As we reported yesterday, the office Christmas party is going to be a little less cheery with two-thirds of U.S. companies nixing holiday bonuses this year.
The mood among the higher ranks of Wall Street is only a little better. A survey by staffing firm Wall Street Services reveals that 42% of executives and managers in the investment field expect to get a little extra something in their stocking this year. Those expectations are probably pretty realistic, since nearly the same percentage of those executives polled said that they planned to give employees under their charge a raise this year.
So what's the damage? Last year, about $10 billion was doled out to Street workers, a 30% pay cut from the previous year. That's a big ouchie, considering a securities worker's bonus can account for as much as three quarters of his compensation.
Before you shed a tear over the sour milk in Wall Street's gingerbread latteccino, consider that the average bonus-worthy worker saw an additional $60,000 in her paycheck for a job well done.