Big Banks Set To Dole Out Huge Bonuses To Top Execs
Bonuses at big banks are expected to hit their highest level in over a decade. Take Goldman Sachs: The bank, known as the Vampire Squid of Wall Street, set aside nearly $18 billion for compensation expenses last year, an increase of 33% from 2020.
Photo Insert: Goldman’s CEO David Solomon took home a $33 million bonus on top of his $2 million base salary.
That works out to an average of about $404,000 for the firm's 43,900 workers, Allison Morrow reported for CNN.
Goldman’s CEO David Solomon took home a $33 million bonus on top of his $2 million base salary. Morgan Stanley CEO James Gorman also received a $35 million pay package while JPMorgan Chase's Jamie Dimon got a $3 million raise — to $34.5 million — in 2021.
Why the surge this year? The market finished last year near all-time highs, and bank stocks were among the market leaders, Paul R. La Monica writes. Any time companies list their shares on public markets or merge with other companies, the banks that facilitate those deals get a big cut. And 2021 was a very, very busy year.
Yet, a group of first-year bankers at Goldman revealed that they were so burned out and abused in their jobs their mental health was suffering and they were contemplating quitting. They were at their breaking point after less than a year on the job, Morrow stressed.