Interesting article today saying that because a lot of base pays were increased after the crisis to quell criticism that the finance pay structure encourages risk, some banker's won't be getting bonuses.
Any ideas on what sort of people this will affect? The article seems to say that some MD's whose base jumped from 200k to 400k (MS and CS did this), won't be getting a bonus. Does that make any sense? Can any of these banks really get away with paying an MD 400k? Or does this mostly apply to BO and MO as the article sort of implies.
More philosophically, does this mark the beginning of the trend away from large incentive based compensation?
Personally, I think that Wall St. needs to sack up and ignore the criticism - compensate according to what works for them and don't take into account what outsiders complain about.