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December 12, 2008

Bonuses Back to 2002 Levels

New York City will lose 170,000 jobs between July 2008 and December 2010, and Wall Street bonuses will decline at least 50 percent this year to the lowest levels since 2002, the state and city comptrollers said today...Wall Street bonuses totaled about $28.7 billion in 2007. This year’s estimate of about $14 billion would make it the lowest since 2002’s $10.8 billion, said Michael Loughran, a spokesman for the city Comptroller’s office. — Bloomberg




Posted by Brownstoner at 10:31 AM | Comments (7)
Categories: Market

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Comments

$10.8 billion still isn't chicken feed!

Posted by: itsagas at December 12, 2008 11:34 AM

It is when then the city and state budgets (not to mention the recipients budgets) were all calculated assuming far higher bonuses (and therefore tax revenues)

Posted by: fsrg at December 12, 2008 11:50 AM

I haven't had a christmas (or other) bonus since 2004 ... forgive me if I have little sympathy for Wall Street.

Posted by: cwbuecheler at December 12, 2008 12:25 PM

A harbinger of RE prices headed towards 2002 levels?

Posted by: Miss Muffett at December 12, 2008 12:40 PM

Will be interesting to see how this down tick impacts RE prices. You would think that high end homes may suffer the most, but then again - are there sufficient wealthy people in NY that these would be protected regardless ?

Would also add that bonuses will similarly pick back up at some point as investment decisions inevitably change over the next year or two. Maybe we wont see a quick rebound, but rebound the markets will.

Posted by: 10thStreetReno at December 12, 2008 12:57 PM

And home prices won't go back to 2002 levels because...

***Bid half off peak comps***

Posted by: Brownstones Half Off at December 12, 2008 2:33 PM

With banks loaning like it was 1997 and unemployment reaching new highs every day, prices will revert way back before 2002 levels in all but extremely prime neighborhoods.

Posted by: williamsburgguy at December 13, 2008 2:24 PM

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