Average pay at the biggest firms on Wall Street has plunged from levels before the 2008 financial crisis, despite record profits being posted by U.S. banks, according to a detailed report in Bloomberg. Pay may be headed down yet more as interest rate cuts by the Federal Reserve threaten to dampen profit growth in the financial sector. Adjusted for average nominal wage growth since 2007, the biggest drops in average pay per employee among the 12 largest U.S. and European banks have been: 61% at Goldman Sachs, 46% at Credit Suisse, 36% at Deutsche Bank, 34% at Morgan Stanley, 32% at UBS, and 21% at JPMorgan.
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