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Commercial and retail bankers at regional banks will receive
bonuses that are 10% to 20% lower than the previous year, the
report showed.
"Most Wall Street professionals will have to wait another year
for a rebound,” said consultant Alan Johnson. "With the
financial markets and overall economy struggling to find footing
throughout the year, most business segments remain under
pressure to keep compensation costs down."
But there are some exceptions. Investment bankers working in
equity underwriting are projected to receive payouts that are 5%
to 15% higher than last year, while wealth managers could
receive awards that are 5% higher. Retail or commercial bankers
working in large institutions could see year-end bonuses stay
flat or rise about 10%.
"Looking ahead, 2024 is unfortunately expected to be another
challenging year," as higher interest rates and geopolitical
uncertainty restrain activity, the consultant wrote. "Headcount
and staffing models are being evaluated" as turnover declines
and companies divide smaller bonus pools based on performance.
Bonuses for debt underwriters are expected to stay flat or drop
as much 10%, while payouts for equity trading could fall 5% to
10%.
Finance professionals working in fixed income trading, hedge
funds, private equity firms and asset managers can expect flat
bonuses or small gains or losses, according to the estimates.
(Reporting by Tatiana Bautzer; Editing by Lananh Nguyen and
Lincoln Feast)
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