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Sub-prime crisis hits US bonuses
Despite falling bonuses, the average payout was still $180,000
Wall Street bonuses fell by almost 5% in 2007, official figures suggest, as financial firms tightened their belts amid the sub-prime mortgage crisis.
Despite the woes, bonuses totalling $33.2bn ($16.8bn) were awarded, the New York state comptroller said.
The average bonus dipped by 4.7% to $180,420 (£91,620) - according to figures compiled from the seven largest investment banks in New York.
Financial firms have written off about $100bn as a result of the crisis.
Of the major firms based in New York, only Goldman Sachs emerged relatively unscathed.
While the seven companies made profits of $39bn in the first half of 2007, they lost $28bn in the second half, state comptroller Thomas DiNapoli said.
http://news.bbc.co.uk/2/hi/business/7195460.stm
Despite falling bonuses, the average payout was still $180,000
Wall Street bonuses fell by almost 5% in 2007, official figures suggest, as financial firms tightened their belts amid the sub-prime mortgage crisis.
Despite the woes, bonuses totalling $33.2bn ($16.8bn) were awarded, the New York state comptroller said.
The average bonus dipped by 4.7% to $180,420 (£91,620) - according to figures compiled from the seven largest investment banks in New York.
Financial firms have written off about $100bn as a result of the crisis.
Of the major firms based in New York, only Goldman Sachs emerged relatively unscathed.
While the seven companies made profits of $39bn in the first half of 2007, they lost $28bn in the second half, state comptroller Thomas DiNapoli said.
http://news.bbc.co.uk/2/hi/business/7195460.stm