Research conducted by a compensation consulting firm has reported that Wall Street bonuses may drop by 45% in 2022.
Data from compensation consulting firm Johnson Associates suggest that this is going to be a very difficult year for bankers as they won’t get their typically massive Christmas bonuses on top of their absurdly high traditional wages, according to the New York Post. I cannot personally fathom how this totally disenfranchised group of people (bankers) can possibly survive knowing that they won’t receive even more money for their very important job of mismanaging our money and the economy.
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Investment banking underwriters are apparently going to receive the biggest hit, which must be so heartbreaking since they got a 35% surge in bonuses in 2021, the Post noted. Bonuses at private equity firms are expected to drop anywhere from 5% to 15% depending on the size of the firm. Asset managers and others who work with the ultra wealthy will see a 20% to 25% drop, with similar drops expected into the coming years, according to the consulting firm.
The bonus default comes after a stellar year for the financial industry in 2021 (despite the world shutting down). Junior employees were evidently in high demand and working through so-called endless opportunities, all of which came to a screaming halt this year as inflation, the energy crisis and the obviously predictable short-term impacts of the mismanagement of the COVID-19 pandemic set in.
Back at the start of the year, financial gurus like BlackRock President Rob Kapito told us that the Gen Z, Millennial and probably Gen X generations (the “entitled” ones) are going to be shocked by the impending shortages of goods and soaring inflation. All-around god of investing Michael Burry liquidated almost his entire portfolio because he could see the forest for the trees on the economy.
Oh, and then Nouriel “Dr. Doom” Roubini confirmed Burry’s fears that we’re heading for the mother of all crashes. It could be assumed that this is the same prediction prompting billionaire investor Stanley Druckenmiller to joke about using cyanide instead of dealing with the financial future of the U.S. over the coming years.
So, boohoo, bankers. You won’t get your bonuses. If only someone in your line of work could have seen this coming! (RELATED: ‘I Saw That Coming’: Daily Caller Reporter Slams Biden Admin For Acting Like Inflation Came Out Of Nowhere)
The rest of the country is worried about choosing between eating and heating as winter hits early this year. Perhaps instead of financiers getting bonuses for doing “work” that we “depend on” as a species now for some stupid reason, we should be giving bonuses to folks like farmers, who actually provide us with goods and sustenance that can actually keep us alive. Just an idea.