Bloomberg reports that the Wall Street Bonus Season of 2011 will no doubt be a little off. Quoting an expert in compensation, they say most bonuses will be 5 to 10 percent lower than last year.
Still, for the layman, the bonuses still seem astronomical. Examples?
— JPMorgan plans to spend about $369,651 per employee.
— Goldman Sach's number works out to $430,700, a 14 percent drop from last year.
Bloomberg reports on executive compensation at one bank:
Citigroup Chief Financial Officer John Gerspach got $2.33 million and Vice Chairman Lewis Kaden received $4.29 million. Americas consumer banking chief Manuel Medina-Mora got $4 million. Mike Corbat, head of Citi Holdings, got $4.88 million, as did the bank's chief administrative officer, Don Callahan. The bank disclosed last year that Chief Executive OfficerVikram Pandit declined a 2010 bonus. Shannon Bell, a Citigroup spokeswoman, declined to elaborate on payouts.
Bloomberg did the math on the four biggest banks and their bonuses for this year will average of $141,192 per employee.