Wall Street Austerity

[sunzt]

These guys are really starting to cut back now...

This holiday season, many Wall Streeters are flying commercial, according to jet brokers. Those who are still flying private are jet-pooling with strangers to cut costs. Some are even skipping the catered in-flight meals, which can cost $1,000 or more for four people.

Not that Wall Street is exactly hurting. Total pay for the top three dozen publicly held securities and investment-services firms is expected to top $140 billion, according to a Wall Street Journal study. Goldman Sachs set aside $13 billion for compensation and bonuses in the first nine months. That is down about 20% from last year but works out to more than $367,000 per employee.

IT seems to get the shaft though... only +/- 5% a year?

http://finance.yahoo.com/banking-bu.../austerity-wall-street-style?mod=bb-budgeting

 

[halik]

Looking at the average bonus isn't a good measure do to the obvious skew.

 

[piasabird]

IT is the first place people are fired in bad times and the last place people are hired.

 

[Drako]

IT is the first place people are fired in bad times and the last place people are hired.

Usually is QA people that get cut first, then the IT guys .

 

[Craig234]

I've seen reports that even on Wall Street, there are significant cutbacks in staff even while there's more money than ever for fewer people.

 

[yllus]

IT is the first place people are fired in bad times and the last place people are hired.

Naw. That prize is reserved for sales and marketing folks, unless maybe you're talking about helpdesk staffers.

 

[Darwin333]

I've seen reports that even on Wall Street, there are significant cutbacks in staff even while there's more money than ever for fewer people.

Cash on hand (or in the bank) is one of the least important reasons to hire new employees.

And fuck the banksters (mostly who we are talking about).

 

[novasatori]

I've seen reports that even on Wall Street, there are significant cutbacks in staff even while there's more money than ever for fewer people.

All companies are doing it under the "bad economy"

My father is an Airline Pilot who suffered 50%+ paycuts over the past years and long times furloughed without any new contract negotiations. Even though right now during the "bad economy" the airline in question is doing better financially than they ever have in recent times.

 

[JellyBaby]

It's difficult to feel much sympathy for Wall Street when 1 in 7 Americans are now on food assistance.

 

[Merithynos]

Yeah, I work at a financial services company. Last year they laid off a ton of people, cut our salaries...then handed out 300 million in bonuses to the top 270 or so executives. Makes total sense.

 

[EagleKeeper]

Yeah, I work at a financial services company. Last year they laid off a ton of people, cut our salaries...then handed out 300 million in bonuses to the top 270 or so executives. Makes total sense.

Many companies have bonuses for management tied to revenue expectations.

If the revenue target is not met, there go the bonuses.
Exmaple - Projected at 13M - come end of Sept - projections are for only 11M.

Cutting people/canceling projects is the fastest way to improve the bottom line for reporting purposes.

 

[sunzt]

Many companies have bonuses for management tied to revenue expectations.

If the revenue target is not met, there go the bonuses.
Exmaple - Projected at 13M - come end of Sept - projections are for only 11M.

Cutting people/canceling projects is the fastest way to improve the bottom line for reporting purposes.

Yup, as long as your boss' boss gets his fat bonus it's all good. KNOW YOUR ROLE, peon.