(Not) a happy Christmas
This haircut really stings for Wall Street’s worker bees.
The New York Post reports that the huge swarms who do grunt work for the masters of the universe must rein in costs — because their bank and brokerage employers need more cash for a slimmed-down bonus season, according to financial services pros.
From support staff to supervisors, firms are slashing expense accounts — even pulling the plug on once-lavish holiday parties — as they shore up finances for the annual ritual of payouts and year-end bonuses.
Overall comp, including cash and stock, will remain flat, according to one analyst, dipping as much as 10% from last year for equity, bond and many hedge-fund professionals. Of course, that’s not shabby compared to the traders in hard-hit sectors like commodities. Commodity payouts will be abysmal, said several pros.
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