Wall Street Bonuses Set to Drop by Up to 30%

from Zero Hedge

A chaotic year for finance professionals, which has seen their routine upended with many forced to work from home and unable to frequent their favorite watering holes and strip clubs with buddies after work, is about to get even worse. According to a report published Wednesday by compensation consulting firm Johnson Associates, Wall Street bonuses for 2020 could fall by as much as 25%-30% due to the deep cuts to revenues recorded by banks and hedge funds earlier this year as a result of the novel coronavirus.

While most compensation is expected to be down, 2020 is likely to be a year with “wide, wide variations in incentive outcomes between stronger and weaker competitors,” according to the report whose predictions are closely watched by financial professionals and HR departments, which set compensation benchmarks across the industry.

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