When it comes to compensation, it looks as if 2013 is going to be remembered as a pretty good year to have worked on Wall Street, unless you are a fixed-income trader.
The New York Times reports that financial advisers, asset managers and underwriting investment bankers can expect their 2013 bonuses to rise as much as 15%, according to a closely watched compensation survey to be released on Thursday.
Over all, Wall Street employees can expect year-end bonuses to grow 5 to 10% on average, the second consecutive year of increases, according to the survey, produced by Johnson Associates.
Bonuses for bond traders, who had a terrible year because of interest rate instability, could drop by just as much or more.
The predictions reflect a new reality for Wall Street’s biggest banks, whose fixed-income revenues have plummeted amid a choppy bond market. Banks including Morgan Stanley have expanded their wealth-management divisions, which generate fees from the assets they handle, to balance the instability from fixed income.
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