This time last year, New York-based search firm Options Group was issuing some dire predictions for bonuses. This year it seems to be predicting a lot of zeroes at bonus time.
Twenty percent of employees at Wall Street banks won’t be getting bonuses at all for 2012, says Options Group. However, among the remaining 80%, some will still be paid up.
The fortunate few include credit traders. Last year, a VP-level credit trader should have earned $720,000 according to Options Group’s estimations. This year a VP-level credit trader should earn $800,000.
VP-level cash equity traders are becoming poorer and poorer by comparison. This year, Options Group thinks their pay will fall to $290,000 from $370,000.