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.These costs are likely to hurt employee incentives, like bonuses, despite the recent rebound in U.S. equities markets, according to the report, which is closely watched by financial professionals.
Underwriters have been in high demand since March as corporations rushed to raise money during the pandemic, and traders have been handling record-high volumes of transactions as investors looked for opportunities in the volatile markets.
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