NEW YORK (
) -- Approximately half of Wall Street employees think they deserve higher bonuses this year, but many firms won't be handing out increased payouts.
According to a survey conducted by
, 33 percent of Wall Street professionals say that "firm performance" was a key reason for expecting better bonuses this year. The survey added that 34% said personal performance would drive their extra perks.
Nine percent of the respondents told eFinancialCareers that switching firms was the primary reason they would get a better bonus.
However, despite expecting a larger bonus some brokers and advisers will find themselves coming up short. The
The Wall Street Journal
reported that many firms are disappointed
with the results of several financial advisers they recruited competitors for higher salaries and bigger bonuses.
Bank of America
were both mentioned in the article as dissatisfied with employees' performance and pushing them to do more business.
In several cases these banks have turned to the Financial Industry Regulatory Authority arbitration panels to get repayments from brokers that did not live up to their expectations. About 165 awards related to "promissory notes," have been awarded to the brokerage firms so far this year, the report says.
Several firms ramped up hiring in the first half of the year,
that over the first six months of the year,
had $9.3 billion set aside for total compensation,
JP Morgan Chase
investment bank put aside $5.3 billion and
's investment bank had $3.5 billion set aside for salaries.
"The signs of bonus euphoria may be hard to find, but Wall Street employers will have to deal with professionals who believe they are in contention for fatter paychecks and the inevitable retention issues should their expectations be dashed," said Constance Melrose, Managing Director, eFinancialCareers North America said in a press release.
--Written by Maria Woehr in New York.
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