Banks consider the unthinkable: Zero bonus

NEW YORK, Dec. 20 (UPI) -- The Wall Street bonus culture is shifting with a category of bankers receiving no bonus check this year, sources told The New York Times.

Some will miss the swagger of taking home a massive bonus check in February, because their base salaries were revamped considerably after a wave of bad publicity hit banks that gave out huge bonuses in the height of the financial meltdown.

Base salaries for managing directors at Goldman Sachs jumped from $300,000 to $500,000. At Morgan Stanley, base salaries doubled from $200,000 to $400,000, the Times said.

Wall Street is hardly back on its heels, having earned $21.4 billion January through September with the top five firms already tucking away $90 billion for bonuses.

Still one banker said the double pay and no bonus set up had "confused people" The Times said.

"People expect a big bonus. It is as if they don't even see their base doubled last year," a banking executive said.

Another banker said, "We'll throw $20,000 or $25,000 at each of the Zeros so they're not discouraged."