Era of big exec pay over already?

Even as executive pay emerges as an issue in the bailout plan haggling in Washington, some are speculating that the era of big pay has ended on Wall Street. Independent investment banks are dead. The commercial banking model has won out. And that carries lower pay and lower bonuses. Last year, Goldman Sachs spent a record $12.1 billion on bonuses for roughly 30,500 employees, which works out to an average nearing $400,000 per person. By contrast, Citigroup reportedly spent $11 billion for its 100,000 investment banking employees, or a little over $100,000 per person, the New York Post reports. Lower bonuses, of course, would reflect less business and lower profits. It will be interesting see what happens when the good times return. But that's far in the future.

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