Investment Bankers taking severe cuts in bonuses - January 29, 2013

As deals are becoming less lucrative and thinning in numbers many investment bankers (IBs) have taken severe cuts in their bonuses.

As deals are becoming less lucrative and thinning in numbers many investment bankers (IBs) have taken severe cuts in their bonuses. Payment in bonuses have been down by an average 15% across industry and in many cases bonuses are being paid in rupees instead of dollars or the bonuses are being paid partly with a promise for the remaining amount to be paid later. IBs of the Citigroup got their bonus in the Indian currency, JP Morgan’s IBs got paid 29% less bonus while Morgan Stanley paid at least 10-30% lower bonus. Goldman Sachs have however doled out 5-15% higher bonuses.

Source: www.economictimes.com, January 29, 2013. “As deals dry up, investment bankers take an unkind cut in bonus”

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