This year's Wall Street bonus pools will be about 30% smaller than last year's. And Wall Street bankers are reportedly furious about it.
According to the New York Post, some bankers are threatening to quit or even sue their firms over their lower bonuses.
Wall Street firms, meanwhile, are trying to stem an exodus by requiring bankers who leave after bonus day to pay back a portion of their bonuses.
So the tug of war between firms and employees in the country's most profitable industry continues.
Of course, relative to all other industries, Wall Street still has otherworldly pay scales. Even lower bonuses will still leave bankers paid many times more than their peers in other industries--a fact that has helped fuel the Occupy Wall Street protests and general frustration with Wall Street. And this frustration is especially acute given the bailouts during the financial crisis.
Republican GOP presidential candidate Jon Huntsman wrote an editorial this weekend attacking Wall Street and the Obama's administration decision to bail out Wall Street banks. He said he would break up the biggest U.S. banks - whose assets total $9.4 trillion - and disapproves of the Dodd-Frank bill, which was designed to curb the powers of the big banks.
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- Wall Street