Global investment banks have cut pay in Asia by between 30 and 40 percent for last year with many bankers receiving no bonus at all and pay for star performers flat at best as a global sector slowdown bites, industry recruiters and sources within banks told Reuters.
For the last few years, while bankers in Asia were by no means immune from the industry's pay overhaul, top performers were rewarded and money, albeit less, did trickle down. That has changed for the 2011 pay cycle in Asia. On the rise this year has been the number of Asia bankers receiving 'bagels' or 'donuts' in industry jargon, which means zero bonus…
Read all about it at http://www.reuters.com/article/2012/02/14/asia-banks-pay-idUSL4E8DA0X020120214
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