BY TYLER DURDEN
It's a story we have been covering since before last year's holidays. After a tough 2022 for dealmaking, banker pay continues to get cut. The rollbacks continued this week with some top investment bankers in Asia ex-Japan are "having their worst payouts since the financial crisis", according to a new report from Bloomberg.
The report says that managing directors at banks like Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. will see their total compensation fall by 40% to 50%. Payouts for senior managing directors will total between $800,000 to $1.5 million. First year MDs will see bonuses of $600,000 to $1 million, the report says.
High performers may only see cuts of 20% or less, with some of them still taking home about $2 million, the report says. But those who underperformed are seeing cuts of up to 60% to 70%. Some are also being "left out altogether" from bonus pools.
https://www.zerohedge.com/markets/worst-payouts-financial-crisis-asias-investment-bankers-see-pay-cuts-70