Large Wall Street banks are starting to scale back compensation on trading desks as shareholders grow increasingly restless over weak returns, Reuters reports.
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Goldman Sachs Group Inc, Morgan Stanley and some other large U.S. investment banks are not just laying off weak performers and back-office employees. They are also cutting the pay of those they are keeping, scrutinizing expense reports and expecting even the most profitable workers to bring in more business for the same amount of compensation.
"Put simply, in order to get your $1 million bonus before, you had to generate X amount of revenue; now it's X plus 50 percent," said Mark Poerio, a partner at law firm Paul, Hastings, Janofsky & Walker who advises banks on pay.....
http://www.huffingtonpost.com/2011/07/08/wall-street-pay-traders_n_893312.html
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