Wall Street Braces for Cold Bonus Season

Many Wall Street executives who have so far survived widespread layoffs in the industry will receive word this month of the size of their bonuses, and expectations are predictably grim.

Goldman Sachs (GS Quote)and Morgan Stanley (GS Quote) will tell employees internally what they have received in the middle of the month, say spokesmen for those firms. JPMorgan Chase (JPM Quote) will tell employees in the final days of the year, says an executive at the bank, though a spokesman would not confirm this.

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. ...