Global Economics

Rinse and Repeat


Rinse and Repeat

Photograph by Simon Dawson/Bloomberg

Average pay per worker doesn’t reflect the amount of money employees actually receive. Top executives and revenue producers sometimes receive multimillion-dollar awards, while clerical workers get smaller salaries.

—Michael J. Moore and Christine Harper, “Morgan Stanley Cuts Investment Bank Pay 15% in First Half,” 19 July 2012, 8:50 a.m.

Well, that’s cleared up.

I wrote recently of the need to shift from older employees to younger employees (Break Out the Grecian Formula). This says nothing of the ageless skew of hefty compensation to the few as others enjoy “smaller salaries.”

The present distinction is that the best-and-brightest who command heft may receive less lofty cash even given Street recovery. The distinct surprise may be that those who are clerical may receive marginally better awards in this new Age of the Utility Bank.

There is a tension in the air. C-class strategy will lead to tactical labor response (from both producers and clericals). Maintain the Grecian Formula. Rinse and Repeat. Discuss.

Keene hosts Bloomberg Surveillance 7-10 a.m. ET on 1130 AM in the New York metro area and nationally on SiriusXM 113.

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