Bonuses in the financial industry are likely to fall between 5 and 10 percent this year, according to a new report, the first year since 2011 that compensation is likely to drop.
Private equity and mergers-and-acquisition work are likely to be stronger for finance workers, but most segments of the industry are struggling, the report released Monday morning by the consulting firm Johnson Associates says, the New York Times reports. Morgan Stanley and Goldman Sachs have shown poor financial results this year, and Deutsche Bank has said it will slash 35,000 jobs over the next two years.
“We kept expecting next year will be the year,” said Johnson Associates founder Alan Johnson. “And it hasn’t really happened — and I don’t see it for the next three to five years.” The industry still has some of the highest remuneration levels in the world, with the average securities industry bonus reaching $172,860, according to the New York State comptroller’s office.
[NYT]
More Must-Reads from TIME
- Why Biden Dropped Out
- Ukraine’s Plan to Survive Trump
- The Rise of a New Kind of Parenting Guru
- The Chaos and Commotion of the RNC in Photos
- Why We All Have a Stake in Twisters’ Success
- 8 Eating Habits That Actually Improve Your Sleep
- Welcome to the Noah Lyles Olympics
- Get Our Paris Olympics Newsletter in Your Inbox
Contact us at letters@time.com