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Wall Street bonuses may fall 30-40% in 2020 - expert's report

·1 min read
FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City

NEW YORK (Reuters) - Wall Street bonuses for this year could fall by as much as 30-40% because sharp declines in the stock market and other hits to banks' revenues, according to a report from compensation expert Johnson Associates, Inc.

Johnson Associates director Alan Johnson predicted leadership and staff changes at many firms will accelerate this year, particularly as growth at private equity and venture capital firms slows, according to the report.

Johnson said in a presentation that his predictions for 2020 are based the "triple impact" of the coronavirus and recession, systemic changes in the financial industry and disappointing investment returns due to the extreme market volatility.

The dour prediction for Wall Street's most valuable traders, investment bankers and asset managers followed a report out Monday from the New York State Comptroller's office that found 2019 bonuses increased for the fourth year in a row.

Bonuses for workers in the securities divisions of New York Stock Exchange member firms on average rose 3% to $164,000 in 2019, according to the report by the state financial regulator. (https://reut.rs/2QGEMbK)

(Reporting By Elizabeth Dilts Marshall, Editing by Franklin Paul and David Gregorio)