This is what is happening inside the BBs right now (definitely sounds like this is being considered at my bank, at least the guys I talk to seem to think management is probably interested in lowering comp for vp and lower). Bonuses are going to be down 40 - 50% this year and now they are going to try start squeezing base pay.
This is how they lower expectations about comp on the Street. Somebody leaks it to the press. This softens the eventual blow - a few weeks from now when thousands of bankers are told they got tiny bonuses and also no raise, oh and, you're going to be working much longer hours next year because we are firing twenty percent of the staff including a few guys from your sector.
but given there aren't as many exit options left in the market, i bet many bankers would just suck it up and hold on their jobs when this becomes official
Very interested to hear people's feedback on this. My earlier thread on this subject was removed for some reason.
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