The largest US banks reduce payments to bankers-Bloomberg
2022.12.02 12:12
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The largest US banks reduce payments to bankers-Bloomberg
Budrigannews.com – JPMorgan (NYSE:), Citigroup, likewise Bank of Americaare thinking about cutting banker bonuses by up to 30%, Bloomberg reported on Friday.
The publication said that a person who knew about the situation told them that some Wall Street people are thinking about not rewarding low performers at all, though the proposals are still being discussed and could change.
According to Bloomberg, investment banking revenue decreased by 47% in the first nine months of 2022. This year, dealmaking has decreased and sales of new securities have decreased. The moves are currently under discussion.
Even at Goldman Sachs (NYSE:), they added,Bonus reductions may affect traders who brought in more money.
Employers were fiercely competing for talent less than a year ago, and some businesses struggled to maintain adequate staffing.However, that is now changing as some Wall Street businesses lay off employees, giving banks leverage when hiring.
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