In Christmases past, the top banker
s on Wall Street would often load their families onto a private jet and head to the beaches of St. Barts or slopes of Aspen for the holiday
season, many Wall Streeters are flying commercial
, according to jet brokers. Those who are still flying private are jet-pooling with strangers to cut costs. Some are even skipping the catered in-flight meals, which can cost $1,000 or more for four people.
'They're telling me, 'We'll just bring our own lunch,'' said Ricky Sitomer, chief executive
of Blue Star Jets, a private-jet charter
company. 'They still want to travel in luxury
, but they want the best value they can get.'
私人飞机包机公司Blue Star Jets首席执行长斯多玛（Ricky Sitomer）说，他们告诉我说，"我们会自己带午餐"；他们仍然想奢华出行，但又想尽量获得最大价值。
Austerity is a relativeconcept
on Wall Street, where year-end bonuses are measured in 'bucks' (millions) and flying private is often considered a basic human need.
Yet this year, amid the largest decline in bonuses since the onset of the financialcrisis
, the Street's big spenders are reining in their seasonal shopping spree in favor of more restrained indulgence
. Brown-bag lunches aboard
the Gulfstream are just the start.
December is usually a time when banker
s crowd the showrooms and aisles shopping for their next big bonus toys. But jewelers, sports-car dealers and yacht brokers say banker
s this Christmas are hard to find.
'We haven't seen them come in yet,' says Jeff Drajin, looking out over a largely empty showroom at Manhattan Motorcars. Mr. Drajin, who sells Lamborghinis, Bentleys and Lotuses, says that in the good old days of 2007 and even 2009, December would see banker
s start pouring in. 'This year is different. It's a little quiet.'
德拉金（Jeff Drajin）俯视着Manhattan Motorcars一间空荡荡的大型展厅说，还没看到他们来这里。德拉金负责销售兰博基尼（Lamborghini）、宾利（Bentleys）和莲花（Lotus），他说，在2007年光景好的时候，甚至在2009年，12月份就能看到银行家纷至沓来；而今年不一样，有点安静。
While pay may increase slightly
in the broader financial
-services world -- including retail
banks, hedge funds and private-equity firms -- bonuses at the core Wall Street firms are likely to take a double-digit hit, analysts and pay consultants say.
Wall Street bonuses are likely to be down 22% to 28% this year, according to Options Group, an executive
-search and consulting firm.
The drop follows last year's much-criticized surge in banker
pay and highlights growing uncertainty
on Wall Street ahead of regulatory scrutiny and weak financial
Bankers at Goldman Sachs Group Inc., Morgan Stanley, Citigroup Inc., Bank of America Corp.'s Merrill Lynch and J.P. Morgan Chase & Co. say they are being told bonus pools are likely to be down between 10% to 25%. Some divisions, like proprietary trading, could be down as much as 50%, banker
高盛集团（Goldman Sachs Group Inc.）、摩根士丹利（Morgan Stanley）、花旗集团（Citigroup Inc.）、美国银行-美林（Bank of America Corp.'s Merrill Lynch）和摩根大通（J.P. Morgan Chase & Co.）的银行家说，他们被告知奖金总额可能会下降10%到25%。他们说，有些部门的降幅可能会达50%，比如自营交易。
Exact bonus amounts won't be known for another month or two, since most banks pay out bonuses early in the new year. Yet seniorbanker
s who have seen bonus-pool estimates say many employees are likely to be disappointed.
One Citi banker
said colleagues who have been coming out of compensation
meetings in the past two weeks 'look like they've been hit by a truck.'
Bankers will get less cash this year in part because of new pay structures.
Regulators and shareholders have pushed banks to link pay to long-term performance
rather than short-term trading gains. As a result, some banker
s, accustomed to getting as much as 50% of their bonus in cash, may get only 20% this year, with the rest usually paid out in deferred stock, according to Wall Street compensation
Not that Wall Street is exactly hurting. Total pay for the top three dozen publicly
held securities and investment-services firms is expected to top $140 billion
, according to a Wall Street Journal study.
Goldman Sachs set aside $13 billion
and bonuses in the first nine months of the year. That is down about 20% from last year but works out to more than $367,000 per employee.
'Let's be honest, 2010 is still going to be a pretty darn good year,' said Michael Karp, chief executive
of Options Group. 'But people have been humbled. I don't think we'll see them resume their exuberant habits or the wild crazy parties.'
Options Group首席执行长卡普（Michael Karp）说，说实话，2010年还会是相当不错的一年；但人们一直很心虚；我觉得他们不会恢复以前挥霍的习惯或疯狂的派对。
Jonathan Beckett, CEO of yacht brokerage firm Burgess, said demand for weekly
yacht rentals in the Caribbean this winter is 'quite poor,' in part because of Wall Street.
years, yachts in the Caribbean were booked months in advance for the prime week after Christmas. This year, there are dozens of boats up to 250 feet long still available
. The boats usually charter
for between $250,000 to $1 million a week -- food, beverages and fuel not included.
Bankers booking boats are discount
shopping, with some charter
price cuts of 20% or more, Mr. Beckett says. Many are also booking cheaper, shorter trips.
'They used to call up and say, 'I want this boat on this date, just send me the contract,'' Mr. Beckett says. 'Now they're saying
, 'Who's giving the best deals?''
Wall Street's taste in bling has also moved downscale. Wempe, a high-end jewelry
and watch store in midtown Manhattan, says business is booming, especially for exclusive
watches like the $65,000 A. Lange & Sohne's Datograph. Yet most of the demand is from rich Chinese and Brazilians, not Wall Streeters.
华尔街对奢侈品的品味也降低了。曼哈顿中城高档珠宝和腕表商店Wempe说，生意很好，尤其是价值6.5万美元的朗格（A. Lange & Sohne）Datograph手表一类的高级腕表。然而大部分购买者都是有钱的中国人和巴西人，而非华尔街人士。
'The overall spending of the Wall Street group has definitely
shrunk,' said Ruediger Albers, president of Wempe's U.S. division. 'They've got other issues to contend
with, like a roof over their head and private school.'
One area where bonus spending remains strong is real estate
. But banker
s are redefining their ideas of a summer cottage
. Rather than buying or renting 12,000-square-foot homes, they are downsizing to 6,000 to 8,000 square feet.
房地产仍是奖金支出较多的部分。但银行家们在重新定义他们对夏季别墅的看法。他们不会租或买1.2万平方英尺的住宅，而是缩到6000-8000英尺。苏富比国际地产公司（Sotheby's International Realty）的摩尔（Beate Moore）说，像情景剧《布雷迪一家子》(Brady Bunch)里面那一家人还是能住得下的；但还是不够大。
'It still accommodates a Brady Bunch-size family,' says Beate Moore of Sotheby's International Realty. 'But it's not over the top.'