Pay cuts in the offing at brokerages
Just as 'financial services' became a taboo phrase in the US after the Lehman Brothers went bankrupt, similar but smaller effects can be seen in India as companies consider employee pay cuts. A more than 60 per cent fall in the stock market, from its record highs, has not only impacted the net worth of companies but it has also taken the toll of those working at brokerages and other financial services firms.
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