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Bank of America cuts dealmaker bonuses by 30% as fees are squeezed
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Bank of America has cut bonuses for its dealmakers by around 30% this year, as Wall Street banks squeeze pay after a year of tumbling investment banking fees.
The US bank communicated staff bonuses on 25 January. Dealmakers and headhunters told Financial News that the pool was down by around a third. In areas where performance has dropped further, notably equity capital markets and leveraged finance, bonuses were down by 50% compared to a year earlier, people familiar with the matter said.
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