Bank of America’s bonus pool for investment bankers is likely to increase by 10% for last year.
The mentioned information was published by the media with reference to insiders who are aware of confidential aspects of the activities of the specified financial institution.
The average increase in the bonus pool for investment bankers will be 10%. At the same time, this indicator will not have such a characteristic, which can be conditionally called absolute relevance. In the relevant context, it is understood that some investment bankers will receive lower payouts in the range of medium to high single digits. At the same time, other top performers would exceed the 10% range. This was reported by the media, citing insiders.
One of the informants of the journalists noted that the first bonuses will be paid out in February. It is also known that on January 16, the financial institution will announce its earnings for the fourth quarter.
It’s worth noting that last year, global banks became beneficiaries of an increase in the number of deals related to mergers, and acquisitions and the growth in the volume of underwriting for bonds and equities.
Dealogic data shows that Bank of America Securities ranked third on the global deals for investment banking fees in the fourth quarter. In this case, revenue of $1.4 billion was recorded. It is worth noting that for the fourth quarter of 2023, the corresponding figure was $958 million.
The media has already reported on the growth of Bank of America Securities.
Compensation consultancy Johnson Associates said in November that Wall Street companies are expected to pay heftier bonuses for 2024. It is worth noting separately that in this case, the first increase since a bumper year in 2021 is predicted.
The consultancy’s founder, Alan Johnson, stated that payouts are likely to rise after financiers have benefited from several factors in recent months, including a recovery in transactions, cutting interest rates by the Federal Reserve, and surging equity markets to record high readings.
As we have reported earlier, HomeStreet Agrees to Sell $990 Million in Loans to Bank of America.
