Wall Street bankers complain about the lack of bonuses
2022.12.02 10:49
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Wall Street bankers complain about the lack of bonuses
Budrigannews.com – Money Road banks have evaluated plans to reduce remuneration this year, the Bloomberg Referral agency reported on Friday, as venture capital banking faces problematic business sectors, as well as small financial costs. NYSE: Citigroup Inc. is an analogue of Bank of America Corporation.
The report, indicating the persons who have read the internal discussions, says that it is planned to reduce bonus pools by 30 percent.
JP Morgan Chase (NYSE) – a person who knows the situation said that and Co. – the largest bank in the USA by assets – plans to reduce its bonuses as well. Usually, the discussion on wages and performance begins in December and the heads of higher-level officials will give an idea of the total amount of bonuses agreed before the end of the year.
This year, the turbulent market and the aggressive growth of the Fed’s rates forced lenders not to finance large transactions, which provoked a decrease in the activity of concluding transactions in investment banks.
“The Goldman Sachs Group in a separate report to Bloomberg News on Friday, referring to those familiar with the discussions, said that it also plans to reduce bonuses at the end of the year to traders in its global markets division by a low two-digit percentage.”
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