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.

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