Bloomberg reports that Credit Suisse Group AG, the second- biggest bank in Switzerland, told senior investment bankers that compensation for 2011 will be 30 percent lower on average than the previous year, four people briefed on the discussions said.
For some bankers, including a number in Asia, total pay will only drop by about 20 percent, said one of the people who declined to be identified because they weren't authorized to speak publicly.
Securities firms are curbing remuneration for investment bankers as the European sovereign debt crisis erodes revenue from dealmaking, and greater regulation limits the profitability of fixed-income trading. Morgan Stanley is also cutting pay for senior investment bankers and traders by about 20 percent to 30 percent...
Read all about it at http://news.businessweek.com/article.asp?documentKey=1377-a3hfHndkw.h8-5P8JBV65841RHRNI2AO0I7J28V
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