As show of solidarity with federal workers reeling under $85 billion austerity measure due to government-wide spending cuts, US President Obama has decided to return 5% of his salary to US Treasury.
Global fund managers are likely to witness up to 35 percent cut in bonuses this year even as the asset and wealth management industry is upbeat about a recovery in financial markets worldwide.
Aiming to set a "personal example" of moderation in executive salaries, Reliance Industries Thursday said its chief Mukesh Ambani has decided to lower his pay package by nearly two-thirds to Rs 15 crore for 2008-09.
With the economic downturn impacting deal flows, salaries of top private equity professionals have taken a hit as most of the firms froze pay hikes and held back bonuses this year, experts say.
Day in Pics: 1st September
Showbiz World - September 1, 2014
Famous Ganesh Pandals in Mumbai