Laid Off On Wall Street: Lowest-Paid Workers Losing Jobs

Goldman Sachs and Morgan Stanley have announced plans to eliminate hundreds of employees, UBS and Credit Suisse are reportedly preparing to cut thousands of jobs and Barclays Capital has already imposed two rounds of layoffs this year.

But as banks again resort to pink slips, they appear inclined to spare the most generously compensated executives -- the people who enjoyed the biggest gains from the bubble in mortgage-related investments that savaged the economy -- while instead dismissing less-expensive employees.