Wall Street bonuses likely to plunge as trading revenue drops

[Zorro]

Wall Street bankers and traders are likely to get smaller bonuses for 2015 as trading revenue plunges.

Goldman Sachs said on Thursday that it set aside 16 percent less money for compensation in the third quarter compared with the same period in 2014. The fourth quarter, when banks determine how much they will pay for bonuses, may bring little relief for employees.

Goldman's total trading revenue dropped 15 percent in the third quarter after volume fell in fixed income, currencies, and commodities. Many investors are reluctant to take on too much risk in bonds and related derivatives until they have a better sense of when the U.S. central bank will start raising benchmark interest rates.

Other banks set aside less money for pay in the third quarter as well. JPMorgan Chase & Co said on Tuesday that it had set aside 13 percent less money for compensation in the third quarter compared with the same period last year.

http://news.yahoo.com/insight-wall-street-bonuses-likely-plunge-trading-revenue-220754403--sector.html

Such heartbreaking news.

[The Velveteen Ocelot]

1. How very sad.