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Worries Over Economy, Lower Bonus Pay Fallout
By
Jen Chung
Published Jul 26, 2008
Modified Jul 26, 2008
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By
Jen Chung
Published Jul 26, 2008
Modified Jul 26, 2008
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With the crappy year investment banks have been having, the NY Times reports government officials are freaking out about "what could be the biggest single-year decline in pay on Wall Street in history." It's believed that total bonus pay will drop "by $10 billion or more"--about a 30% drop from previous years--which means $10 billion less in all sectors of business, from real estate to local shop purchases. That, coupled with news that NYC's growth rate has slowed down, is alarming. City Comptroller William Thompson said, "we’re hitting a period where [city growth] would be stagnant," and deputy state comptroller for NYC Kenneth Bleiwas said, "The greatest risk to the city’s budget is the extent and the depth of the slowdown, particularly as it affects Wall Street. Nobody knows how long it will take to get through this mess.”
Tagged
bonus
economy
wall street
worries
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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