Sign of the times: Top Wall Street firm cuts pay

According to a Reuters report JPMorgan Chase & Co's investment bank set aside less revenue to pay employees last quarter, another sign that Wall Street bonuses are on the decline this year……. The investment bank put aside $2.07 billion for pay in the third quarter, or 32 percent of net revenue excluding a special accounting charge. That's down from 41 percent a year ago…... Typically JPMorgan aims to pay its bankers anywhere from 35 to 40 percent of revenue, but Chief Executive Jamie Dimon said on Friday that he is now targeting the low end of that range. "As a rule of thumb, I would think about 35 percent being a good number," Dimon said on a conference call with analysts……………………………………………………………………...............………… Read all about it at http://www.reuters.com/article/2012/10/12/wallstreet-pay-idUSL1E8LCAYQ20121012