天价薪酬将重返华尔街

　　Incentive pay on Wall Street is set to rise by about 40% as stronger financial markets collide with the political backlash over bonuses, according to a closely watched survey set to be released Thursday.
　　定于周四发布的一项备受关注的调查报告显示，随着金融市场走强撞上薪酬问题激起的政治性反弹，华尔街激励性薪酬很可能将增长大约40%。

　　Johnson Associates, a compensation consulting firm in New York, projects that the biggest increases in year-end cash bonuses and equity awards will go to employees in rebounding businesses such as fixed income and equities. Those incentive-based payouts likely will surge by as much as 60% from last year, the survey found.
　　纽约薪酬顾问公司Johnson Associates预计，从事固定收益和股权等出现复苏的业务的雇员，其现金与股权形式的年终奖励增长幅度将会最大。他们的激励性薪酬较去年增幅最高可达60%。

　　In contrast, declines of 15% to 30% are projected at hedge funds, private-equity firms and prime-brokerage operations, since assets under management continue to suffer.
　　对比之下，对冲基金、私募股权公司和大宗经纪机构的这类薪酬预计将出现15%到30%的降幅，因为它们所管理的资产仍然没有走出困境。

　　While overall payout levels are likely to fall short of Wall Street boom years 2006 and 2007, the survey's evidence of a quick, steep recovery since last year will fuel more debate over pay practices at firms blamed for the financial crisis and propped up with taxpayer-funded aid.
　　整体薪酬水平可能赶不上2006年和2007年金融市场繁荣时期，但从调查结果来看，薪酬较去年快速大幅反弹将激起对华尔街公司薪酬管理办法的更多争论；这些公司被认为是造成金融危机的祸首，而且在纳税人提供资金救助之下才得以起死回升。

　　Securities firms and commercial banks have been scrambling to rejigger their compensation systems to show they are responding to criticism that executives, traders and other employees recklessly swung for the fences. Many companies are changing bonuses to stock from cash, along with deferring payments so that they can't be cashed in for years, just in case the bets backfire before then.
　　人们批评证券公司和商业银行的高管、交易员和其他员工极度好高骛远；这些机构努力改革薪酬制度，以显示自己对这样的批评有所回应。很多公司在把奖金从现金形式变为股票，并延期支付，让这些薪酬在几年之内都不能变现，以防投机行为在短时间内带来麻烦。

　　But those signs of change are contrasted by the relentless insistence at some companies that they need to pay whatever it takes to hold onto top talent that is vulnerable to poaching by rivals, especially those that haven't received government lifelines.
　　但与这些改革迹象形成对照的是，一些公司顽固地认为，为留住最优秀的人才，它们需要支付尽可能高的薪酬，因为优秀人才容易被竞争对手、特别是没有接受政府救助的竞争对手挖角。

　　Meanwhile, some businesses have bounced back with sharply higher revenue. Stock trading has been aided by market volatility and heavy demand from customers. Bond trading is getting a jolt from interest rates and currency trading, as well as the declining pace of write-downs, which plagued Wall Street firms in 2007 and 2008.
　　与此同时，某些业务已经复元，营业收入大幅提高。股票交易业务受到市场波动和客户大量需求的提振，债券交易业务受益于利率与外汇交易，以及资产减记步伐的放缓。2007年和2008年，华尔街各公司受到了资产减记的严重冲击。

　　'As firms have gotten healthier, they pay their people more,' said Alan Johnson, managing director of Johnson Associates.
　　Johnson Associates执行董事约翰逊(Alan Johnson)表示，由于各公司状况好转，它们给自己的人员支付的薪酬也更多了。

　　Year-end incentive payments have long made up the bulk of many traders' and bankers' compensation. Now regulators around the world are examining those pay plans more closely in an effort to align the risks traders take with taxpayers, who ultimately stand behind many of the world's largest banks.
　　长久以来，年底激励性薪酬都是很多交易员和银行家薪酬的大头。现在全世界的监管机构都在更加密切地审视这些薪酬计划，以使交易员承担的风险与纳税人相匹配，因为世界上许多大银行最终都是由纳税人支撑的。

　　'Governments are taking this very seriously,' said Michael Karp, co-founder of recruiting firm Options Group. He predicted that pay packages will vary widely between firms that have paid back government aid, often at a profit for taxpayers, to those still relying on those infusions.
　　招聘企业Options Group联合创办人卡普(Michael Karp)说，各国政府在这上面是相当认真的。卡普预计，已经偿还政府救助资金（一般都让纳税人赚了钱）的公司和仍然依赖于政府注资的公司之间，薪酬水平将出现很大的差距。

　　Analysts said outside scrutiny of pay packages is most likely to affect the pay of top executives at publicly traded firms, since their compensation is disclosed in regulatory filings. Inside Wall Street firms, some traders and investment bankers are grousing about a second year in a row of disappointing compensation. Others feel fortunate to have jobs in an economy with sharply rising unemployment.
　　分析人士表示，外界紧盯华尔街薪酬最有可能影响上市公司高管的薪酬，因为按监管要求，他们的薪酬都要披露。在华尔街各家公司内部，由于薪酬连续两年让人失望，一些交易员和投资银行家牢骚满腹。其他人觉得幸运，因为在失业人数急剧上升的经济环境中，他们毕竟还有份工作。
　　
　　Aaron Lucchetti