Bankers in New York and London are bracing for year-end bonuses that recruiters estimate are 30% to 50% lower, while some may receive none at all as dealmaking sputters and economic gloom sets takes hold.
Financiers face disappointment when their compensation awards land in the first quarter, and thousands more of their colleagues could be laid off after hundreds were let go this year, according to recruiters and compensation experts.since 2006 as the economy roared back from the pandemic.
But this year, the pace of mergers and acquisitions and stock offerings dramatically slowed as debt financing markets collapsed and stock market volatility hurt valuations. The outlook for a recession also increased as the year progressed with the Federal Reserve aggressively raising interest rates to tackle inflation, cooling economic activity.
"'Flat' is once again the new 'up' this year, with most people just hoping not to see a significant cut in their compensation given how revenues for the industry as a whole have fallen," said Stephane Rambosson, London-based cofounder of Vici Advisory, which specializes in hiring senior investment bankers.
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