# Professor Thomas Philippon comments on wage cuts in the banking industry

1 Faculty News March 31, 2017 ![Reuters logo](/sites/default/files/styles/246w/public/assets/images/con_030503.jpg?itok=0OAgrDF0)>

Excerpt from [Reuters](http://in.reuters.com/article/banks-europe-pay-idINKBN1721GJ) -- "[Thomas Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon) of New York University, who has studied pay among investment banks, said they had been too slow to cut. 'They reduced the wage bill mostly by cutting staff, not by cutting wages,' he said, commenting on the sector."

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