Commodity Pay Falls Faster Than Oil as Goldman, Funds Retrench

Dec. 2 (Bloomberg) -- Investment banks may reduce compensation for commodity traders as much as 75 percent as prices of oil and copper fall the most in at least two decades. The best paid metals and energy traders may earn $1 million to $1.5 million in salary, bonus and related pay this year, down from $5 million to $8 million in 2007, according to estimates by London- based recruitment company... [more]

Dec. 2 (Bloomberg) -- Investment banks may reduce compensation for commodity traders as much as 75 percent as prices of oil and copper fall the most in at least two decades. The best paid metals and energy traders may earn $1 million to $1.5 million in salary, bonus and related pay this year, down from $5 million to $8 million in 2007, according to estimates by London- based recruitment company Kennedy Associates. Bonuses at Goldman Sachs Group Inc. and Morgan Stanley, the biggest oil-trading banks on Wall Street, may fall 60 percent, according to Armstrong International, another London-based recruiter. http://www.bloomberg.com/apps/news?pid=20601087&sid=adZqKzItx6e8&refer=home Good money, but you can't buy Manhattan real estate with it. [less]