Just read recently that BOA might be increasing base salaries similar to UBS and reducing bonuses. What do you guys think of this? Seems like a pretty logical move to get the pitch fork angry crowd off their dicks for a while.
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Well, it makes sense for both sides in this climate. BoA saves political capital through a simple word change, while bankers get more secure income. Thus, BoA doesn't have to build default premiums in to their employment contracts.
However, in good times a lower bonus/higher base does not make sense for banks; there is an actual economic reason Wall Street comp is structured so heavily to bonuses. Because banks are so dependent on capital to generate revenue, by holding on to their compensation dollars as long as possible, they are able to maximize their return on that money before they pay it to their employees.
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