Updated from Thursday, Dec. 18
The estimated 4,600 employees from Wachovia's (WB) investment banking division will see bonuses cut at least 90% this year, according to a manager in the unit.
Wachovia investment banking unit employees were told last week their bonuses would drop by 90%, according to the manager. Rolfe "Rik" Kopelan, managing partner with executive recruiting firm Capstone Partnership, says "sources " at Wachovia, who he declined to name, told him on Thursday pay has now been revised even further downward to between 3% and 5% of last year ahead of its planned merger with Wells Fargo (WFC).
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