It's a tough time to work on Wall Street. Every bank is retrenching. The atmosphere is miserable. You just don't know when the axe is coming.

But as the New York Times points out, there is a silver lining for the survivors. Banks' bonuses for 2011 will be smaller for most people, but they will also be heavy on stock and stock options. And with prices depressed, employees may essentially be buying low. If you can survive at Bank of America where the stock trades at near $5 a share, and other big banks, you might be in position to fare really well once the turnaround really get underway.

"One senior bank executive says he comes in every day ‘praying' the stock price of his firm doesn't go up before bonuses are handed out early next year." He told the Times that, "It is all anyone is thinking about."

It makes sense, but it may be way too reckless to conclude that the stock of all banks will rebound richly soon. Granted these stocks may be undervalued now, as they trade below book value. But rectifying that will not be easy. Bank of America, given its massive float, will be hard pressed to boost earnings enough to really power the stock ahead permanently. A reverse stock split, like Citigroup, is more likely in the next year or so. Same goes for the other banks.

There will likely be some run-ups, and if you are vested on some shares, you may be able to cash out. But long-term the revenue challenges--in investment banking and commercial banking--are immense. But at least you are employed.

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