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The union countered with an offer to cut compensation by 13.5percentt.
And Goldman, a bank known for paying out multimillion-dollar bonuses, has also been forced to cut compensation.
And many nonprofit groups, including cultural institutions, have cut compensation for their leaders as endowment values, donations and other income have plunged.
Tax revenue declined mainly because a tax on bank bonuses in 2010 had not been renewed and banks had cut compensation from last year, the statistics office said.
As cities shed workers rather than hiring new ones, they have more incentive to cut compensation than to raise it, at least in the short run.
The bank added that it had cut compensation awards because of risks facing several business units, including the rate-rigging scandal.
Similar(38)
Cutting compensation is "not costless," the authors wrote: "it will almost certainly result in a lower quality of applicants for one of the nation's most important jobs".
Perhaps the most egregious sin of Ripplewood's oversight of Hostess was the increase in management's compensation at the same time it was seeking to cut employee compensation.
"They could cut our compensation in half.
The biggest cost to cut is compensation, most of which is paid in year-end bonuses.
Both NBC and ABC have also cut station compensation in recent years, but neither made additional cuts at their affiliate meetings this year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com