Thousands of bank employees this week will find out what their 2012 compensation is.
At Goldman Sachs, the firm’s elite partners, a group that includes most of the bank’s top managers, will find out on Wednesday their compensation for 2012. Most other employees will learn the size of their bonuses on Thursday.
The New York Times reports that a number of employees who spoke on the condition of anonymity because they are not authorized to speak on the record said they were optimistic that their compensation for 2012 will be higher than last year, in large part because the firm is on track to post a larger annual profit on Wednesday, when it releases its fourth-quarter results.
'It’s not going to be crazy, but people are feeling pretty good about bonuses', said one Goldman staffer.
At Morgan, the mood isn’t quite as chipper. The firm said last week that it was letting go of 1,600 out of its almost 58,000 employees worldwide. Morgan Stanley last week notified top managers who were losing their jobs; on Monday, hundreds of rank-and-file employees were notified. In some instances, human resource employees called people off the trading floor to give them the news.
Thursday is what is known at communication day at Morgan Stanley.
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