Business Casualties
How Bay Street is coping with bonus-less-ness
From Porsches and power lunches to public transit and fast food, the financial district is feeling the economic crunch and preparing for an end-of-year where a bonus might mean a hearty pat on the back. We visited Toronto’s apex of all things fiscal and asked the boys of Bay Street what they’re giving up now that our economy’s going down.
"I think I'll have to postpone that reno on my country home in Creemore."
—James*, Banking
"I won't be buying as much overpriced wine. Won’t be going crazy on the bordeaux, but it’s a bad year, anyway."
—Peter, Investment
"I’ve given up looking at my investment portfolio. I’m only 36. I figure I can ride this out."
—Trevor, Investment
"I’m not feeling anything yet. I just bought a new BMW, so things can’t be that bad."
—Vince, Law
"Last February, I went to Argentina and Paraguay, but I won’t be going back this winter. Things are dicey."
—Nicholas, Communications
"I’m giving up five years off my mortgage. I bought a condo near the Rogers Centre before this started."
—Michael, Banking
"I won't be getting any new suits. I usually get three custom-made every year. They can run up to $2,000 each."
—Bruce, Insurance
"My car lease is up next month. I had planned to look at a Lexus. Now I’ll be looking at Toyotas."
—Nathaniel, Law
"I’m cutting back on pricey meals. Fewer visits to Bymark, even though I love their $40 burger."
—Allan, Real Estate
* Names changed to protect participants (and paycheques)
Photography by Lisa Kannakko
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