Wednesday, October 12, 2011
Daniel Gross |, Contrary Indicator
Submitted by: Editor
Daniel Gross |, Contrary Indicator
Submitted by: Editor
Wall Street Cuts Costs Instead of Bonuses
Sept. 27, 2011 — Wall Street banks are hurting to such a degree that massive layoffs haven't stemmed the pain of deep cost cutting measures. Employees actually have to pay for their lunches now.
Goldman Sachs cuts costs by reducing the size of drinking cups from 12 oz. to 10 oz. Bank of America lays off 30,000 employees, and Morgan Stanley deprives plants of water all in an effort to save a few pennies here and there.
[Contrary Indicator] However much Goldman is saving by cutting the size of paper cups, it is almost certainly dwarfed by the $13.2 million CEO Lloyd Blankfein earned last year.
Cost-cutting that does not address the egregious, if not criminal, pay scale problem plaguing Wall Street and corporate America cannot be taken serioulsy.
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Posted by Editor on 10/12/11 at 10:05 AM •
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