(Reuters) - Many partners at Goldman Sachs Group GS.N, can expect to see their 2011 pay cut at least in half from 2010, the Wall Street Journal reported, citing people familiar with the situation.
Some employees in Goldman Sachs’ fixed-income trading business will see their pay shrink by 60 percent, with some workers not getting a bonus, the report said.
For the typical Goldman partner, pay for 2011, including base salary and bonus, is likely to range from $3 million to $6.5 million, compared to at least twice that much in better years, the report said, citing sources.
As the largest U.S. investment bank with the highest compensation rate among its peers, Goldman is often held up by critics as a sign of Wall Street excess.
Morgan Stanley MS.N is expected to shrink bonuses for some of its investment bankers and traders by 30 percent to 40 percent from 2010, the Journal report also said.
Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Matt Driskill