Wall Street bonuses fall short of already-low expectations: ‘Absolute s–t’

Published

2 years ago

January 26, 2024

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Few on Wall Street were optimistic about bonus season this year — but stingy payouts have still managed to leave many disappointed.

The consensus among most junior bankers is that most faced yet another year of s–tty comp, according to Wall Streets meme master Litquidity.

The finance-focused social-media account has been barraged with junior bankers complaining that bonuses this year were a bloodbath and across the board bad news.

Nowhere was that more evident than at Citi, where employees have been informed roughly 20,000 of their ranks will be culled.

While few expected anything too generous given the state of the bank, the lackluster comp only exacerbated the poor morale.

Citi bonuses were straight-up disrespectful, one employee complained to Litquidity.

Another chimed in that Citi payouts were savage across the board, while yet another banker called them absolute st.

For others, layoffs put things in perspective, Bonuses were way down but I still got one.

At Goldman Sachs, one employee said of the rank-and-file, Cant say anyone was really happy.

Another described compensation as unevenly distributed with the partners once again getting a good payout and lower-ranking employees getting shafted.

We said we would pay for performance and thats what guided our comp decisions across our businesses,” Tony Fratto, Goldman’s head of communications said.

At Americas largest bank, JPMorgan, compensation and morale remained relatively stable.

One employee even went so far as to call his bonus awesome.

While it’s too early to know the overall trend for how each bank paid employees year over year — Bank of America has yet to tell employees their total compensation — the pools at most banks were smaller as a result of a continued slowdown in dealmaking.

Litquidity said the bonus season was expected — in part because of the widespread reports this year would be worse than last.

An annual report from compensation consulting firm Johnson Associates at the end of last year predicted bankers could see bonuses dropping 15% to 25% this season.

Most Wall Street professionals will have to wait another year for a rebound in year-end bonuses, Alan Johnson, managing director of the firm, said. For most it will be another disappointing year.

Of course, the issue is that most bankers think theyre the exception to the rule and will be the outlier who gets compensated well.

At the same time, many young bankers have inflated expectations after receiving record bonuses for the 2021 fiscal year.

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Those payouts had been fueled by record earnings — and a willingness to pay top dollar amid a labor shortage that led to a war for talent.

An annual report from compensation consulting firm Johnson Associates at the end of last year predicted bankers could see bonuses dropping 15% to 25% this season.

Most Wall Street professionals will have to wait another year for a rebound in year-end bonuses, Alan Johnson, managing director of the firm, said. For most it will be another disappointing year.

Of course, the issue is that most bankers think theyre the exception to the rule — and will be the outlier who gets compensated well. At the same time, many young bankers have inflated expectations after receiving record bonuses for the 2021 fiscal year.

Those payouts had been fueled by record earnings and a willingness to pay top dollar amid a labor shortage that led to a war for talent.

Indeed, management in 2022 had painted the bonus drought as a one-off, sources said.

Unfortunately, that doesnt appear to be panning out.

The bar was so low for giving people a small percentage uptick that managers were certain 2023 would be better, a source said.

Sports

Mets sit banged up McNeil, Nimmo vs. Nationals

Published

2 hours ago

August 21, 2025

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Mets sit banged up McNeil, Nimmo vs. Nationals

Associated Press

Aug 21, 2025, 03:26 PM ET

WASHINGTON — Jeff McNeil has a sore right shoulder, the latest nagging injury for the New York Mets as they try to recover from a late-summer swoon.

McNeil was out of the lineup for Thursday’s series finale at Washington, with Brett Baty starting at second base. One of the Mets’ most consistent hitters, McNeil went 4 for 8 with a homer, two doubles and five RBI in the previous two games against the Nationals.

“It doesn’t bother him to swing the bat. It’s just more the throwing,” manager Carlos Mendoza said.

The shoulder problem began late last week, Mendoza said, which is why McNeil started at designated hitter on Saturday and Sunday.

Brandon Nimmo was also out of the lineup Thursday with the stiff neck that forced him to leave Wednesday night’s game in the second inning. Tyrone Taylor started in left field.

“We didn’t see much improvement overnight,” Mendoza said of Nimmo.

McNeil has experience in left, but the shoulder problem means he’s not an option there for now.

New York’s series at Washington began Tuesday with the news that catcher Francisco Alvarez has a sprained ligament in his right thumb that will require surgery. Alvarez is hoping he can play through the pain after a stint on the injured list.

Backup catcher Luis Torrens had a rough night Wednesday that included getting hit in his receiving hand by a bat on a catcher’s interference play, but Mendoza said Thursday that Torrens was “fine.”

The Mets had a three-game winning streak before Wednesday night’s loss, but the team with the biggest payroll in the majors is just 5-15 since July 28. New York entered Thursday trailing Philadelphia by 6 1/2 games in the NL East and was one game ahead of Cincinnati for the final wild-card spot.

Science

Rice University Scientists Confirm Flatband Discovery in Kagome Superconductor

Published

2 hours ago

August 21, 2025

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flatband states in CsCr₃Sb₅, a kagome superconductor. This experimental validation connects lattice geometry with emergent superconductivity, opening new pathways for engineered quantum materials, superconductors, and advanced electronics.

World

Israel maintains pressure on Gaza City as ‘first stages of attack begin’

Published

2 hours ago

August 21, 2025

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Israel maintains pressure on Gaza City as 'first stages of attack begin'

Gaza City residents say Israel carried out intense overnight bombardments as it prepares a controversial offensive to take control of the area.

Sixty-thousand reservists are being called up after Benjamin Netanyahu‘s security cabinet approved the plan earlier this month.

UN chief Antonio Guterres has warned of more “death and destruction” if Israel tries to seize the city, while France’s Emmanuel Macron said it would be a “disaster” that would lead to “permanent war”.

Live – UN warns of ‘forcible transfer’ as forces advance on Gaza City

Hundreds of thousands of people could end up being forcibly displaced – a potential war crime, according to the UN’s human rights office.

Gaza’s health ministry said at least 70 people had been killed in Israeli attacks in the past 24 hours, including eight people in a house in the Sabra suburb of Gaza City.

Israel currently controls about 75% of the Gaza Strip, but Prime Minister Netanyahu has said Israel must take Gaza City to “finish the job” and defeat Hamas.

Mr Netanyahu and his ministers are due to meet on Thursday to discuss the plans, according to Israeli media.

Military spokesperson Effie Defrin said earlier that “preliminary operations and the first stages of the attack” had begun – with troops operating on the outskirts of Gaza City.

Israel has said it will order evacuation notices before troops move in but satellite images show thousands of people have already left.

Residents said shelling has intensified in the Sabra and Tuffah neighbourhoods and that those fleeing have gone to coastal shelters or to central and southern parts of the Strip.

The decision to stay or leave is an agonising choice for many.

“We are facing a bitter-bitter situation, to die at home or leave and die somewhere else, as long as this war continues, survival is uncertain,” said father of seven Rabah Abu Elias.

“In the news, they speak about a possible truce, on the ground, we only hear explosions and see deaths. To leave Gaza City or not isn’t an easy decision to make,”

Most of the Israeli reservists being summoned are not expected to be in a frontline combat role and the call-up is set to take a while.

The window could give mediators more time to convince Israel to accept a temporary ceasefire.

Hamas has already agreed to the proposal – envisaging 10 living hostages and 18 bodies being released in return for a 60-day truce and the freedom of about 200 Palestinian prisoners.

Israel hasn’t officially responded, but insists it wants all 50 remaining hostages released at once. Only 20 of them are still believed to be alive.

The war started nearly two years ago when a Hamas terror attack killed about 1,200 people and kidnapped around 250.

More than 62,000 Palestinians have been killed in the war, according to Gaza’s health ministry.

The figure doesn’t break down how many were Hamas members, but it says women and children make up more than half.

Two more people also died of starvation and malnutrition in the past 24 hours, the ministry said on Thursday, taking the total to 271, including 112 children.

COGAT, the body controlling aid into Gaza, said 250 aid trucks entered on Wednesday, with 154 pallets air-dropped.