Wall Street is already selecting the biggest comp losers.

Money On Hook

Thousands of Wall Street’s best and brightest will be canceling country-club memberships and putting on hold plans for beachfront property in the Hamptons.

The New York Post reports that Wall Street is already selecting the biggest losers.

They’re the largest class in a long time of shell-shocked traders, bankers and investment staff to forfeit or see sharply reduced year-end bonuses.

The financial spiral could send overall 2013 bonuses down as much as 20% from a year ago, as industry profits are forecast to plunge by more than one-third from last year, The Post has learned.

The echo will reverberate across many tony towns.

Thousands of Wall Street’s best and brightest, used to high-six-figure to multimillion-dollar pay awards each year, will be canceling country-club memberships and putting on hold plans for beachfront property in the Hamptons.

Hit the link below to access the complete New York Post article:

Wall Street gets a sharp 20% cut for year-end bonuses

JPMorgan facing dozen legal probes

NYSE may lose top spot to upstart merger

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