Wall Street likely to cut bonuses 15-20%, make significant layoffs: report – Reuters

NEW YORK (Reuters) – Wall Street is likely to cut bonuses this year by 15-20% and make significant layoffs, according to a report published Tuesday by compensation consulting firm Johnson Associates Inc. The estimates in the report by Alan Johnson, closely watched by financial professionals, are less severe than Johnson projected earlier this year. reut.rs/2WQHj5s…

Wall Street likely to cut bonuses 15-20%, make significant layoffs: report – Reuters

NEW YORK (Reuters) – Wall Street is likely to cut bonuses this year by 15-20% and make significant layoffs, according to a report published Tuesday by compensation consulting firm Johnson Associates Inc. The estimates in the report by Alan Johnson, closely watched by financial professionals, are less severe than Johnson projected earlier this year. reut.rs/2WQHj5s But layoffs could be significant. Companies were forced to make quick decisions and cut red tape during the pandemic, and they have recognized fewer employees are needed to do certain jobs, Johnson said. “Technology has shown us that we don’t need as many people, don’t need as many management levels…and in many places th
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