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 back 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 15th paragraph is it noted that they’re actually talking about ‘bank tellers,’ which seems less than helpful to the audience.
Book excerpt: Adam Baldwin’s “Heroes and Villains of Finance” is a fascinating dive into the history of money as an institution, highlighting the fifty most significant figures that, rightly or wrongly, are responsible for the financial landscape we live in today.