Most Wall Street workers can expect to see their bonuses slashed this year and some jobs may be cut, according to a report published Monday by compensation consulting firm Johnson Associates Inc.
Banks are struggling to curb rising costs as shutdowns caused by the pandemic have put millions out of work, and forced banks to add billions to reserves in case consumers or business customers default on loans.
Only traders and investment bankers who work in underwriting are likely to receive bigger bonuses in 2020, compared with 2019, according to the report. Conversely, workers in hedge funds, asset management, private equity and retail and commercial banking should expect incentives to shrink by as much as 30%, according to the report.
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