Bonus pools are shrinking at some of the biggest banks this year, including Goldman Sachs, JP Morgan, Citi, and Bank of America.
Citigroup Inc and Bank of America Corp are considering cutting bonus pools by as much as 30%, the report said, citing people with knowledge of the internal deliberations. Investment banks have been hit by a plunge in dealmaking activity this year as torrid markets and aggressive rate hikes by the Federal Reserve have forced lenders to pull back from financing large deals. Goldman Sachs Group Inc is also planning to shrink the year-end bonuses for traders at its global markets unit by a low double-digit percentage, a separate report from Bloomberg News earlier on Friday said, citing people with knowledge of the discussions.
(Bloomberg) -- Goldman Sachs Group Inc.’s traders, on the way to posting their biggest revenue haul in more than a decade, are in for a surprise as cost pressures force the firm’s leadership to cut their year-end bonuses.Most Read from BloombergMusk’s Neuralink Hopes to Implant Computer in Human Brain in Six MonthsGoldman Jolts Traders With Bonus Warning After Bumper HaulMusk Suspends Ye From Twitter After Offensive Image PostBeverly Hills Cop Was California’s Highest-Paid Municipal WorkerAn Ari