Brian Moynihan has suggested everyone gird their loins to soften the kick in the pants they're about to receive.
Bank of America told its investment bankers to expect compensation packages that are 25 percent smaller on average, said two people with knowledge of the discussions. Executives gave the guidance earlier this month ahead of formal 2011 pay discussions scheduled for this week, said the people, who declined to be identified because the talks are private. The compensation cut includes salary and bonus, the people said. Jessica Oppenheim, a spokeswoman for the Charlotte, North Carolina-based company, said she couldn’t comment.