Jefferies Inc. projected steep fourth quarter losses as a result of surging compensation costs and two principal trading efforts. Top executives, however, agreed not to receive their bonuses as the bank preparesto take losses estimated at $24 million. The chief executive and chairman of the board also agreed to forego stock grants for last year valued at $13 million and $6.5 million, respectively.

The CEO noted: “We have chosen to do this because we believe it is important to compensate competitively our most important assets, our people, and that, if we are asking our shareholders to make this investment for the long-term success of Jefferies, we should put our money where our mouth is and pay our fair share.”