Wall Street Bonuses Expected To Be Lowest In Years

Wall Street bonuses are expected to be the lowest in years, according to the New York Post.

New York State Comptroller Tom DiNapoli told the Post that the average Wall Street worker's bonus is expected to be $101,000, an almost 50% decline from 2006 bonuses. Bonuses haven't been this low since the financial crisis began in 2008.

Last year, the average Wall Street bonus was $121,150. In 2010, it was $138,940.

The drop in bonuses shouldn't come as a huge surprise to those familiar with the financial industry. Wall Street has lost 1,200 jobs this year, and last week, Citigroup announced it would slash 11,000 more.

According to Market Watch, companies who brought in less revenue this year may choose to cut bonuses rather than lay off workers. JPMorgan told Bloomberg that its bonus pool was down 2%. Citi's could be down as much as 10%.

Don't feel too sorry for bankers and traders, though. The financial industry still boasts some of the biggest paychecks. The average Wall Street salary in 2011 was $362,950, according to CNN.

Try telling that to Goldman Sachs employees. During the last bonus season, workers reportedly cried over unexpectedly low checks. One Goldman employee told CNBC that it was "a bloodbath."

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• 11. Sears Holding Corporation

  <strong>Estimated layoffs in 2011:</strong> 700 Sears Holding Corporation announced the layoffs of about 700 workers in the higher-ticket appliances department of the Kmart stores in June. Some of those workers might have been transferred to other locations, and other employees were trained to answer questions from customers about the appliances, according to Sears. With more than 300,000 workers, 700 might not seem like much. The problem is that it is just one more "death of a salesman" report of a company that has lost its greatness and is in decline. Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.

• 10. Gannett Co.

  <strong>Estimated layoffs in 2011:</strong> 700 Gannett Co., in its most recent round of layoffs, announced earlier this summer another 700 employees will lose their jobs. The move will trim another 2% of its nearly 22,000 workforce. Gannet's more than 80 community and other newspaper units have been affected by the advertising community's environment slowness. The big problem in media operations is that the trajectory remains one of decline. Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.

• 9. Goldman Sachs Group Inc.

  <strong>Estimated layoffs in 2011:</strong> 1,000 Goldman Sachs Group Inc. left the door open to changes, but said in July it could cut roughly 1,000 jobs. The aim is to trim about $1.2 billion from operating costs. If you just use the headcount and the implied savings, it comes to about $120,000 per worker per year. Goldman's headcount was close to 35,500 in its most recent quarter. Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.

• 8. Boston Scientific Inc.

  <strong>Estimated layoffs in 2011:</strong> 1,200 - 1,400 Boston Scientific Inc. announced plans in July to trim an additional 5% to 6% of its workforce. This puts the layoffs between 1,200 to 1,400 employees through the end of 2013. The aim is to cut $225 million to $275 million from the yearly operating costs. Sadly, this is at the same time the company is expanding its China workforce. Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.

• 7. Lockheed Martin Corporation

  <strong>Estimated layoffs in 2011:</strong> 1,500 Lockheed Martin Corporation announced in June that of the 28,000 employees in its Aeronautics business unit it was shedding about 1,500 workers to improve affordability and to increase operational efficiency. Many workers are being offered voluntary buyout packages. Lockheed's total headcount at the time was about 126,000. Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.

• 6. Delta Air Lines Inc.

  <strong>Estimated layoffs in 2011:</strong> 2,000 Delta Air Lines Inc. is not imminently sending its workers home packing, but it announced in late July that about 2,000 workers -- out of its more than 80,000 workers -- have accepted voluntary buyouts as the carrier trims flights. Whether the latest drop in fuel matters or not is up in the air (no pun intended). Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.

• 5. Research in Motion Ltd.

  <strong>Estimated layoffs in 2011:</strong> 2,000 Research in Motion Ltd. has been under siege and, frankly, the viability of the BlackBerry is becoming an issue. This company's layoffs you might blame on Apple's iPhone or Google's Android, but in the end, this might just be one more business buried by Apple and Google that turns out to be an economic event. RIM's "headcount reduction" will amount to 2,000 of about 19,000 of its workforce. What is sad is that it might be very easy to assume that more cuts will be coming soon if the market share trends continue in the same manner. Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.

• 4. Cisco Systems Inc.

  <strong>Estimated layoffs in 2011:</strong> 6,500 Cisco Systems Inc. has recently announced it would lay off 6,500 employees, or 9% of its full-time workforce. The company aims to trim about $1 billion from its operating costs. But some question whether this is enough, so this number could increase. Consequently, news outlets have claimed that as many as 10,000 layoffs will be announced. This "rebalance" is going to be somewhat system wide and affect many management positions, including about 2,100 who accepted early retirement packages. Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.

• 2. Merck & Co.

  <strong>Estimated layoffs in 2011:</strong> 12,000 - 13,000 Merck & Co. most recently cut 12,000 to 13,000 jobs following the merger with Schering-Plough. The workforce is close to 91,000 after previous layoffs, but even as the company is firing, it is also hiring elsewhere, lessening the blow. The new cuts aim to trim $1.3 billion to $1.5 billion in operating costs as Merck tries to be more nimble to compete globally. Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.

• 3. Borders Group

  <strong>Estimated layoffs in 2011:</strong> 10,000 Borders Group is now bankrupt and the last of the workers are solely conducting store-closure sales. All stores were being closed, and more than 10,000 workers are wondering if they can get a job at a library or another book store. While particularly in Borders' case, the shift to digital may be partly to blame, along with with poor management, but the economy is certainly also playing its part in curbing consumer purchases. Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.

• 1. HSBC Holdings plc

  <strong>Estimated layoffs in 2011:</strong> 30,000 over 3 years HSBC Holdings plc has exited retail operations in Poland and Russia, as well as three insurance operations. It also sold 195 nonstrategic branches (mostly in New York). The aim is to achieve some $2.5 billion to $3.5 billion of sustainable cost savings by 2013 through layoffs. HSBC began restructurings in Latin America, United States, United Kingdom, France and the Middle East, aiming to reduce its headcount by around 5,000. The total reported job cuts was actually put at 30,000 over the next 3 years. HSBC's global headcount is about 295,000. Read more at <a href="http://www.247wallst.com" target="_hplink">24/7 Wall St</a>.