Jefferies Group , the investment bank that agreed to sell
itself to Leucadia National, will pay employees year-end bonuses in immediately
available cash, according to a memo to staff.
The decision to pay immediate cash is a departure from some
competitors as Wall Street seeks to curb compensation costs. Morgan Stanley
capped 2011 cash bonuses at $125,000 and deferred an average of 75 percent of
payouts, up from 40 percent two years earlier. Zurich-based Credit Suisse Group
AG awarded a portion of 2011 bonuses for more than 6,000 bankers in bonds
backed by derivatives that will pay out over several years....
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