Wall Street bonuses will fall roughly 30% this year, and firms are considering l...
NEW YORK - Wall Street bonuses will fall roughly 30% this year, and firms are considering layoffs to preserve profits during the coronavirus recession, according to industry insiders and bank executives.
Alan Johnson, a compensation consultant whose predictions are closely watched by financial professionals, said on Wednesday that bonuses for 2020 could decline by as much as 40%, as the coronavirus outbreak hit markets hard and put millions of people out of work as non-essential businesses are forced to close.
People defined as “great” will likely see a 15% decline in bonuses with “meaningful” deferrals, while those considered “sub-par” will see bonuses drop 50% or more, with no deferrals and could even be terminated, the report said.
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