MBA News: Bonus Week at the Banks

By the end of last week, thousands of bankers found themselves either handsomely pleased or quite crestfallen. For business school applicants aspiring to someday join the ranks of Wall Street bankers sizing up their annual bonuses, “there’s an app for that,” the New York Times DealBook reports. Future bankers might take note of Banker’s Bonus 2013, an app that allows users to compare bonuses globally.

DealBook suggested earlier this week that amid prior speculation that 2012 will see bonus cuts “beating” last year’s low, the situation looked especially grim for employees of Morgan Stanley. Just last week, Morgan Stanley announced that it was letting go of 1,600 employees, while introducing a new compensation plan on Tuesday to cap bonuses paid immediately at $125,000 and defer bonuses over $50,000 across a period of three years for employees earning more than $350,000. Employees at Goldman Sachs seemed to fare better, however. Dealbreaker reports total compensation was up anywhere from 8% to 20% over last year, and that “people are happy compared to what we know about competitors but not happy overall.”

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