Cash Crash! Wall Street workers expecting worst bonus season since 2008

With the economy still struggling, Wall Street workers are expecting the worst bonus season since the crash of 2008.  State Comptroller Thomas DiNapoli estimates that the average bonus this year will be $101,000 — a 16.5 percent decline from last year and almost a 50 percent decline since 2006, when the average was $191,360.

Last week, the downsizing continued. Citigroup moved to fire as many as 150 employees in its trading and investment-banking unit amid expectations of company-wide bonus reductions of as much as 10 percent.  Execs at JPMorgan, the largest Wall Street bank by assets, told Bloomberg that its bonus pool will be off by at least 2 percent. The analyst firm Options Group anticipates that almost one in five Street workers won’t get a bonus at all.,,,,

The cutbacks, which often account for a large percentage of a Wall Street worker’s pay, will have a ripple effect through the New York City economy....

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