financial firms on Wall Street giant finally Comply with government pressure to cut bonuses of their top brass-brass-IV quarter 2009.
From documents obtained by Bloomberg, Monday (25/1/2010) local time, Goldman Sachs Group Inc., JPMorgan Chase & Co.. and Morgan Stanley “only” give bonuses to their executives for U.S. $ 39.93 billion.
This figure is lower than the total bonus in the quarter-IV in 2007, which became a record, which is 44.7 billion U.S. dollars. This figure is also lower than estimates of five analysts surveyed by Bloomberg yesterday, which predict the number 46.1 billion U.S. dollars. In fact, a lower figure of about 10 billion U.S. dollars of analyst predictions in October 2009.
Only, the total annual bonus firms on Wall Street remained higher than in 2008. To quote the Wall Street Journal, the total bonus of 38 companies digelontorkan on Wall Street in 2009 reached 145 billion U.S. dollars. This figure is 18 percent higher than the total bonus for 2008 of 123.4 billion U.S. dollars and 6 percent higher than the 2007 bonus year for 137 billion U.S. dollars.
JP Morgan himself will give a bonus for the year 2009 of 9:33 billion U.S. dollars, up 18 percent from a year ago. Meanwhile, Goldman Sachs will provide a bonus of U.S. $ 16.2 billion and Morgan Stanley shares 14.4 billion U.S. dollars.
There is a decrease in bonuses to earnings ratio, from 40 percent in 2007 to 32 percent in 2009. The reason, the total revenue in the Wall Street firms also Jumped to around 450 billion U.S. dollars, up 25 percent from the year 2007.
Government pressure
For the second time this week President Barack Obama said that the bonuses of Wall Street firms as disgusting. Managing Director of Goldman David Viniar Defend themselves. He said the bonus is a step the company a fair balancing of facilities for employees to be loyal to the company.
Just so you know, even though the allocation of bonus three Wall Street firms last year’s lower figure is still six times higher than the average income of U.S. households are only 50.303 U.S. dollars per year. While every worker in the three companies will receive U.S. $ 336,843 bonus.
In fact, the Wall Street Journal calculates, the total Wall Street bonus in 2009 is greater than the total gross domestic product (GDP) of the World’s Poorest 58 countries and combined GDP equal to Egypt and Singapore. The figure was also 20 times larger than the GDP of Haiti, the new poor countries hit by massive earthquake.
