Bonus Checks Rise In Spite Of Wall Street Troubles
NEW YORK — Some top investment bankers on Wall Street are getting bigger year-end bonus checks despite the troubles stemming from the mortgage crisis.
Bonuses are up 14 percent on average. Four of the country’s biggest investment banks will pay out about $30 billion in bonus cash this year alone. The banks have been slammed over the past year by the credit crisis and their stocks have dropped by as much as 45 percent.
Some top executives are foregoing their bonuses. Others are getting bonuses ranging from $35 to 70 million.
As for the rank and file of Wall Street, it remains to be seen how much cash bankers and traders will receive for bonus compensation.