In recent weeks, Wall Street headlines have been dominated by layoffs -- sometimes in the tens of thousands. But, to the likely chagrin of those still standing, the reduction in personnel costs from job cuts does not necessarily imply that bonuses will increase.

Firms that have freed up cash via layoffs don't generally pay out higher bonuses but rather opt to preserve margins. The remaining "people won't get paid more, they just don't get paid less," says Gary Goldstein, co-founder and president of New York recruiter Whitney Partners.

Peter Miterko, managing director at New York compensation consultant Pearl Meyer & Partners, concurs. "In order to keep margins and capital levels where they'd like to, they make these cuts, but they don't impact compensation."

Indeed, it may be the changes in compensation that are influencing the layoffs, particularly the increase in base salaries. "Because base salaries are now higher at the banks, they have to keep a closer eye on personnel numbers, as fixed costs have now increased," says Sandy McLane, co-head of the global banking and markets practice at recruiting firm Spencer Stuart.

No one appears to be safe from the sweeping cuts. First-, second- and third-year analysts, who have historically been viewed as untouchable because banks did not want to alienate future recruits, have been subject to layoffs since the financial crisis, says a recruiting source. Compensation for these newbies has also changed post-crisis. Only the top 5% of analysts are receiving the top end of the bonus scale, as compared with the top 25% of bankers before the crisis, says the source.

In 2011 analysts received bonuses ranging from $35,000 to $70,000, with base salaries averaging $70,000, the source says. Bonuses in 2007 ranged from $75,000 to $90,000, and base salaries averaged $60,000.

A little further up the ranks, the banks are being just as selective about handing out bonuses.

"The days where associates, vice presidents or directors not responsible for driving business reeling in large six-figure compensation are numbered," says Russ Gerson, CEO of New York financial services recruiter Gerson Group.

Some members of a younger generation of bankers who feel that they missed an opportunity to make enormous wealth on Wall Street are now eyeing private equity.

Others are looking to completely veer away from Wall Street and take up opportunities at tech companies or try to become chief financial officers, says Goldstein.

At private equity firms, recruiting season for junior-level talent this year displayed an intensity not seen since the peak years of 2006 and 2007, says Brian Korb, co-founder of New York's Glocap Search LLC. Back then, recruiting was driven by aggressive capital raising at the PE firms. The current round, however, is being fueled by pent-up demand from funds that underhired young talent during 2009 and 2010.

Private equity firms typically hire analysts that have been with investment banks for three years. They are now fighting for a smaller pool of talent because the analyst classes at the large banks have decreased in size since the crisis. The larger, more established private equity firms are now paying third-year analysts between $200,000 and $250,000, says a source. That's down from upwards of $300,000 before the crisis.