Wall Street Bonuses Expected To Take Hit
MANY WALL STREET BONUSES ARE EXPECTED TO TAKE A HIT THIS YEAR
(CNN) – Despite the damage the coronavirus has done to the economy, many working on Wall Street will still likely get bonuses this year.
However, those bonuses for financial services industry workers will probably be smaller than last year.
That’s according to a new analysis from Wall Street compensation consulting firm Johnson Associates.
According to the New York City Comptroller’s office, the average bonus for those in the securities industry topped $164,000 last year.
This year the change will depend on what services different employees provide.
The steepest declines are expected in the areas of retail and commercial banking.
A moderate decline in incentives is also expected in asset management, hedge funds, and private equity.