Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.’s investment bank, survivors of the worst financial crisis since the Great Depression, are set to pay record bonuses this year.
The firms — the three biggest banks to exit the Troubled Asset Relief Program — will hand out $29.7 billion in bonuses, according to analysts’ estimates. That’s up 60 percent from last year and more than the previous high of $26.8 billion in 2007. The money, split among 119,000 employees, equals $250,400 each, almost five times the $50,303 median household income in the U.S. last year, data compiled by Bloomberg show.
When will these people figure out that if for no other reason the PR on this is stupid. I don’t care if it’s in stocks, in promises of later pay…I don’t care if it’s in bubble gum. These folfs just don’t get it.
Pay and benefits for the executive suite has gotten totally out of hand. The claim keeps being made that you have to pay this much to keep the talent…From the evidence, the only talent these folks seem to really have is to justify their pay rate…badly.
via Wall Street Bonuses Rise as Big 3 May Pay $30 Billion (Update1) – Bloomberg.com.