Recruiters expect year-end bonuses for bankers in New York and London to be 30% to 50% lower, while some may receive none.
This year, the pace of mergers and acquisitions and stock offerings slowed significantly as debt financing markets collapsed and stock market volatility hurt valuations.
For U.S. managing directors at Goldman Sachs Group IncGS, compensation for 2022 might fall 40% – 45% on average, Reuters reported citing data by Sheffield Haworth, a recruitment firm for top executives.
At rival banks, including Morgan StanleyMS, JPMorgan Chase & Co’sJPM, Citigroup IncC, and Bank of America CorpBAC, the average pay for senior bankers is expected to fall between 30% – 40%.
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