Local investment bankers had their second-best year for fees since 2009, but because all of Wall Street struggled, their bonus packages will shrink.
Talk of upcoming bonus checks has at least one Australian investment banker feeling “pretty miserable,” as Wall Street firms slash expenses after a weaker 2022 for global MLocal bankers with US and European firms, who receive their bonuses in February, had relatively strong years in MA and debt capital markets, compared to their peers in larger geographies.
Senior leaders – many of whom get paid their bonuses with a combination of cash and stock – should see their compensation shrink between 20 per cent to 25 per cent, Mr Johnson said.While bankers on the trading floor will also have to share in a weaker bonus pool, their pay packets should not be hit as hard as their investment banking peers, Mr Johnson said.
It is a remarkable turnaround for the US bank, which raised base salaries for investment bankers in July 2021 after junior staff leaked a slideshow presentation claiming they work 100-hour weeks.Peers from Citi to Morgan Stanley swiftly followed Goldman and upped pay for their juniors, as talent retention and better work-life balance took centre stage in the earlier years of the pandemic.
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