Daily Digit: $20 Billion Bonus Pool

Wall Street bonus pool expected to total $20 billion, says New York state's Comptroller Thomas DiNapoli. Bobbi Rebell reports.

Published

3 months ago

Categories

Finance, US

Topics

Finance, United States

People

Thomas Di Napoli

Places

United States of America

Companies

The Goldman Sachs Group, Inc., JPMorgan Chase

Transcript

The Daily Digit is $20 billion. The total for Wall Street cash bonuses is forecast to have risen to $20 billion in 2012, according to New York State's Comptroller Thomas DiNapoli. It's the highest level since 2010 and up 8 percent from a year ago, but still below pre-crisis levels. The $20 billion translate into $121,900 average cash bonus for a Wall Street worker. But its likely that fewer of them will be getting those bonuses next year... because they will be out of a job. Some of the biggest Wall Street players are letting people go. JPMorgan Chase just announced it is cutting between 3,000 to 4,000 jobs in its consumer bank this year, which means about 1.5 percent of the company's overall workforce. And Monday, Goldman Sachs said it is starting its annual layoffs this week. Every year the bank culls out the weakest 5 percent of its employees.