Okay, you got it? You got the idea of last year's bonus in your head? What it looked like? What it felt like? What, for some of you, it tasted like and felt like to roll around in (we don't know your life)? Now think about that bonus and lop off 10% of it.
Pay across Wall Street could fall about 10 percent this year, with traders taking the biggest hit, said Alan Johnson, managing director of pay consulting firm Johnson Associates. The weaker trading environment is hurting banks, as are the costs of complying with new rules imposed after the financial crisis. Banks "are starting to restructure their pay strategy because five or six years after the crisis they have extra costs," Johnson said. "It's just not working." Those estimates are consistent with the numbers that Goldman Sachs is reporting. The bank said it set aside $287,778 per employee in the first nine months of the year, down about 10 percent from the same period last year.