According to the NY Post, as bonus season starts in earnest, Wall Street bankers are nervous about the prospect of skimpy checks — and even more afraid that this bonus check may be the high-water mark for the next couple of years.
The new economics on Wall Street has many bankers rethinking their careers. Some are opting to retire on the multimillions they’ve already earned. But banks also face the possibility of a mass exodus of top talent — including entire trading teams — as the bankers look to regain their wallet-busting pay by joining (or starting their own) companies in the less-regulated world of hedge funds, private equity and smaller financial firms.
“There’s a strong argument that the gravy-train days of Wall Street may never replicate themselves again,” says Thomas Lewis, an employment lawyer with Stark and Stark. “It’s going to be very hard to make an embarrassingly large amount of money at a bank that’s a publicly traded company compared to a private-equity fund or a hedge fund.”
Putting a spotlight on what might look like greener pastures to many Wall Streeters these days was the revelation last week that the three founders of private-equity giant Carlyle Group each got rewarded with a $138-million payday for their work last year.
Many bankers, meanwhile, will find out over the next few weeks whether their 2011 bonuses have been chopped in half or, in some cases, have evaporated altogether as their bosses grapple with falling revenue, stricter regulations and bad press...
Read more: http://www.nypost.com/p/news/business/bonus_cry_babies_taking_the_money_f91t8NHx2ymHMJaJT5QdFI
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