Tuesday, January 10, 2012

Banks considering pay freeze for junior bankers

According to Bloomberg, banks are considering freezing the pay of junior bankers. As bankers progress through the ranks of analyst, associate, and vice presidents an annual increase has been the norm. Credit Suisse (CSGN) is supposedly the first to test against the norm. Others are watching to see if Goldman (GS) and JP Morgan Chase (JPM) will follow.