Chalk it up to irrational optimism, perhaps: On the same day that the website eFinancialCareers.com reported that nearly half of Wall Street executives surveys are expecting higher bonuses for 2012 than they received last year, New York State Comptroller Thomas DiNapoli said that compensation was likely to decline.
Here’s an excerpt from the state’s report:
Blanked: About 14 percent of investment bankers received no bonus last year, more than double the number in 2010, according to a report from the executive-search firm Options Group. Top earners saw more of their compensation deferred, with about 80 percent of total comp pushed back for bankers paid $3 million or more, compared with Read More
I love New York City. As a New Yorker who wants to see our commercial real estate market thrive, I know that a strong local economy is an essential element to healthy real estate fundamentals. In order for our local economy to be strong, we need a strong financial services sector, and Wall Read More
Penthouse A at 255 East 74th Street epitomizes the new Wall Street apartment: a sound, convenient investment with all the bells and whistles but none of the glitz. The 76-unit building was designed to cater to families—apartments of three bedrooms or more comprise three-fourths of the building. This is for the family-man banker who values Read More
Hold on to your hats, ladies and gentlemen, Wall Street bonuses are headed for an epochal fall. According to estimates from the city Comptroller’s office provided to The Observer today, year-end bonuses will total $14.5 billion for 2008, an over 50 percent drop from 2007, when $28.9 billion was paid out to Wall Streeters.
Of Read More
According to two experts consulted by the Wall Street Journal, year-end bonuses for Wall Street employees will fall this winter between 20 and 50 percent from last year, when the big investment houses awarded $33.2 billion in bonuses. That would put the total payouts somewhere between $16.6 billion on the low end of Read More
Bloomberg News reports today that Wall Street investment firms, even in the midst of the financial crisis, could dole out as much as $20 billion in year-end bonuses. Goldman Sachs, for instance, currently budgets an average of $210,300 for each employee, a 32 percent drop from 2007′s average but still significant.
The real Read More
As investment bank giant (and major New York employer) Lehman Brothers teeters on the brink of joining Bear Stearns in that great trading floor in the sky, the announcement comes that the bank will spin off its commercial real estate holdings into a public company.
From a new Lehman Brothers’ release:
The Read More
From the Wall Street Journal this morning:
The securities industry pays well, but employment is highly volatile. And autumn is typically the season of greatest sadness. Horrid credit conditions and this summer’s steady drip of firings suggest the ax will fall with full force when Wall Street hobbles back to business after Labor Read More
If Manhattan’s masters of the universe are not buying baubles for their partners on Valentine’s Day, what other obvious signs of belt-tightening does one see on Wall Street these days? I visited the Street’s BMW dealership—another product of the boom—to see if bankers are skimping on their own toys as well.
The showroom was Read More