Wall Street Bonuses “Wrecked By Pandemic”

It cer­tain­ly has been a chaot­ic year for finance pro­fes­sion­als, many of whom have been forced to work from home or, for some, work from the Hamp­tons. As ear­ly as May, we out­lined how Wall Street bonus­es for 2020 were expect­ed to slump. With 49 days left in the year, New York con­sult­ing firm John­son Asso­ciates con­firmed in a new report that year-end bonus pay­ments for Wall Street would tumble.

John­son Asso­ciates said third-quar­ter com­pen­sa­tion analy­sis shows over­all year-end incen­tives, which include cash bonus­es and equi­ty awards, will decline on the year, mark­ing the sec­ond con­sec­u­tive year of small­er awards.

Retail and com­mer­cial bankers are expect­ed to be the hard­est hit, with year-end incen­tive pay­ments set to plunge by at least 25% to 30% com­pared with 2019 fig­ures. Invest­ment bank­ing advi­sors were the next hard­est hit, with their bonus­es expect­ed to decline by around 15% to 20% com­pared with last year. Bonus­es for asset man­age­ment, hedge funds, and pri­vate equi­ty folks are expect­ed to be slight­ly down, in the range between 5% to 10%.

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