Pay cuts have hit Wall Street's investment banks, and pressure for further cuts could build as executives' bonuses are made public in the coming weeks, analysts said. "There's no question that Wall Street got the message from Washington," said Michael W. Robinson, a senior vice president at Levick Strategic Communications who formerly headed public affairs at the Securities and Exchange Commission. Goldman Sachs, JPMorgan Chase and Morgan Stanley paid out $44.7 billion in 2007 but budgeted $39.9 billion for 2009.

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