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Premarket stocks: Wall Street bonus outlook is grim

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New York
CNN Business

Ferragamo belt-buckles are being tightened across Wall Street as bankers prepare for a gloomy bonus season. Year-end payouts, typically an outsized part of total financial industry compensation, are expected to plunge as merger and acquisitions dry up, inflation persists and recession threats grow.

What’s happening: Bankers who help consolidate companies could see their bonuses fall by about 20% this year while those who help companies raise new capital could see that paycheck drop by 45%, according to a new report from compensation consultancy Johnson Associates. Those numbers are adjusted for inflation.

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