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Who got nada?

Most people at banks that have already announced bonuses (Goldman, Morgan Stanley, Merrill/BofA, Dresdner K etc.) are getting at least something for 2008 – even if it is 70% down on 2007. However, zero bonuses do exist. Their unfortunate recipients are rumoured to include:

– As many as 20% of executive directors, managing directors, partner managing directors in investment banking at Goldman Sachs.

– A ‘high proportion’ of markets staff in both equities and fixed income at Morgan Stanley.

– Fixed income bankers at Merrill Lynch.

By comparison, equities bankers seem to have been paid – two leading headhunters in cash equities told us they haven’t come across anyone with a zero yet.

Meanwhile, Dresdner Kleinwort, which is being absorbed into Commerzbank, is said to have told bankers their bonus numbers, with the caveat that payouts will be reduced if there are any further writedowns between now and the payment date. A spokesperson for Dresdner K declined to comment.

The head of financial services at one international headhunter says a higher incidence of absolutely-nothing-in-the-way-of-bonuses is expected at the likes of Citigroup and Deutsche, which have yet to announce.

Vikram Pandit has already indicated that bonuses will be pants “dramatically lower” than last year at Citigroup. And Deutsche simply hasn’t cut that many staff yet (although our analysis earlier this week suggested it didn’t add as many people as other banks during the good times, and therefore may not need to remove quite as many people as its peers).

Comments (10)

  1. Surely it would be a crime to pay anything to anyone in credit, leveraged finance, high yield, real estate no matter which bank they work for?

  2. nope, hy manager and still getting nice dough ha

    investment manager Reply
  3. doughnuts will abound this year.and those on guarantees will no doubt keep very quiet. am heraring lots of bravado bull re bonuses but will take most with a truckload of salt ..certainly shareholders will be keenly looking at whether the banks dare to reward after such a horrific year .

    longinthetooth Reply
  4. If you have a Doghnut you should move, no? And if you can’t why should they pay you more?

  5. If you have a doughnut there is no point in carrying on. Why on earth would anyone want to work 10 hour + days for less than 80k? Might as well sell burgers for a living.

  6. a calming word for those with doughnuts…..average comp over the life of your tenure at your firm is ultimately what one should consider, looking at it this way, you shouldn’t feel as hard done by..

  7. Anyone calling themselves Sam the man probably will end up selling burgers for a living. A base salary pays the bills – a fact that has been forgotten amidst the recent market excesses. Anyone retaining their job should be thankful and keep quiet

  8. Sarah et al, none of the banks that received government financial support (GS, Citi, etc…) should be paying out bonuses to any employees regardless of who they are or what they do… how can anyone argue the opposite ? … retention of good employees ?… good luck finding a job in another institution….

  9. To be honest on one hand we should count ourselves lucky to have a job fullstop in this climate. However, the reason you work such long hours with so many assh*les is because you want and expect a bonus… dont tell me that you are well and truly passionate…

  10. Anyone who works for Moody’s Investors Services Structured (Not Very Structured) Finance Department should get a big NOUGHT. That is including the Group Managing Director, Managing Directors and Senior Credit Officers.

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