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Alan Johnson, a pay consultant, said on Wednesday that bonuses could fall as much as 40% in 2020, a forecast closely watched by financial professionals, as the impact of professionals on the coronavirus hit the market so hard that millions of people lost their jobs because of unnecessary labor. Businesses were forced to close.
In a report released by his compensation consulting firm, Johnson said that as stocks fluctuated, bond investors faced liquidity pressure and underwriting and merger activities almost all died out, Wall Street companies may cut salaries of almost everyone and delay paying more wage water to save cash. Johnson associates
People who are defined as "great" may reduce their bonuses by 15% due to a "meaningful" extension, while those who are considered "below standard" will see 50% or more of their bonuses without extension, or even termination, or even termination, the report said.
"It's time to get rid of the people you might have to get rid of before," Johnson said in an interview "The industry has been taking on some additional responsibilities for some time."
Another rival executive said he expects Wall Street to cut jobs in the coming months as banks struggle for acquisitions and IPO markets stagnate. "It's really hard to support the cost base," he said
That tone has reversed dramatically since the start of the year, when banks reported record or near record annual profits and executives' optimism about the economy began to prioritize corporate investment rather than cost cutting.


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