News

Bonus Watch ’12: Half Of Wall Street Feeling Pretty Positive About Pay Day

Now that we’re nearly halfway through October, several items on your to-do list will have undoubtedly been upgraded in urgency: scouring Starbucks near and far for for Pumpkin Spice lattes before it’s too late, and being dead serious in telling the baristas at the various locations claiming unavailability that they’ve ruined your life; coming up with a Halloween costume that’s at once slutty and topical; and discussing bonus expectations. Despite the fact that bank CEOs and people who speak on their behalf have suggested (by saying outright) that pay will come down this year, and that anyone who still has a job in 3-4 months should consider that their bonus, some on Wall Street are apparently predicting they’ll do pretty well for themselves this year and very well circa 2015.

There seems to be a disconnect between what Wall Street execs have been reading lately and what they believe. Nearly half (48%) of them surveyed by eFinancialCareers expect their bonus to be higher this year despite recent news reports to the contrary…Of those who believe bonuses will increase in the next three years, over half (53%) are convinced bonuses will return to 2006-2007 levels.

For those not as confident their take-home will soon revert to the glory days and looking to make a change into a more lucrative field Bloomberg today notes that “welders top banking pay.”*

Despite news reports that Wall Street bonuses will be down, more Wall Streeters are expecting them to be higher [eF]
Wall Street to Cut Pay Instead of Jobs, Graseck Says [BW]
Caterpillar’s Worker Hunt Means Welders Top Banking Pay [Bloomberg]
Related: Layoffs/Bonus Watch ’12/’13: Morgan Stanley
*…Though not until paragraph 15 is it made clear that they’re actually talking about the pay of ‘bank tellers,’ which: what? 1) I think most people could have told you a union welder would make more than a bank teller, just as they could probably make the educated guess that doctors, lawyers, hedge fund managers and particularly sought-after dog walkers fare better than BTs on pay day, since bank teller ≠ banker and 2) To that end, is this a new series? Jobs you may or may not have known pay more than $47,900/year? Because while very servicey for all the bank tellers reading who’ve been thinking about making a jump, it seems less than helpful to the core audience.

57 comments
(hidden for your protection)
Show all comments

57 Responses to “Bonus Watch ’12: Half Of Wall Street Feeling Pretty Positive About Pay Day”

  1. UBS MD says:

    Bank teller make HOW much????!?!?

  2. Guest says:

    I'm glad I still have a job.

    –Guy sitting next to three empty desks

  3. Guest says:

    I think my subconscious misses the Bonobos guy..

  4. CoveredLong says:

    The survey was confusing – I couldn't tell whether the "Payday > 100 grand" selection was asking about my bonus or my candy bar preference?

    -UBS Consumer Staples Analyst

  5. Guest says:

    So 50% of the employees think their pay will be above average. And half of all doctors have finished in the bottom half of their med school class.

  6. krautmick says:

    suggested tags: The (Da) Nile, River, Egypt

  7. Guy on Matt's Couch says:

    Second installment in that series: Bloggers make more than bankers!*

    *Only in the fifteenth footnote is it revealed that total take home includes profits from bloggers' "efficient capital markets hypotheses theoretical model price discovery testing post research activities and related market transactions88"

    **This may mean insider trading

  8. Guest says:

    Bess, do you have top bucket 1st year welders' numbers?

  9. Zombanker says:

    Brainzzz are my bonus. Banker brainzzz.

  10. InfiniteGuest says:

    Sparks fly from the crucible of Bloomberg's cutting-edge economic trends analysis.

  11. little things says:

    "revert back" is redundant.

    pleonastically yours,

    UBS grammar quant

  12. Liz M says:

    Uh, this isn't a clear inconsistency.

    Suppose everyone works on wall street for 2 years. In their first year, they get x dollars, and the second year, they get 10x dollars, and everyone quits/is fired before 3rd year bonus.

    Every year management sets x. This year bonuses are 30% lower than last year. Still, everyone in the industry is getting a bigger bonus than they did last year.

  13. guest says:

    52% of wall street are liars

  14. guest says:

    Maybe the 53% interpreted the question to mean that they themselves would revert to their 06-07 bonus levels…7 years later.

  15. guest says:

    Anyone expecting a 50% increase please report to my office!

    -J Dimon

  16. Guest says:

    Bloggers who use asterisks are 50% more likely to make more than bankers***

    (by bankers, we mean the guys who clean the toilets at GS)

    -UBS asterisk quant

  17. UBS Bubblegum Quant says:

    I get paid in layers

  18. Nervous in NJ says:

    It was funnier without the asterisk, Matt FFS stop giving Bess pointers.

  19. theonepercent says:

    1st year @ elite boutique (think LAZ, GHL, EVR)

    base: 70k
    top bucket: 65k

  20. Naturally i have the little Glint perhaps 95% of times via the winter. These are typically really nice they usually bring size to assist you to all the things Naturally i have these, it doesn’t matter if Naturally i clothe consumers decrease or perhaps a way up they are simply regularly most appropriate!