Wall Street bonuses expected to decline for bankers, traders: report
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A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri/File Photo - RTSHUXE
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By Olivia Oran
(Reuters) - Wall Street bonuses are expected to decline this year for both bankers and traders, compensation consulting firm Johnson Associates Inc. said on Wednesday.
Year-end compensation will down 5 to 15 percent for investment bankers that advise on mergers and acquisitions, according to the most widely followed report concerning compensation on Wall Street. Bankers who help companies raise equity and debt could see their compensation fall as much as 25 percent.
Compensation for both stock and bond traders could fall as much as 15 percent. While many banks posted a rise in fixed income trading during the second quarter, Wall Street firms have watched bond trading revenue fall for about seven years as new regulations on trading and capital have curbed profits.
Banks are setting aside less money for pay. Goldman Sachs Group Inc (NYSE: GS), for example, cut compensation and benefits expense by 13 percent during the second quarter.
(Reporting by Olivia Oran in New York; Editing by David Gregorio)
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