools: Yale SOM 2011 Alum, Kellogg, Booth, Tuck
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Re: Wall St Bonus Falls 44% [#permalink]

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28 Jan 2009, 13:25
billyjeans wrote:
Not trying to undermine your point, but isn't this the same exact reason why we are all (wanted to) headed to the wall street.

We won't be in position to get significant raise or bonus for 3 to 5 years after MBA.

So the game plan in the short run - firms should forfeit bonus and use the money for MBA recruiting and hire an army of MBA grads.

THEN AFTER 2 YEARS, START GIVING OUT BONUSES AGAIN ... We would benefit both ways!

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Re: Wall St Bonus Falls 44% [#permalink]

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29 Jan 2009, 23:18
Obama calls out the banks for their profligacy:

http://www.nytimes.com/2009/01/30/busin ... ma.html?hp

Honest to god, those jokers should be put in jail. I can't wait for that banking model to shrivel and die.
SVP
Status: Burning mid-night oil....daily
Joined: 07 Nov 2008
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Re: Wall St Bonus Falls 44% [#permalink]

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29 Jan 2009, 23:35
Toubab wrote:
Honest to god, those jokers should be put in jail. I can't wait for that banking model to shrivel and die.

Nah, we don't need banking to die. That will just kill us MBA grads.
We just need most of them to retire so we can take over in 2 years....

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Re: Wall St Bonus Falls 44% [#permalink]

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30 Jan 2009, 11:54
NYT invited various industry folks (journalists, consultants) to weigh in on the bonuses....the opinions are all pretty much "anti-bonus" but interesting to read.

Re: Wall St Bonus Falls 44%   [#permalink] 30 Jan 2009, 11:54
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