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Bank of America slashes bonuses by 30%

Bank of America has slashed incentives for its dealmakers by around 30%, following a year of falling investment banking fees and deal revenue.

Employees outside Bank of America Office
Employees leaving Bank of America office

The U.S. bank announced employee incentives on January 25. Dealmakers and head-hunters have reported that the applicant pool had shrunk by around a third. In sectors where performance has deteriorated more, such as equity capital markets and leveraged finance, bonuses have decreased by 50% compared to a year ago, according to sources with knowledge of the situation. It has been a difficult bonus season for dealmakers at Wall Street banks, which disclose the pay-outs ahead of European rivals, with top dealmakers experiencing a

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