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Wall Street bonuses to plunge as much as 45% for bankers - study

Wednesday, November 16, 2022
Wall Street bonuses to plunge as much as 45% for bankers - study © Reuters. FILE PHOTO: A man is seen silhouetted wearing a protective face mask walking near the financial district of New York City, U.S., October 18, 2021. REUTERS/Shannon Stapleton
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By Lananh Nguyen and Saeed Azhar

NEW YORK (Reuters) - Wall Street investment bankers can expect much smaller bonuses this year as the economy slows, according to projections published on Tuesday by Johnson Associates Inc, a compensation consultant in New York.

Bankers who underwrite equity or debt offerings are forecast to receive payouts that are 40% to 45% lower than in 2021, while their counterparts who advise on mergers and acquisitions will get bonuses that are 15% to 20% lower than last year.

The plunge in compensation contrasts with a windfall in 2021, when dealmakers brought in bumper profits as markets for buyouts and initial public offerings boomed.

"The labor market went from white hot to very cold, and now we're having layoffs and hiring freezes," said Alan Johnson, managing director of Johnson Associates. "It's been quite a head-spinning turn."

Bank executives will probably see annual bonus reductions of 25% to 30%, while asset managers will get 20% to 25% less than the previous year, the study showed.

"The industry was at a bubble level last year," Johnson said, referring to elevated asset valuations that fueled financial markets. "The bubble burst, and now we're having a hangover," he said.

Johnson joins New York State Comptroller Thomas DiNapoli in predicting a decline for Wall Street bonuses after last year's blockbuster.

Goldman Sachs Group Inc (NYSE:GS) began a round of job cuts in September, targeting about 500 people as its third-quarter profit slumped 44%, and other banks also trimmed staff. Morgan Stanley (NYSE:MS) is expected to start layoffs in the coming weeks, sources told Reuters.

Despite the gloom, fixed income traders and salespeople will probably buck the trend, with their bonuses projected to jump 15% to 20%, according to the Johnson Associates study.

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    EUR/USD 1.0539 ↑ Buy  
    GBP/USD 1.2283 ↑ Buy  
    USD/JPY 134.04 Neutral  
    AUD/USD 0.6819 Neutral  
    USD/CAD 1.3424 ↑ Sell  
    EUR/JPY 141.26 ↑ Buy  
    EUR/CHF 0.9832 Neutral  
    Gold 1,812.80 ↑ Buy  
    Silver 22.915 ↑ Buy  
    Copper 3.8070 ↑ Buy  
    Crude Oil WTI 81.83 ↑ Buy  
    Brent Oil 87.40 ↑ Buy  
    Natural Gas 6.749 ↑ Buy  
    US Coffee C 163.78 ↑ Sell  
    Euro Stoxx 50 3,990.35 ↑ Buy  
    S&P 500 4,076.57 ↑ Sell  
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    FTSE 100 7,544.90 ↑ Buy  
    Hang Seng 18,675.35 ↑ Sell  
    Small Cap 2000 1,884.57 ↑ Buy  
    IBEX 35 8,409.57 Sell  
    BASF 48.495 ↑ Buy  
    Bayer 54.96 ↑ Buy  
    Allianz 202.85 ↑ Buy  
    Adidas 125.73 ↑ Sell  
    Lufthansa 7.731 ↑ Buy  
    Siemens AG 134.56 ↑ Buy  
    Deutsche Bank AG 9.960 Neutral  
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