Wall Street’s Bonus Babies Will be Crying As Average Compensations Drop To $216,928 at JP Morgan- REALLY ?

By TheFiscalTimes

Once upon a time, Wall Street investment bankers and traders spent all year looking forward to December and January; for most of them, these were the months when they learned the details of their bonus payments, which in some cases accounted for 90 percent of their total compensation for the year. The rest of the New York City economy also waited with bated breath, as Wall Streeters used their annual windfalls to put down payments on new homes, buy the latest cars and generally spend lavishly.

Even in the tough times that followed the financial crisis, a lot of those on Wall Street eyed the decline in bonuses as something they would just have to get through. At banks that remained reasonably solid but had taken TARP money, even executives heading up businesses that stayed profitable were cautioned that they would have to be patient; it wouldn’t look good to dole out lavish paydays at a time