"We're entering the year-end process of compensation reviews. I think it's an open discussion during the year of how businesses and how individuals perform and now we're just trying to execute on the balance that we all try and strike between being responsible and being competitive. I think people get it. I think industry compensation is down this year because the performance in the industry is down. So I think they get it...I think if we weren't treating [top producers] fairly we would look at it objectively and try and get to the underlying causes, but I think everyone has a decision to make about what industry they want to work in or what firm they want to work for... Not everyone wants to be in this industry. But I'll give you a statistic that is important. Last year, we had applications from 107,000 kids at university, of which we had positions for 1,500. So there's still a lot of people who want to come into the financial services industry." [Bloomberg TV]