The Wall Street traders who generated windfalls at banks this year may reap more modest rewards than they initially hoped for. The biggest US lenders are tempering expectations for employee payouts after the global pandemic spurred an avalanche of trading activity and sent revenues soaring. At Bank of America Corp., plans to keep the bonus pool for sales and trading at last year’s level disappointed some staff. Citigroup Inc. will leave the overall pot unchanged for equities, while boosting it for bond traders by at least 10%. “The general tone across the Street is somewhat pessimistic," said Paul Sorbera, president of Wall Street executive search firm Alliance Consulting in New York.

Source: Mint December 29, 2020 13:52 UTC