Executives are waiting until the last minute to allocate bonuses at big U.S. banks this year, worried that market volatility could hit earnings
NEW YORK - December is always a month of suspense on Wall Street, as dealmakers, traders and money managers at big U.S. banks wait to find out how much they will receive in bonuses.
But this year is more fraught than usual, industry sources said, because executives are waiting until the last minute to allocate bonuses, worried that market volatility could hit earnings. By now, division heads usually have a sense of what a bonus pool will look like and what portion their divisions will get. Although formal bonus communications can happen as late as March, executives and consultants start working on decisions after Labor Day and tend to give unofficial guidance to staff before year-end, sources said.
“There may be people working New Year’s because they’ve got to finalize this January 10 or 15,” said compensation consultant Alan Johnson. “People are going to be particularly vigilant to make sure that they’re going to be paying the right amount, figuring it out right up to the end of the year.”
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