Jul
20
Wall Street Whacks Pay Hardest in Four Years to Preserve Profits
By-
Goldman, Morgan Stanley and JPMorgan slash first-half pay
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Average compensation per employee fell 16% to $137,750
Three of Wall Street’s largest investment banks slashed their first-half compensation pools for employees by the most in at least four years.
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley collectively reduced the amount of money they set aside for employee pay in the first and second quarters by 17 percent to $19 billion to shore up profits, according to data compiled by Bloomberg from regulatory filings. That’s a steep drop from last year, when the three firms’ investment-banking divisions increased first-half compensation 4 percent to $22.9 billion…
