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Wall St. cuts perks with writedowns, layoffs



02 May 2008 @ 06:49 pm EST



A trader puts his hand to his face while working on the floor of the New York Stock Exchange in New York November 1, 2007.
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Quotes
CS 45.67 0.74
GS 163.24 2.34
JPM 39.6 1.69

SYMBOL LOOKUP

Free soda stopped flowing on certain Goldman Sachs (GS.N: Quote, Profile, Research) trading floors a few weeks ago, a company spokesperson said.

Cost cuts can go too far though, and companies may end up paying in other ways, said Jeff Visithpanich, a principal at compensation consultant Johnson Associates.

"Maybe it looks good on paper, but what you get is a number of people taking longer breaks to go downstairs to Starbucks."

Copyright 2008 Reuters. All rights reserved.

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