Bank of America cut the bonus pool for equities traders and sales staff by as much as 10 percent as the division’s revenue declined last year, said three people with knowledge of the matter.
Bloomberg News reports employees were told Thursday about their bonuses, which will be paid in mid-February, said the people, who asked not to be identified discussing compensation details.
'Companies have much greater control over compensation these days,' said Richard Lipstein, managing director of New York-based recruiting firm Gilbert Tweed International. 'There’s much less movement on Wall Street than there used to be.'
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BofA Said to Cut Bonus Pool for Equities Traders Up to 10%
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