It's that time of year. As per the recent flurry of bonus stories, banks are about to tell employees the size of their bonuses for 2018. U.S. banks always go first, but some will go sooner than others.
The first to announce will be Morgan Stanley. The U.S. bank, which has been pruning its ranks this week, is expected to announce its bonuses next Tuesday. The bank declined to comment on the date, but insiders confirmed that this is the expectation.
Following swiftly behind Morgan Stanley will be Goldman Sachs and JPMorgan. Goldman Sachs will announce its bonuses on Wednesday 16th and Thursday 17th, depending upon division. JPMorgan is expected to announce at the same time. Again, both bank declined to comment, but insiders say these are the days.
Next up will be Citi and Bank of America Merrill Lynch. Citi didn't respond to a request to comment on its bonus date, but we understand that it announces around January 21st. Bank of America declined to comment, but announcement is expected to happen around the same time.
Needless to say, bonus season in investment banks can be a double-edged sword. - Morgan Stanley isn't the only bank that likes to thin its ranks before bonus time. Goldman Sachs also has a tendency to clear out its bottom performers at this time of year. "Goldman usually tells people who's going on the second Friday of the New Year," says one headhunter. "- So that's tomorrow."
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