New York, NY, United States (AHN) – Wall Street bonuses can be a point of contention among not only the haves but the have-nots. Bonus levels for many dropped and only half report satisfaction with their amounts.
While many Americans consider bonuses a rare luxury and struggle to put food on the table and pay bills Wall Street mega earners some are reporting their bonuses dropped five percent each year the last two years. The still astronomical bonuses that can be he as high as $5 million dollars remain scrutinized by regulators, governments and banks across the globe.
For some switching employers had an either positive or negative reflection on their bonus amount. 15 percent of respondents claim switching caused their bonus to decrease while 12 percent found they took home more money. Another eight percent took home no bonus at all based on the eFinancialCareers.com survey.
The survey was sent to 1,009 people and respondents included financial firm employees who knew their bonus amount.
Despite the drop in cash individual bonuses still demonstrate Wall Street’s history of pay-for-performance remains intact.
The “average” bonus numbers on Wall Street for someone working at Goldman Sachs is reported to be around $430,000. Additionally first time bonuses also range in the tens of thousands of dollars.
The financial reports of Goldman Sachs Group Inc., Morgan Stanley, and JPMorgan Chase & Co.’s reflect the investment banks spent an average of $330,212 on salaries, bonuses and benefits for each of their 124,556 workers in 2010.
A statement by eFinancialCareers state financial professionals specializing in investment banking, foreign exchange, derivatives, research and private equity are noted to reap the largest bonuses. Fund management, risk management and commodities bonuses were on average lower by comparison.
Across the globe the average bonuses for Asia-based financial markets professionals showed the largest gains marking an increase of 22 percent. Comparatively, average bonuses in the U.K. rose five percent.
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