It’s shaping up to be an ugly bonus season for Wall Street bankers, at least when compared to the last few years. As dealmaking has died down with rates rising and Covid liquidity drying up, it looks like the consensus for most bankers will be bonus cuts.
The latest example came from Citi, where it was reported on Tuesday by Bloomberg that investment banker bonuses could see cuts of up to 20%. Directors and managing directors will see cuts between 15% and 20%, the writeup says.
Like most other firms, bonuses are being “skewed toward high performing staff” as the business is overhauled, Bloomberg reported, noting that Citigroup declined to comment.
Recall just days ago we noted that European bankers were also facing bonus cuts amidst a drought of dealmaking. Names like Societe Generale, UBS and Deutsche all have plans to lower their overall bonuses for 2023, we wrote, though some divisions […]
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