Other firms may follow.
The Financial Times reports that plummeting trading revenues have hit some bankers’ 2015 bonuses hard, particularly in Europe, where Credit Suisse’s investment bank bonus pool will be down more than 30%, according to bank insiders.
Sharp falls are also expected at Deutsche, where new boss John Cryan has been sceptical about banking’s bonus culture, saying he does not understand why bonuses motivate employees and warning that its third-quarter $6.79bn loss would be “factored in” to payouts.
However, bankers and recruiters have told the Financial Times that juniors — a term that typically covers bankers with less than a decade of experience — could do better than their bosses in this year’s bonus season.
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