Pay cuts are less than company operating losses on a percentage basis. Is that significant? I’m not certain. Seems like it could be, although a thorough financial statement analysis would be needed to say that with confidence.

Shareholders of Wall Street firms don’t seem to be any better off than shareholders of non-Wall Street companies. 

Employees of Wall Street firms, however, are NOT suffering, not by any stretch of the imagination.

EDIT 

This appeared as a news item in the Wall Street Journal nearly, ummm, a month ago? It got lost in my capacious drafts folder of good intentions though. Just couldn’t finish it until I found the right accompanying image. Now I have! Sorry for the delay.