“Compensation Communication Day” at Goldman Sachs left most employees speechless.  Those few who were able to put into words their sentiments on Thursday, provided these colorful quotes or observations- captured by CNBC's John Carney:

"It's 'really ugly' today."

"It's a bloodbath. People are trying to put on a strong face but there are a lot of clenched jaws."  [midlevel employee in Fixed Income, Currency and Commodities]

Here's how Kevin Roose and Susanne Craig describe the process:  On Compensation Communication Day, the atmosphere inside Goldman’s office can be tense. Most employees are called one by one into a managing partner’s glass-walled office, where they are informed of their bonus numbers, as well as any stock awards or deferred cash payments they will get.  Not everyone can keep their cool under such scrutiny.

"One girl was actually crying, I think."  [a trader texted]

"My number was so low I thought I was fired.  My director had to convince me that the firm still wants me to stick around."

From what I've heard, the bonuses are lower across the board at Goldman. No one I spoke to could name a desk that hadn't "felt the pain."  [a trader]  The talk is that the fixed income desks were hit the hardest.

To some extent the apparent universality of the cuts may be helping. The usual bonus envy is way down.   [several people noted] "You don't want to walk out of your comp meeting with too big of a smile. People will think you took money out of their pockets."  [a midlevel employee] The good news, it seems, is the bad news isn't worse.

"The worst fears haven't materialized. People are not receiving donuts. Base salaries aren't being cut. A lot of us thought it would be worse."  [anonymous]

[CNBC.com, 1/19/12]