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Bonuses to Disappoint Bankers After Banner Year for Finance
Bloomberg 2/20/2021 Lananh Nguyen
(Bloomberg) After a stellar year for trading and dealmaking, European bankers are joining their American counterparts in learning their bonuses won’t be quite as impressive.
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Credit Suisse Group AG, which contended with major legal hits and writedowns last year, reduced its bonus pool by about 7%. Deutsche Bank AG will boost bonuses for its traders by more than 10%, but it was forced to scale back an initial plan to increase annual payments by roughly a third after the European Central Bank objected.
On both sides of the Atlantic, banks are seeking to exit bonus season with their top traders and investment bankers in place but without provoking the ire of regulators as a pandemic depresses the global economy. Banks have benefited from trading volatility and a surge in mergers and acquisitions, yet their consumer businesses have been hurt by world
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Wall Street tempers bonus expectations in year of the pandemic
Lananh Nguyen, Bloomberg News Pedestrians walk along Wall Street near the New York Stock Exchange (NYSE) in New York, U.S., on Monday, March 12, 2018. Stocks gave up early gains Monday as uncertainty over the prospect of tariffs undid some of the market s recent job-driven gains. Photographer: Michael Nagle/Bloomberg , Bloomberg
The Wall Street traders who generated windfalls at banks this year may reap more modest rewards than they initially hoped for.
The biggest U.S. lenders are tempering expectations for employee payouts after the global pandemic spurred an avalanche of trading activity and sent revenues soaring. At Bank of America Corp., plans to keep the bonus pool for sales and trading at last yearâs level disappointed some staff. Citigroup Inc. will leave the overall pot unchanged for equities, while boosting it for bond traders by at least 10 per cent