Investment bank Bear Stearns has reported its first-ever quarterly loss. The loss of about $854 million over the fourth quarter of 2006 exceeded fears about how badly the bank’s investments in subprime mortgages would affect it, according to The New York Times.
The Wall Street Journal on Wednesday reported that top executives at Read More
Goldman Sachs, the world’s largest investment bank, is set to report on Tuesday a record annual profit of $11 billion, according to news reports this morning. More importantly for New York City and its real estate market, the average Goldman Sachs year-end bonus is expected to average an astounding $600,000 per employee–about Read More
Despite Jesse Jackson’s warning of an impending “economic tsunami” from the subprime mortgage crisis, the only people marching on Wall Street on Monday afternoon were the business people whizzing past the few dozen protestors chanting “Restructure Loans—Don’t Repossess Homes” on the corner of Broad and Exchange streets.
Most business people strode past picket-wielding demonstrators, Read More
The city will have to keep waiting to find out how much Wall Street will take home in year-end bonuses. The state Comptroller’s office usually releases by mid-December estimates of the total bonus amount and average bonus per Wall Streeter, but Comptroller spokesman Robert Whalen tells us today that the estimates won’t be out until Read More
Bloomberg News reports that the leading Wall Street investment banks could hand out $38 billion in year-end bonuses–or, about $201,500 per employee. The bonuses would be spread amid 186,000 workers at Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns.
And, if history’s any guide, the bonuses will then filter Read More
We had a chance to parse state Comptroller Thomas DiNapoli’s report (PDF) on Wall Street’s 2007 performance. Contrary to some earlier media coverage, the report looks mild in its pessimism, preferring a sort of not-too-hot-not-too-cold assessment of the Street’s performance and its chances for a prosperous new year. (A release summarizing Read More
Wall Street bonuses this winter may be less than last winter’s, but so what?
Even if bouses drop 10 percent–as state Comptroller Thomas DiNapoli predicted yesterday–that would still mean that 2007′s total would be higher than every year’s total except for 2006, when bonuses hit a record total of $23.9 million. Really, now, Read More