Wall Street executives and investment bankers are worried. Despite the bloodbath surrounding them — as one firm after announces layoffs in the tens of thousands — they have fared fairly well. But they may not be getting bonuses this year, reports The Street:
Alex Alcott, head of the U.S. investment banking practice at executive recruitment firm Heidrick & Struggles, says he expects bonuses to be down 50% to 75% for the investment bankers who advise companies on things like M&A, IPOs, or issuing debt — all activities that have virtually ground to a halt. “Many will get nothing at all,” he says.
At least they still have their jobs, which is better than what more than 100,000 people between Citi, Bank of America, WaMu and Wachovia can say.
At any rate, times are tightening a bit for nearly everyone. And the economy is at a point where some are now clambering for a $1 trillion stimulus package. But you should concentrate not on the ?ber-issues of the larger economy, but rather on your own personal finance situation. Set some money aside to be prepared, cut your spending and pay down some of your debt. Focus on making sure your financial house is in order, and you have a better chance of getting through this recession just fine.