Wall Street bonuses are set to shrink by an average of 20% to 30% from last year, with even steeper declines for bond traders, according to a widely watched compensation survey. The projections, to be released by consulting firm Johnson Associates Inc., reflect the tough times at many banks and securities firms since the spring.
Business has been difficult because of fears about the U.S. economy, the sovereign-debt crisis in Europe and volatile equity markets. Along with cuts in bonuses, many financial firms are eliminating jobs and pruning other expenses.
The quarterly survey is based on publicly disclosed data in regulatory filings and conversations with employees at investment banks, commercial banks and asset-management firms. Lower bonuses will be widespread, with the average managing director taking home about $900,000, down from about $1.2 million in 2010….
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