“Wall Street giants split $38bn bonus pool”
Wall Street’s largest investment banks are planning to pay out about $38bn (€25.9bn) in bonuses to employees this year, despite shareholders in the securities industry losing $74bn of their equity, reports Bloomberg. Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns will split the figure between about 186,000 staff, up from the $36bn paid out last year. The larger bonus pool derives from record fees for mergers and acquisition advisory and underwriting initial public offerings and comes in spite of losses incurred as a result of the collapse of the US sub-prime mortgage market and its effect on the global credit markets.
Source: e-Financials News
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