Reporting from New York — We knew bankers would be unhappy with their bonuses for 2011, but as the end of year payments draw closer, it is now becoming clear just how severe the cuts might be.
While previous estimates have put the pay cuts for all of Wall Street at 15% or more, at the standard bearer for the industry, Goldman Sachs, pay could fall in half for the vaunted partners, with even bigger cuts for bond traders.
In an industry in which year-end bonuses make up most of the pay, there is talk of there being no bonuses at all at some firms, the Wall Street Journal reported.
At the lower ranks, the traditional yearly raises are being phased out, according to Bloomberg.
The big bonuses are often cited as one of the primary reasons it is worth working in finance and pulling 90 hour weeks. If the big checks aren't coming, is it still worth it?