Conspicuous Consumption: I-Banker Style
The most popular article from the online version of Friday's Wall Street Journal was "The Wealth Report" piece (paid log-in may be required) about a survey conducted on how 200 investment bankers who received bonuses of $2 million or more spent their recently-announced record bonuses. For most bankers and particularly even more so for senior bankers, the vast majority of compensation comes from their bonus, with just a small fraction coming in salary. So, what is a banker to do when he or she has slogged away for 364 days out of the year on just merely a salary (these "mere" salaries still dwarf salary and wages in almost any other industry or service field) and on that 365th day a windfall falls in their lap? According to the survey in the WSJ article, bankers did some of the following with their bonuses:
- 16.5% was put into savings or investments
- 16.1% was spent on real estate
- 11.9% was spent on art
- 11.2% was spent on jewelry or watches
- 4.2% was spent on charity
- 3.4% was spent on debt reduction (hey, even a banker has to keep up with the Joneses down the (Wall) Street - get it? Ok, that was corny)
- 2.8% was spent on luxury cars
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