It’s starting to look like a pretty dismal bonus season on Wall Street with trading revenue down across the board.
Bloomberg News is now reporting that Bank of America, the second-largest US bank, is cutting its bonus pool for equity traders by as much as 10% compared to the previous year, according to unnamed sources.
Earlier this month, it was reported that Citigroup is cutting its bonus pool for fixed income and equity traders by 5 to 10%.
2014 wasn’t pretty.
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