With bonus numbers currently being kicked around, the press is having a field day on the subject. Here's a run-down of what's being said.
The Wall Street Journal (WSJ) reports the general feeling is that bonuses will be 10-20% up on last year. The newspaper quotes Barbara Yastine, chief financial officer at CSFB, who said that bonuses would be 'sober, but positively sober. We are certainly not back to the headier days of 2000'.
And staff at ABN Amro probably shouldn't go overspending this Christmas. WSJ quotes Wilco Jiskoot, head of the bank's wholesale banking arm, who intimated that ABN wouldn't be pushing the boat out. He said: 'For most of us, it's probably too early to say that there is a real improvement across the whole spectrum. One of the things we've learned from the mistakes of the past few years is that profitability comes first'.
The Independent quotes from a survey of eleven top firms undertaken for search firm Armstrong International. The research apparently indicates that those in credit derivatives were in for a good year and should expect an increase in bonuses of up to 50%.
The Financial Times says that those in fixed income will, for the third year running, get a bigger share of the bonus spoils. The newspaper reports that VPs and Associates are also likely to do that much better this year as firms will need to keep hold of talented staff to take full advantage of the expected upturn.
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