The largest US banks have cut annual bonuses by 30-40%

There is also a general decline in the stock market, the number of new securities placements, the WSJ notes. In this regard, JP Morgan Chase, Bank of America, Citigroup and Jefferies Financial Group reduced annual bonuses by 30%, and the investment bank Goldman Sachs — by 40%."According to Dealogic calculations, the total revenue of the largest banks from commissions for securities placement and intermediary services in mergers and acquisitions transactions in the outgoing year fell by about $50 billion," Kommersant reports.

The head of Goldman Sachs, David Solomon, did not rule out that cuts are possible due to a drop in revenue.

He noted that this could happen as early as early next year. Informed sources of the American media reported that we are talking about 4 thousand employees — about 8% of the staff of the investment bank.According to the forecasts of the experts surveyed, employees of the divisions dealing with currency and fixed income securities, such as government bonds, will suffer the least on Wall Street.

In these areas, there is a decline of 10-15% and annual staff bonuses will be reduced by about the same amount.Despite the aforementioned reductions in annual bonuses as a percentage, it is currently unknown exactly how many bonuses will be on Wall Street this year.

In 2021, according to the Financial Control Department of the State of New York, the average amount of annual bonuses for representatives of securities operations units in the largest American banks amounted to $ 257.5 thousand.