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JPMorgan, BofA, Citi Slash Banker Bonuses as Talent War Ends (1)

Dec. 2, 2022, 9:36 PM

Across Wall Street, this year’s bleak expectations for banker bonuses are rapidly proving true, as a slump in dealmaking ends the industry’s war for talent and firms regain the upper hand in setting pay.

JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. are all weighing plans to cut bonus pools for their investment bankers by as much as 30%, according to people with knowledge of the internal deliberations. Some firms are planning to give low performers no reward at all. The proposals are still under discussion and could change in coming weeks, the people said.

Watch: Goldman Sachs warns bankers about lower bonuses.
Markets: European Close.”