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Banks Get Lesson in Pay for Performance

"Wall Street used to be all about instant gratification. Just ask Martin Scorsese’s wolves. Now good things, or at least big paydays, come to those who wait.

"As bonus season rolled in, pay has been top of the agenda for two key constituencies—bankers and private-equity executives. Here are the highlights: Both sectors benefited from the ripening of compensation packages agreed on years ago, but private-equity chiefs did vastly better than did bankers and traders.