In recent days, a number of high-profile banks have made news about declining compensation.
Goldman Sachs said that in the fourth quarter, the percentage of revenues it pays to employees was cut in half, to 21 percent, the second-lowest level since the bank went public in 1999, reports Reuters. At JPMorgan Chase, reports Bloomberg, compensation costs fell 3 percent in 2012. Even bigger: The bank cut in half the pay CEO Jamie Dimon received in 2011, dropping his compensation from $23.1 million the year prior to $11.5 million in 2012, despite achieving record profits for the year. And at Morgan Stanley, which released earnings Friday, press reports this week said highly paid employees (those making more than $350,000 a year and receiving bonuses higher than $50,000) will now see their bonuses deferred over a period of three years.