Many in financial services get laid off or a pay cut -- not a bonus
Huge Wall Street bonuses get publicity, but for many in the financial services industry, there are only pay freezes, pay cuts and layoffs this year. "For us, it's not what you read in the headlines," said a Barclays employee. Analysts said Goldman Sachs, Morgan Stanley and JPMorgan Chase are likely to pay record-high bonuses this year, beating the previous high of $26.8 billion in 2007. But further down in the corporate hierarchy, for support staff who managed to hang onto their jobs, it is a different story.
Bloomberg BusinessWeek | 11/10
This story published in CPA Letter Daily on 11/11/2009
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