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.
- The Real Reason Florida Wants to Ban AP African-American Studies, According to an Architect of the Course
- Column: Tyre Nichols' Killing Is The Result of a Diseased Culture
- Without Evusheld, Immunocompromised People Are on Their Own Against COVID-19
- Here Are All the Movies and TV Shows That Make Up the New DCU
- TikTok's 'De-Influencing' Trend Is Here to Tell You What Stuff You Don't Need to Buy
- Column: America Goes About Juvenile Crime Sentencing All Wrong
- Why Your Tax Refund May Be Lower This Year
- Brazil Wants to Abandon a 34,000-Ton Ship at Sea. It Would be an Environmental Disaster
- The 5 Best New TV Shows Our Critic Watched in January 2023