Wall Street’s bonuses could be in jeopardy.
A plurality of respondents to a finance industry poll said they expect bonuses to either decline or be non-existent this year. Bloomberg reports that 27 percent of investors, analysts and traders surveyed in its Global Poll said they expect declining bonuses compared to last year, and 18 percent do not expect one at all.
The quarterly poll questioned 562 finance professionals between July 15 and 16, according to Bloomberg.
Bloomberg cited industry concerns about banks’ revenue declines due to weakening trading and mortgage businesses.
“Historically it’s been that if you are producing less, we’ll pay you less,” said Alan Johnson, founder and managing director of New York-based Johnson Associates, told Bloomberg. “Certainly that’s the mantra of today.”
Thirty-two percent of poll respondents said they are looking forward to larger bonuses, and 23 percent said they were not sure, according to Bloomberg.