Banks to have little wiggle room on pay, Nomura says

12/15/2010 | NYTimes.com

Glenn Schorr, a managing director at Nomura, said Wall Street banks are likely to have little flexibility in terms of compensation despite criticism of bankers' bonuses. "We think comp flexibility will be tough to come by this year, even for Goldman," Schorr wrote. "Comp per employee is likely going to be down more than total comp dollars compared with 2009, and we think management teams have been trying to make this point clear to their employees."

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