Wachovia apparently announced to global markets and investment bank employees on a conference call at noon that bonus will be down ninety percent, and to have a great day!
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NH BLG_DEALBREAKER <GO>
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bonus will be an AG Edwards t-shirt in XL
what’s this got to do with madoff?
Their bonus is that they done nothing but play online Texas Hold ‘em in the last three months and Wells has not neutron bombed them yet.
‘sucks, dude’
Burn!
BRICKBREAKER!!!!!!!
BRICKBREAKER!!!!!!!
Over 2mm on brickbreaker! 11th on alltime list. Beat it suckers.
Over 2mm on brickbreaker! 11th on alltime list. Beat it suckers.
@3 Everyone around here is wondering the same thing.
They also said verbatim that the real bonus was still having a seat with a paycheck and the chance to earn a bonus in the future.
Anyone know the numbers for 1st year analysts?
@8,9,11,12 I’m 10th on the all time list ass wipe
The bonus culture on Wall St is dead, its not coming back. Here is the new payscale going forward (Total comp, not salary)
Analyst: $50k
Associate: $175k-$250k
VP: $250 – $400
MD: $750 – 1 Mil
Thats it kids.
@ 13
Bingo.
Does this qualify as news anymore? The bonus days are OVER
Welcome to Pottersville
@13 90% reduction is the signal that Wells sees no future for biz unit.
@13 90% reduction is the signal that Wells sees no future for biz unit.
@13 90% reduction is the signal that Wells sees no future for biz unit.
The bonus culture on Wall St is dead, its not coming back. Here is the new payscale going forward (Total comp, not salary)
Analyst: $50k
Associate: $175k-$250k
VP: $250 – $400
MD: $750 – 1 Mil
Thats it kids.
Get to work Stewart on South Tryon! Those spreadsheets aren’t going to fill themselves in!
bonus will come back in time because in time banks will make decent coin. over-reactions as usual
The Charlotte housing market just lost another 10% (after yesterdays 10%).
ouaaaaa ouuaaaaa
ouaaaaa ouuaaaaa
Ben Williams, head of GMIB, also said that he didn’t know what a “Golden Parachute” was.
ooouuuua ouuuauau
ooouuuua ouuuauau
@16 – false. associates won’t make that much.
I am Batman
I feel bad for all the hookers who will lose business
wbeasssssttttt
Where is “Bonus Watch ’08: Madoff Securities” — everyone is waiting to hear…
FRIIIIIIIIIIIIIDAAYYYYYYYYYYYYY
# 27 is a moron
Play all the brickbreaker you want, it knows.
O—————————————-!—————————————O
#27. 1.2? I think you are 1.2X dumber than forrest gump
wbeasssssttttt
Does anyone know if you chop up Commits and snort it, will it work better?
41, could you explain why?
go pantherrrrrr
we got em!
go pantherrrrrr
we got em!
Bonus = not being eaten by the wideclops.
Q——————-!——————-@
LBOS are dead right now, not all PE. and its very temporary.
@16
Those numbers are too high. What’s the going rate in India? That’s the new WS benchmark and better get used to it, or find a job in Antarctica.
Thanks 50.
just posing a question here:
will banks actually be able to hire anyone as an IB analyst if they are expected to work 80-100 per week and make $50K all-in per year? And not saying that because people will look at past comp and judge, but calculate that out to an hourly wage, and factor is the student loans they’ll have, no one will be able to afford to be an analyst…
no one will be working thos hours without pay
@27 what i shit out each day has more brains than you. PE finished, really, think about this brainfart comment next time i make you work all nighters on a deal. Bitch.
PE Baller.
HAHHAHA
whoever said 50 all in is a f’ing idiot.
@50
What are you smoking? That scam is dead, fini. Ask ep.
The big 4 pays over $60k all-in for people right out of school…no way banks pay less for working more hours
PE will own you.
@56/”PE Baller” – Carlyle cans 10%; Blackstone cuts 70 heads. Low- to mid-level “ballers” at mediocre bucket shops like you are next. Even if you survive the cull, try living on your 20% carry of nothing for the next three years. Putz.
damn that sucks!
@60
$50K goes a long way in Mumbai. That’s where those jobs are heading. And don’t respond with some protectionist crap. It doesn’t work.
that payscale comment was clearly posted by some outsider jackass who never made it into finance and only heard about “how much those banker guys” made. the proportions dont make sense and would involve a gigantic cut in base salary. the lurkers on this board that have nothing to do with finance make me sick, but feel that much more superior. they come and post their envy, and its a stinky cologne.
dick, pussy, snot and shit.
@50/59
PE isn’t dead. PE is and always will be less of a scam than HF.
While I agree there are a lot of funds right now that won’t be around in two years, there are good ones that continue to raise funds and do deals succesfully.
There will be much fewer public to private (this is a scam) given the equity market has been “priced to perfection” in last five years.
Leverage is available if you know where to look, have a top two or three decile return history for fund vintage and actual find a good business to buy.
Returns on funds raised in FY08 will probably be better than any in last decade.
@64 (60 here) Those jobs won’t be going over there…if anything the banks will ship the Indians over here to work for $50k (I’ve seen it already the past few years in the back office/operations) and if anything move the jobs out of NYC and pay people less…no need for everyone to be in one place with today’s technology
I have to return some videotapes
2nd year analyst at Lazard here… there WILL be layoffs.
@62
You had to know, if you were smart, that PE was dead when Blackstone’s IPO was announced.
Some grads will suck it up b/c
1) they ‘love’ finance
2) they’re gambling that the industry will cycle and the good times will come back
These people are the ones who can’t get consulting jobs
2nd year analyst at Lazard here… there WILL be layoffs.
So many proclamations on here… the sky is falling once again.
PE is cyclical, always has been. No real deals to be done now, but plenty of portfolio company work to keep current associates busy. I would expect recruiting to fall off a cliff for next year at a minimum, although the same folks will be raising new capital and doing new deals when the credit markets come roaring back.
@65
What’s got your panties in a bunch? Who cares how far off that payscale is?
@ 74
#50 said what you just said in 12 words.
@73 Me too… heard 10-15% cuts. its going to be rough.
@75, you’re a dick.
USHA: You’re not going to the wedding, are you?
ELAINE: Well..
USHA: Don’t go. India is a dreadful, dreadful place.
ZUBIN: You know, it’s the only country that still has the plague? I mean, the plague! Please!
USHA: Here’s the registry. Send her a gift, and be glad you did not have to go.
ELAINE: (Soaking it in) Right. Don’t go. Send a gift. I think I understand.
ZUBIN: If I had to go to India, I wouldn’t go to the bathroom the entire trip.
ELAINE: (Leaving) That’s fantastic.
@74
You are wrong.
Groups who didn’t buy and overlever crap companies or lucked out w/r/t fundraising timing are buying nice businesses for 4-5x EBITDA right now.
They should pay the people that really delivered and screw over the “Floor Mats” and “Universe” of Vega Vision!
@62 what Carlyle and Blackstone fired is mainly backoffice. like you. and blackstone sucks everyone knows that. I work in a top 5 shop, we didn’t fire anyone and we are still hiring. So shut the fuck up, you know shit about pe, and go play with your tiny nuts.
PE Baller.
@73/77 Lazard firing? not in your IB/restructuring groups right, i heard you were red hot!
You guys are all in denial. First of all, hours in general in I-banking will go down because with diminished comp potential, the senior guys work less. You know 90% of i-banking is self generated busy work. Hours will fall to 60-70 hours a week with less brutality. Plus, keep in mind consultants and lawyers routinely work 80hr weeks for less than 200k.
If HBS guys dont want to be bankers there will be MBAs from state schools lining up take the spot.
Comp will be about 50% from 2007 level when we reach new steady state in 2010 or 2011. That isn’t any lower than how it was in late 90s/early 2000. Last 3 years were a bubble.
LBOs are fucked. What’s rest of PE? Private lending? PIPES? Good luck.
someone said it right. Hedge funds are the biggest scam. The fees there will fall to 1/10
Lazard IS firing in IB. People are being pulled out of cubes and into “the room.” Hope im not next…
@84 Well said.
When we’re honest about it, banking since 2002 has been a bubble ride. Now the bubble is over.
The only questions are when is the bubble coming back and WTF do we do until then….
@67
Wait, make up your mind. You just said “no need for everyone to be in one place with today’s technology.” That surely applies to any job that doesn’t require real face to face contact with the client on a frequent basis.
So there’s no reason to bring the Indians to NYC, keep them in Mumbai, it’s even cheaper than $50K. But if the banks do bring a lot of Indians to NYC at starving wages, then that fact will be a force to drive the natives’ wages down. If the natives don’t like it, then bring more Indians. And if you try to make a protectionist argument you lose.
Thank god automatic promotions for Analysts-Assoc-VP are over
If i talk to another Jr. Director/Sr, VP/Assoc Dir who looks like shit in a suit and cant sell his way out of wet paper bag…I will puke
if HF are dead then so is the whole asset management industry. Have HF outperformed mutual funds this yr?…yes, by several times. Don’t let the examples of a few hi-profile blow-ups blinker your judgement.
@ 80
I was talking about large-cap funds, not that middle market crap. You know, legit deals and such.
@88
Those are always my favorite people. Honest, hard working.
I puke all over GS slick loser BS.
I will never do business with them.
I see 80 is now 79. Love it when these comment posts get screwed up.
@84 yes leveraged is fucked and increasingly so is valuation. PE firms will simply use less debt and pay less for companies. they will get outbid by strategics more often than they did the last few years, but there will still be companies to buy. it will become a more competitive industry. and yes PIPES and mezz lending will also increasingly become parts of PE portfolios (already have for many).
wtf comment removed by moderator?!?
#27 is right
#41 is a moron
Social promotion of bankers from Bimbo chicks to folks who dont speak the language (even after 20yrs) to green eye shade/technical folks are done
Re: $50K
When everyone offers no job or $30K you will take it; see 1990 after crash/ Real estate/S&L bust
re: Lawyers/Consultants working more hrs for more $ than bankers
75% of their work comes from bankers; see…do the math
The pay in all industries will come down.
“project Managers” and other non-jobs will become extinct
what happened to all the comments? the moderator sucks.
going for #96
87 et al. What everyone seems to forget with these “NY is expensive and the jobs are therefore going to be leaving” proclamations is 1) the reason its expensive is that people get paid a ton of money here and 2) they get paid a ton because they do things that add a lot of value – i.e. can be sold for even more money. Its not as simple as moving people to a low cost place. In low cost places 1) there are not a lot of people that can do the jobs that add a lot of value 2) which is why those places are low cost in the first place.
comment removed by me.
I just find it ironic that Wall street was intended to keep Indians out.
84 here. I agree with 93. Great points.
89, First, hedge funds *might* have outperformed mutual funds because hedge funds have option to be in cash.
And I say *might* because all those published hedge fund return numbers are some bogus index numbers (Hedge fund associations and bullshit groups like that). The indexes are composed of voluntary reporting by various hedge funds. This means most likely the firms that are sucking are NOT REPORTING.
Ask you another question. Why are so many firms halting redemptions? They are saying “Yes our YTD return through november is -15%. What? You want to redeem? Gee, we can’t let you do that because you see there is no market for the shit we hold. So we cannot really sell this stuff to raise cash to pay you out. And if we do sell it would be at heavy discount to our book value.”
So what the fuck does it mean when you report return and then say the value will fall is you try to go to market with your book? It’s a FUCKING SCAM. all the credit funds and PE guys are all playing their books. Real hedge fund bust is coming early next year when they can no longer bullshit their way out
@98
It’s not about the place, it’s about the people. Management consultants have thoroughly convinced business leaders that practically any job can be commoditized and that protectionist arguments will not fly.
Now the thing about adding a lot of value is funny because now that the debt bubble has burst hard, that value all of the sudden has become a taxpayer liability that will last for at least one generation. That means financial services has very low intrinsic value, and the industry has to bring down its costs to reality, whatever it takes.
@82 in this economy anyone that claims they are a baller is an idiot. we are all in the same boat. if banking is dead so are you, it is all interconnected or are you that stupid. sounds like the latter. keep us here on the weekend, like you are not someones bitch. i am sure your director has your dumb ass on a short leash. bonuses will be horrible but they have been that way before, it is cyclical. they have been at extreme levels recently. hopefully PE baller you didnt spend your carry at pink elephant, 1 oak or whatever shitty new hot spot you take your fat girlfriend from long island to. i new the game was up when they started letting non ivys into banking and now into PE obviously. but i shouldnt talk now i need to cancel my punta del este vacation and see if anyone one wants to rent my beachhouse on smallworld. F^&%! fun stuff guys, have a merry xmas!
@82 in this economy anyone that claims they are a baller is an idiot. we are all in the same boat. if banking is dead so are you, it is all interconnected or are you that stupid. sounds like the latter. keep us here on the weekend, like you are not someones bitch. i am sure your director has your dumb ass on a short leash. bonuses will be horrible but they have been that way before, it is cyclical. they have been at extreme levels recently. hopefully PE baller you didnt spend your carry at pink elephant, 1 oak or whatever shitty new hot spot you take your fat girlfriend from long island to. i new the game was up when they started letting non ivys into banking and now into PE obviously. but i shouldnt talk now i need to cancel my punta del este vacation and see if anyone one wants to rent my beachhouse on smallworld. F^&%! fun stuff guys, have a merry xmas!
@82 in this economy anyone that claims they are a baller is an idiot. we are all in the same boat. if banking is dead so are you, it is all interconnected or are you that stupid. sounds like the latter. keep us here on the weekend, like you are not someones bitch. i am sure your director has your dumb ass on a short leash. bonuses will be horrible but they have been that way before, it is cyclical. they have been at extreme levels recently. hopefully PE baller you didnt spend your carry at pink elephant, 1 oak or whatever shitty new hot spot you take your fat girlfriend from long island to. i new the game was up when they started letting non ivys into banking and now into PE obviously. but i shouldnt talk now i need to cancel my punta del este vacation and see if anyone one wants to rent my beachhouse on smallworld. F^&%! fun stuff guys, have a merry xmas!
105 Good stuff except for that “who let in the non-ivy’s” comment. When it was all ivys the business was all about WHO not WHAT you knew. Don’t think its ever gonna get back to that. Esp cause at that time the industry was regualted, fx interest and commission rates basically fixed. We were not long off the gold standard. Things moved very slowly. You didn’t need to be smart, just a gentleman.
@103 (& 105 & 106)
Pretty clear you’re not an “Ivy” with that piss poor grammar and those weak shit arguments. pretty sure you WERENT even in the “game” when they started letting “them” in.
best guess: 2nd year analyst, from sub-Ivy, couldnt get into a top-tier bank, and now you’re sweating about that pink slip a’comin.
any layoffs going on today?
some one told me that this means nothing, last year average bonus was 25% but this year it would be 2.5 % That is not as bad as loosing your home, hehehe
105/106 – F*cking dumbass…
sofa king we told it
@103 I didn’t goes too and ivy league skool but i no how to spell knew and capitalize I.
-Fuck you
@65. Hope you are right on the comp, but don’t spend it yet. Just because you tell your community college girlfriend that it’s all good, does not make it so. I’m betting your starter AMEX is really keeping you up at night.
I honestly don’t know why they let non-ivies into banking. Seriously, you were not smart enough to get into an ivy to begin with, yet they actually choose you over kids who were in the middle of the pack at Harvard-Yale-Princeton. The worst is when you have to work with some dolt from a Georgetown or BU who was probably out-right rejected from every ivy he applied to and you have to translate every multisyllabic word you say to him. When banks decided to focus on non-core things like “diversity” they took their eyes off the ball, and they’ve dropped it. Wall Street is not a fucking social experiment.
Boutiques: where it’s at? Some will get weeded out by low dealflow but bonuses at those that are still kicking will be the best on the street.
@115
This same tired cliche AGAIN? Let’s be honest, banking/finance is not and never will be anything remotely close to rocket science. Calculating EBITDA or comps is mindless stuff compared to deriving the differential equations for heat transfer problems. So all this stuff about “only Ivy Leaguers are smart enough to handle the rigor of banking” is utter bullshit. They are the legacies of those bankers that came before them, when Ivy was the only college education that counted in the NE.
Dec. 12 (Bloomberg) — Citadel Investment Group LLC, the Chicago-based hedge-fund firm run by Kenneth Griffin, halted year- end withdrawals from its two biggest funds after investors sought to take out $1.2 billion, according to a letter sent to clients.
The Kensington and Wellington funds, which together manage about $10 billion, have lost 49.5 percent of their value this year through Dec. 5. Withdrawals may resume as early as March 31, said the letter, signed by Griffin and sent to investors today.
“We have not made this decision lightly,” Griffin wrote. “We recognize how a suspension impacts our investors, especially those with current financial obligations of their own to meet.”
F_ _ _ the guy who made that Ivy comment. Non-ivy’s can kick ass just as much, and Ivy’s can certainly f_ _ _ up more than non’s.
all deals at wb pushed off till 2009?
Let’s see…..80K per year for 35 hours a week. Yep! Things are really good down here in good ole’ Delaware. State school…no debt…low cost of living. God, I really feel sorry for you Ivy League fucks. (Not!)
TOGFD
MBNA?
dumba** steel hooked up his no-talent lackeys with $100 million golden parachutes (for 10 people, including Steve Cummings and Ben Williams) while all of investment banking feels the brunt of the hurt. Down 90%? Are you kidding me. That $100 million can pay $100,000 per person to 1,000 employees. And apparently that idiot Williams had the nerves to say, “we need to honor the contracts, otherwise we’re sending the wrong message.” What a joke, I hope his $10 million gets clawed-back through political pressure.
Ben Williams is the biggest tool
Ben Williams is the biggest tool right behind steel
Ben Williams is the biggest tool right behind steel
I think all these people are just bitter they won’t be getting 25% of their bonus in WB shares this year and will — unfortunately — just be receiving cash.
- Analist
If Ben Williams were a tool, he’d be usedful.
Comments 1-126 — You’re showing your professional immaturity. You’re like a bunch of Asians fleeing Godzilla.
Wall Street is a cyclical business and if you weren’t 24 years old you’d remember than it was crushed in 2001-2002 and prior to that in 1995 and prior to that in 1988-1990.
Wait, I smell a pattern here — i think you learned those in kindergarten
NOW is the time to stay on the street for the 2009+ run as companies recapitalize and M&A occurs for the dead.
Hearing from sources that Pandit is under pressure to match Wachovia’s 90% bonus reduction. The problem is not the TARP $$$ that Citi already has received, its the additional money they will need in the future.
Newsflash – citi is toast.
citi never sleeps b1tches!
chin up WB people. hope Wells is a nice new Daddy.
Cheers,
Tanned Banker
@ 129
Even people that’ve been around for decades forget your basic concept. Each time people claim that its a massive paradigm shift, and for a while, it seems that way. But the more things change, the more they stay the same.
There will be a new “CDO”, a new “subprime mortgage”; there will be a new “it” thing, there always is, always will be.
RBC Bank President Gordon Nixon – Salary $11.73 Million
$100,000 – MISTAKE (FISHERMEN’S LOAN)
I’m a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.
There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn’t familiar with these type of loans. She never informed me verbally or in writing about this new criteria.
Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:ombudsman@obsi.ca
http://www.corporatebully.ca
http://www.youtube.com/CORPORATEBULLY
http://www.p2pnet.net/story/17877
“Fighting the Royal Bank of Canada (RBC Bank) one customer at a time”
@129 – shhhh – don’t TELL anyone that . . . right now they’re all leaving . . .
# 24 has it right. welcome to the mid-90′s pay scale. those of us who were of the analyst/associate classes at the big banks back then know what it was like. yeah, 1st year i-banking analysts, try $40-45k salary + meager bonus. we all did it, and we all lived to tell about it…
what’s shocking is not the step back in pay, but the step up since then.
to the whiners with an absurd sense of entitlement, harden the fuck up and earn your keep. even better, be happy to just have a job.
you are all fucking dipshits. The bonus model is not gone, it’s halted temporarily. If you think traders and bankers who make these firms millions upon millions of dollars every year (and yes it will eventually start to happen again), are going to settle for $1mm paycheck you’re out of your mind. Give it time…
@100…u dont know what ure talking about. There are lots of Indians on Wall St, watch in 10 years, all IV League Indians will be working on Wall St, about 10% workforce will be Indians.
@100…u dont know what ure talking about. There are lots of Indians on Wall St, watch in 10 years, all IV League Indians will be working on Wall St, about 10% workforce will be Indians.
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