JPMorgan cuts banker pay, a sign of more frugal times on Wall Street

JPMorgan Chase & Co’s investment bank set aside less revenue to pay employees last quarter, another sign that Wall Street bonuses are on the decline this year.

The investment bank put aside $2.07 billion for pay in the third quarter, or 32 percent of net revenue excluding a special accounting charge. That’s down from 41 percent a year ago.

http://www.reuters.com/article/2012/10/12/wallstreet-pay-idUSL1E8LCAYQ20121012