Wall Street Traders to Take Home Smaller Slice in a Banner Year
- Compensation ratios have dropped at some Wall Street firms
- Employees ‘need to be paid when people perform,’ Solomon says
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After propping up the profitability of banks during a tumultuous year, Wall Street traders will get a slice of the windfall they’ve brought in. It’ll just be a smaller slice.
In earnings reports this week, the biggest financial firms began to signal how they’ll navigate rewarding traders for producing banner results at a time when unemployment has soared and other bank divisions are struggling.