Bankers On Wall Street And In The City Are Bracing Themselves For A Feeble Bonus Season

Bankers at the major investment banks on each side of the Atlantic are going to see shallower bonus pools this year, according to the Financial Times, citing a number of sources from big financial institutions.

Here's the FT:

The European Union's bonus cap, which was fought fiercely by the UK's Treasury, means that nobody can earn more than 100% of their existing salary as a bonus without the approval of shareholders. Even then, the limit is 200%.

Goldman's latest publicly announced figures showed bonuses for senior staff in London up more than 80% between 2011 and 2013, and paying twice as much as other US investment banks. However, according to the FT Goldman's salary and bonus pool this year is likely to shrink to 38% of revenues, around the lowest level in its years as a publicly traded firm.

PwC also told the FT that they estimate bonuses are down by about half since the financial crisis.