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Pisani: Street Focused on Banker Pay

Wednesday, 16 Jan 2013 | 12:00 PM ET

Pisani looks at why the Street is more focused on pay than earnings when it comes to investment banks' quarterly results. Under the new pay structure at Morgan Stanley and Goldman Sachs, for example, many bonuses will be deferred into future years. In short, he says, people have a lot less money to spend right now.