The recent subprime debacle and credit squeeze have put the pressure on bankers' salaries and jobs. The freezing up of the collateralised mortgage/debt market and other credit derivatives mean that investment bankers wielding their financial weapons of mass destruction will find much fewer opportunities to ply their trade as asset managers and other investors stay away from credit derivatives, structured finance vehicles, and related financial instruments.
A couple of articles talk more about the impact:
This article talks about a Top Barclays Banker losing his job.
This article talks about bankers being able to expect a much smaller bonus this year, if indeed they manage to keep their jobs.
I wonder what will the impact of the recent financial turmoil on this banker.