(Bloomberg) -- Getting paid to manage money may soon be less restrictive at BlackRock than at JPMorgan Chase under a U.S. proposal that could make it harder for Wall Street banks to compete for talent.

Sweeping compensation rules released by six federal agencies last month reserve the toughest constraints -- including bonus deferrals and long-term clawbacks -- for financial firms with huge balance sheets consisting mostly of their own assets. Since firms like BlackRock primarily handle client money, their fund managers would face less-severe limits than someone doing similar work inside a giant bank.

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