Thursday's Headlines: Wall Street Toughens Up Despite Headwinds

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Wall Street compensation is holding steady, despite the impact of lower trading volumes and new regulations on profits. [NYT Dealbook]

Still, Goldman Sachs has cut average compensation by more than 25 percent this year, a bell weather for Wall Street trader pay. [Bloomberg]

Industrial & Commercial Bank of China, China's largest lender, has entered the brokerage business in the U.S., a sign that Chinese financial institutions are expanding globally. [Financial News]

Bank of America Merrill Lynch plans to hire 1,600 broker-trainees in 2010, and more next year, according to its head of U.S. wealth management. [Reuters]

Morgan Stanley is trying to boost its fixed income, currencies and credit businesses by hiring sales people and traders. [Reuters]

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