Wall Street’s profits and thus bonuses for last year took a dramatic upswing, but the return of market volatility and an overhauled federal tax code might yield very different results for 2018. “The growth in the bonus pool likely benefitted from changes in the federal tax code that eliminates the corporate deduction for performance-based… Read More >>
Bonuses Lag Behind Profits for NYC-Based Firms
The unexpected, post-election “Trump Bump” in financial markets and a pause in big regulatory settlements yielded a sharp increase in profits for securities firms based in New York City in 2016. However, these factors will most likely not translate into bigger bonuses for the foot soldiers of the securities industry, according to an annual report… Read More >>
Fidelity Offers Buyout Plan for 3,000 Senior Employees
Online brokerage giant Fidelity Investments has launched a voluntary employee buyout program that is targeting 3,000 staff members who are 55 years or older and have logged a decade or more of service. The move will allow the firm to create opportunities for mobility for younger, less senior staff members and facilitate the next chapter… Read More >>
Deutsche Bank Trims Bonuses for 25% of Staff
With an eye toward future profits, Deutsche Bank’s top managers are scaling back on bonuses after multi-billion dollar settlements with regulators and announcing aggressive yet profit-gouging layoffs and other cost-cutting measures. One of the silver linings from the bad bonus news is that the bonus ban will impact only 25 percent of the firm’s employee… Read More >>
Buy Side Braces for Another Gloomy Bonus Season
The infamous Grinch had a change of heart when he tried to steal Christmas from Who-Ville, but he may have stolen the 2016 bonuses from the buy side instead. Remuneration for the asset management industry has been declining in 2016, and that will be reflected in annual bonuses that will be handed out early next… Read More >>
Wall Street Profits Up, Bonuses Down: NY Comptroller Predicts
Higher profits for Wall Street firms and lower bonuses for their well-paid employees, as well as a smaller, more geographically dispersed work force — those are the top-line takeaways from the annual state of the New York City securities industry report by New York State Comptroller Thomas P. DiNapoli. Because Wall Street is on track… Read More >>
Wall Street Profits and Bonuses for 2015 Not So ‘Yuge’
Perhaps the mixed news from the New York State Comptroller’s office will make Bernie Sanders happy as the candidate for the Democratic Party presidential nomination has been rallying his troops behind an anti-Wall Street message. In particular, Uncle Bernie been decrying the “yuge” bonuses that CEOs at Wall Street firms are accruing. But it looks… Read More >>
Wall Street Bonuses at Highest Point since Great Recession
The average Wall Street bonus increased by 2 percent to $172,860 for 2014, according to the findings of New York State Comptroller Thomas P. DiNapoli. The upward trend occurred amid mixed results — the industry was slightly less profitable last year as it added 2,300 jobs in New York City, “the first year the industry has added… Read More >>
Welcome to Clawback Season
In theory, we are in bonus season. But it’s looking more like clawback season as banks give bonuses more in line with performance. A case in point is UBS, which for the first time in its history is taking back part of the bonuses slated for its investment bankers, according to a report in the… Read More >>