Connect with us

Published

on

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. 

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.  

Continue Reading

Environment

Trump nominates a Tesla critic to lead NHTSA

Published

on

By

Trump nominates a Tesla critic to lead NHTSA

President Trump has nominated Jonathan Morrison to lead the National Highway Traffic Safety Administration (NHTSA). Morrison has previously criticized and tussled with Tesla in his previous role at NHTSA.

Morrison is now Trump’s nominee to head the National Highway Traffic Safety Administration, which is in charge of regulating the auto industry in the US.

The attorney was the agency’s Chief Counsel during Trump’s first term, and he had a few disputes with Tesla during that time.

In September 2018, the US National Highway Traffic Safety Administration (NHTSA) released its Tesla Model 3 crash test results, and the EV got five-star safety ratings in every category.

Advertisement – scroll for more content

Tesla interpreted the data from the test and claimed that Model 3 achieved “the lowest probability of injury of any vehicle ever tested by NHTSA“.

Morrison sent Tesla a cease-and-desist letter over the claim, arguing that it was misleading.

The lawyers also subpoenaed Tesla to get data about a specific crash in 2019.

Next week, Morrison is expected to have his confirmation hearing in the Senate and could take up his role shortly after.

The nomination is significant in the context of the current feud between Tesla CEO Elon Musk and President Trump.

Musk has been criticizing Trump and his allies over their recently passed budget and tax bill, which is expected to significantly increase the federal government’s debt and eliminate virtually all subsidies to electric vehicles and renewable energy, potentially harming Tesla.

Trump has warned Musk that he could go directly after his companies and NHTSA would be the top vehicle for that when it comes to Tesla.

The agency had already launched several investigations into Tesla over the years, with the largest one examining Tesla’s Full Self-Driving program and several fatal crashes related to the ADAS system.

Electrek’s Take

Most NHTSA probes into Tesla have resulted in slaps on the wrist at best, but this FSD probe involves several fatal crashes, and even though it started under the Biden administration, it could potentially ramp up under Trump, especially amid his feud with Musk.

On the one hand, it’s disheartening to see the US reach this point, where feuds between billionaires and elected officials are settled through regulatory agencies. Still, at the same time, Musk did buy the election for Trump, so he created this situation in the first place, and there are serious concerns about how safe FSD is.

At the very least, I would hope that NHTSA will start to force Tesla to release all its FSD crash and disengagement data.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

A 25 mph ambulance? The GEM microcar is now an emergency responder

Published

on

By

A 25 mph ambulance? The GEM microcar is now an emergency responder

You might remember the GEM as a quirky little electric microcar that’s been cruising through campuses, resorts, and planned communities for years. But now, it’s taking on a more serious job – saving lives. Waev Inc., the maker behind the long-running GEM electric vehicle line, has just unveiled the GEM Ambulance, a purpose-built, all-electric, street-legal low-speed vehicle (LSV) designed specifically for emergency medical services.

While it might not replace a full-size ambulance on high-speed highways, this new electric responder is tailor-made for the dense environments where conventional ambulances often struggle: college campuses, sporting events, entertainment venues, airports, and more. With a top speed of 25 mph, it’s built for maneuverability, safety, and zero-emission performance in pedestrian-heavy areas.

“The GEM Ambulance fills a critical gap in medical response – delivering the ideal balance of agility and safety EMS teams need in crowded settings,” said Byron Dudley, Vice President at Waev Inc.

The new GEM Ambulance is built on the same proven electric platform that has powered GEM vehicles for over 25 years. It’s a highly refined LSV that combines practical engineering with professional-grade EMS functionality. In partnership with emergency equipment supplier QTAC, Waev integrated a skid-mounted EMS system that includes secure patient transport, attendant seating, optional oxygen and IV mounts, and rugged PolyTough™ construction designed to handle demanding conditions.

Advertisement – scroll for more content

Unlike golf carts or UTV-based setups that have been DIYed into emergency vehicles, the GEM Ambulance offers a more stable, comfortable, and professional platform. The EMS skid is positioned between the wheels for better weight distribution, and the vehicle’s low deck height and rear step-up provide easy access for patients and personnel alike.

The GEM Ambulance doesn’t skimp on emergency essentials either. It’s equipped with a 360-degree red emergency lighting system, an SAE Class 1-compliant siren with multiple sound patterns, a public address system, turn signals, LED headlights and taillights, and even a pedestrian noise emitter for quiet zones. A backup camera and full 360° sightlines give drivers added confidence when navigating tight environments.

And since it’s 100% electric, there’s no tailpipe emissions to worry about when operating indoors or in crowded spaces. Maintenance is minimal thanks to GEM’s maintenance-free batteries, regenerative braking, and corrosion-resistant aluminum frame. There’s even a seven-year warranty on the lithium-ion battery option.

The biggest surprise might be the price. According to Waev, the GEM Ambulance can cost up to 80% less than a traditional ambulance and 50% less than electric trucks or UTV-based alternatives. Plus, with operating costs of just $0.03 per mile, it promises long-term savings with no fuel, no fluids, and no downtime from engine servicing.

With applications ranging from college campuses and amusement parks to military installations and warehouse sites, the GEM Ambulance could be a game-changer for localized EMS response. It’s available now through GEM’s nationwide dealer network and can also be purchased through government contracts like Sourcewell, Texas BuyBoard, and GSA procurement channels.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Technology

Microsoft Outlook hit with hours-long outage

Published

on

By

Microsoft Outlook hit with hours-long outage

Omar Marques | Lightrocket | Getty Images

Microsoft‘s Outlook email service malfunctioned for several hours Wednesday and Thursday, prompting some people to post on social media about the inability to reach their virtual mailboxes.

The issue began at 6:20 p.m. Eastern time on Wednesday, according to a dashboard the software company maintains. It affected Outlook.com as well as Outlook mobile apps and desktop programs.

At 12:21 ET the Microsoft 365 Status account posted that it was rolling out a fix.

“Our configuration changes have effectively resolved impact in targeted infrastructure. We’re now deploying the changes worldwide to resolve impact for all users,” Microsoft said in an X post on Thursday afternoon.

The company’s status page said “most impacted users will experience relief within the next two hours,” and that it was continuing to monitor the service.

Read more CNBC tech news

On social media, some people reported that Outlook was functioning properly after hours of users posting about problems.

Some posts included screenshots of Outlook that said “something went wrong.” 

With hundreds of millions of active users, Outlook is important, although Apple and Google‘s email clients are more popular, according to data from analytics company Litmus

Continue Reading

Trending