“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.

“The results are revealing of the changing face of the financial industry and point to lessons banks should learn from private equity.

“First, a disclaimer. We aren’t fully comparing apples with apples. For banks, we have an overview of the pay of both executives and rank and file showing that they have been cashing in on stock awarded after the financial crisis.”

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Read full Wall Street Journal article here.