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      "text": "The balance of power on Wall Street has shifted away from the bankers to the banks",
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      "text": "Nearly 600,000 financial services jobs have been eliminated since 2008; Bear Stearns and Merrill Lynch consolidated; Balance sheet problems; Supply/demand imbalance; Compensation costs expected to decrease.",
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      "text": "Boards turning to independent firms; Trend of pairing independent advisors with bulge bracket firms; Regulatory impact; Talent migration to independent firms; Boutiques have 25% market share.",
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      "text": "reducing costs is either cutting compensation or non-compensation costs. So in the end it’s going to come down to a reduction in compensation — Ken Jacobs, Lazard's CEO (Bloomberg interview)",
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      "text": "Source: Bureau of Labor Statistics, Wall Street Research (1) Source: Bloomberg Interview December 2011",
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