Wall Street Braces for Smaller Paychecks.

The article reports that a plunge in trading revenue and sovereign-debt crisis in Europe have forced the U.S. securities industry to rethink longtime pay practices. As stated, investment banks are reducing bonuses for 2011 and considering freezing pay levels for some junior bankers. It states that this will result in the decline of total compensation at big banks at the rate of 20 percent to 60 percent in 2012.