Standard & Poor - staff salary cut by 40%??

[Romanymagic]

As the title suggests really. I was told yesterday that staff working for Standard & Poor recently had a 40% cut in annual salaries due to the recession. Can anyone confirm whether this is true or not as it seems like a huge cut?

Reason this came up is we are being asked to take a 10% cut and the example of Standard and Poor was used to show that it could be worse. I wanted to see if their was any truth in the 40% cut at S&P.

[shamrock]

40%!!!

That can't be true, surely.