Pay Practices on Wall Street Have "Worsened"

by Derek Loosvelt | November 30, 2010

So says a new study commissioned by the Council of Institutional Investors called "Wall Street Pay: Size, Structure and Significance for Shareowners."

According to the study, which looked at the state of compensation practices at BofA, Goldman Sachs, JPMorgan Chase, Citigroup, Wells Fargo and Morgan Stanley, among other banks, "very little of any real import has changed" since the credit crisis began in 2007.

It seems that, still, too much of bankers' salaries and bonuses are tied to short-term risk taking, meaning that the notion that banks have been making steps to prevent another industry-wide crisis is pretty much a huge pile of horse manure.

It also means that, if you work on Wall Street, you can still make a fast few million and split, before anyone's the wiser.

Filed Under: Finance


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