By Yepoka Yeebo
MANHATTAN — There may be a few less Ferrari's tearing down Wall Street this Christmas.
Wall Street bankers may see salary, perks and bonuses drop this year thanks to a slow summer, the New York Post reported. Banker's bonuses are expected to be down 25 percent this year, according to projections.
Wall Street recruiting firm Options Group said banks are facing shortfalls of 20 percent, and can't afford to lavish employees with extra cash.
"There's a lot of speculation about bonuses being high this year, but there's just no way in the world that banks are going to be paying big bonuses," Michael Karp, president of the Options Group told the Post.
The Options group polled 1,500 firms, and found Morgan Stanley has to cut pay by 23 percent, Goldman Sachs may have to cut by 39 percent and JP Morgan Chase investment bankers may lose out 13 percent.