The same lobby resisted pressure to reduce bonuses, erect Chinese walls or adopt the recent Vickers report on bank restructuring.

By its admission, the retailer has been slow to diversify senior ranks, turning recently to reducing bonuses unless executives improve promotions of women and minorities.

Most investment banks on Wall Street have tried to hold off on mass layoffs, choosing instead to reduce bonuses and to pare payrolls quietly.

The company has stopped overtime work, cut utility costs, reduced bonuses to its dealers and wrested large price reductions from its parts suppliers, he said.

Mr. Attali was the chief architect of the plan to eliminate 4,000 jobs and reduce bonuses at the nation's flag carrier that prompted the strike.

Bank bosses complain that political pressure forcing them to reduce bonuses has made it difficult to remove underperforming staff.

We have frozen salaries, reduced bonuses and our freeze on external recruitment back in May 2010 has already delivered £120 million in savings.

Earlier this year the company said it would reduce bonuses and freeze wages for managers.

The profits squeeze has reduced bonuses while a further reduction in overtime means operatives' earnings have suffered.

Puerto Ricans were not included in the draft until 1989, and Bernazard feels that perhaps the reason for the switch was to reduce bonuses awarded to them.