The good news: the waiting-- which is the hardest part!-- is over. The bad news: this year's bonuses.
From the front lines:
"Terrible across all divisions. FID, IBD, and even equities hard hit - lots of zeroes at junior levels. Lots of deferred cash and stock for more senior people."
"Demoralizing is best word to describe bonuses this year. Many 0's, average seemed to be down 20-30% YOY** in S&T for VPs/EDs. Brutal day."
Having said that:
"I would say that expectations were set lower and lower until mgmt would be able to exceed them, which they did, slightly. I have to imagine anyone VP or lower who was hired less than 12 months ago got a zero... as should have been expected. Anyone else who got a zero should take it as a sign that they should leave, except maybe in FID, where they just did a shitty job."
**Update: Bloomberg has heard the same thing.