Bankers in equities trading and underwriting are facing a sharp fall in bonuses and are expected to lead a broader dip in variable pay when awards are made early next year. US banks typically finalise pay awards and tell staff in mid to late-January, around the time they report full-year results. European banks are likely to make their bonus decisions later, usually mid to late-February. Pressure on banks to keep cutting costs to improve returns is likely to see bonus pools shrink again.
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