Wall Street's Youngest May Be Hit With Pay Freeze This Year

Some of Wall Street's youngest workers may not be getting the pay raise they expect this year, according to HuffPo.

Credit Suisse will likely stop its practice of automatically increasing pay for junior workers such as analysts, associates and vice presidents in the company's investment banking division this year, positions often held by younger workers, Bloomberg reports. Competitors are watching other major banks like Goldman Sachs and JPMorgan Chase to see if the companies are also planning to suspend what is considered typical industry practice.

Faced with global economic worries, weak trading revenue, new regulations, concerns over falling share prices and anxiety about the public perception of bankers' pay, Wall Street firms will likely slash pay to its lowest level since immediately following the financial crisis in 2008, the Wall Street Journal reports. But unless the firms cut pay en masse, it could mean a talent drain for those who do, according to Bloomberg.

The concern is real. In response to the possibility of falling bonuses, brokerage executives at Jefferies Group, threatened to leave the company if they don't get bonuses up to par with those at other Wall Street firms…..

Find out more at http://www.huffingtonpost.com/2012/01/10/wall-street-pay-2011_n_1196767.html?ref=business