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NBC News: Some Wall Streeters facing tough times on just $350,000 a year

-By staff

March 1, 2012- Pity the poor investment bankers.

Facing a sharp decline in revenue from banking and trading, many Wall Street firms have trimmed 2011 discretionary pay, according to a Bloomberg News report, and that has translated into shrinking paychecks and widespread unease.

Wall Street types like Andrew Schiff, director of marketing for broker-dealer Euro Pacific Capital, are feeling the pain.

Schiff told Bloomberg that his reduced bonus means his $350,000 salary doesn’t cover his family’s private-school tuition, a Kent, Conn., summer rental and the upgrade they would like for his 1,200-square- foot Brooklyn duplex.

“I feel stuck,” Schiff told Bloomberg. “The New York that I wanted to have is still just beyond my reach.”

Cue the tiny violins.

Across Wall Street, smaller bonus checks are making upscale lifestyles harder to maintain, Bloomberg reports, based on interviews with bankers, accountants, therapists, advisers and headhunters.

At Goldman Sachs and Barclays Capital, the cuts were at least 25 percent, Bloomberg said, while Morgan Stanley has capped cash bonuses at $125,000.



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