Managing directors at Goldman Sachs, Morgan Stanley and Bank of America have seen their total compensation drop by 40 per cent to 50 per cent.
Top bankers in Asia ex-Japan at Wall Street’s biggest firms are having their worst payouts since the financial crisis more than a decade ago, according to people familiar with the matter.
Star bankers are suffering milder cuts of 20 per cent or less in their compensation after a bumper year in 2021 Global investment banks are now pushing hard to keep a lid on costs after increasing their staffing over the past few yearsWhile Asia has been their biggest growth markets for years, job cuts have proliferated and the tough bonus news is expected to help reduce headcount further.
Business has been hard hit in China by a regulatory crackdown and the nation’s now abandoned pursuit of COVID-zero. Most dire was a move by Beijing to limit the ability by domestic companies to sell shares overseas, triggering an 88 per cent slump in those deals last year. Globally, investment-banking revenue declined about 50 per cent last year at the largest lenders.
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