Roughly translated, this means layoffs in costly cities like New York and London in favor of hiring in cities like Mumbai, said Alan Johnson, a compensation consultant for Wall Street brokerages.

“Downsizing and relocation, you’re going to see both.”

The pay cuts come as Wall Street struggles with falling demand for trading and underwriting. They are also a reflection of Wall Street’s push, in the aftermath of the financial crisis, to squeeze out higher profits through aggressive cost-cutting, even as revenue has remained largely flat.

USA Today / January 21, 2016