Salient to Investors:

Employees at the biggest Wall Street banks experienced job cuts, lower pay and tarnished reputations in 2012, while the S&P 500 Financial Index is up 27 percent year to date, its largest annual increase since 2003.

Davide Serra at Algebris Investments said the pendulum has totally shifted and it’s better to be a bondholder than an employee.

Michael Aronstein at Marketfield Asset Mgmt said it’s very difficult to justify paying employees an entrepreneurial wage when they’re really utilizing the platform and the capital of a public company.

Senior employees and executives are getting a larger portion of their compensation in stock than they did before the financial crisis.

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