The final tally on this season’s Wall Street bonuses is in - and it’s brutal.
The New York Post reports that payouts for 2012 are at historic lows, as average compensation for traders and bankers has plunged by almost 40% from the previous year, according to surveys and industry analysis.
This sharp slide continues a dismal trend, with the average bonus for a huge swath of Wall Street employees barely reaching, or falling below, $100,000 for 2012 work.
In 2011, the average Wall Street bonus fell to $121,000 from $139,000 in 2010 and $141,000 the year before, according to the Office of the New York State Comptroller. The last time Wall Street had such a miserable bonus season was during the financial crisis. (The average bonus in 2008 hit $101,000.)
'It’s been another tough year on Wall Street, and probably across all bonuses categories', said Kevin Callahan, CEO of electronic-trading firm AX Trading Group.
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