In spite of the high hopes, this year is not the year for the $1,500 Tiffany sterling-silver coffee can. Or the $4,000 automatic coffee machine (you’ll just have to abide the surly millennial at Culture for another 12 months). And maybe you can continue to tool around Rye in a 2017 Range Rover just a bit longer.
At Bank of America Corp., rates traders are likely to see a slump of more than 10 percent in their bonus pool, according to people briefed on the discussions. Those teams at JPMorgan Chase & Co., the world’s biggest trading bank, are set for declines of about 5 percent, said people familiar with the figures….
Most bond and equities personnel can expect smaller 2017 pay packages because of low volatility and a lack of disruptive events, recruiter Options Group said last month. Equities trading may see bonuses remain flat or fall as much as 5 percent, while fixed-income traders could fare a bit worse, according to Johnson Associates Inc.
On the bright side, it could be worse, and is if you work at a fixed-income desk in London.
Lenders including Barclays Plc, Deutsche Bank AG and Credit Suisse Group AG, which have already slashed some rewards in recent years, may see bonus pools for fixed-income traders drop by at least 10 percent and will be forced to hand out “doughnuts,” industry slang for zero payout, recruiters and executives said….
Banks may cut bonuses as much as 25 percent for some fixed-income traders, said Terry. Not getting a discretionary award won’t be uncommon this year, he said.