December 29, 2004 12:04 PM
The Most Wonderful Time Of The Year
Excerpt: The total bonus pool for Wall Street increased to $15.9 billion, up $100 million from last year's payout, according to New York State Comptroller Alan Hevesi. About 158,000 employees on Wall Street will receive a bonus payment, the comptroller's office said.
The pie may be bigger on Wall Street this year, but more bankers have been invited to the table for the doling out of bonuses.
While funds set aside for bonuses have increased 8 percent over 2003, hiring has grown at least that fast, meaning that individual payouts have dipped in 2004, according to estimates by the Securities Industry Association. See story about staffing increases on Wall Street.
"There's been a lot of talk among the media and consultants about fairly large double-digit increases in this year's bonuses, but we just don't see that happening," said Frank Fernandez, head of research for the association.
Of course, some will enjoy bigger bonuses than others, based on individual and departmental performance as well as evaluations by management, he added.
The total bonus pool for Wall Street increased to $15.9 billion, up $100 million from last year's payout, according to New York State Comptroller Alan Hevesi. About 158,000 employees on Wall Street will receive a bonus payment, the comptroller's office said.
The fiscal year ended Nov. 30 for several firms, including Bear Stearns (BSC: news, chart, profile), Goldman Sachs (GS: news, chart, profile), Lehman Bros. (LEH: news, chart, profile) and Morgan Stanley (MWD: news, chart, profile). Despite a strong finish by the industry, profits are expected to fall by a combined 22 percent even though revenues rose 4.6 percent.
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