The biggest banks in the U.K. could cut bonuses for fixed income, currencies and commodities traders by about 9% after a turbulent year for global markets, according to Emolument.com.
Bloomberg News reports that Managing directors working on FICC trading desks based in the U.K. are likely to see bonuses fall to about $400,000 on average in 2016 from 290,000 pounds a year earlier, the London-based salary benchmarking firm said in a statement on Monday.
By contrast, awards for equities traders are set to rise after a better year for stock trading.
Europe’s largest firms are under pressure to cut pay for bankers and traders as they fight to improve shareholder returns amid slumping markets and tougher demands from regulators to hold more capital.
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