Industry sources said the pattern for bonuses was likely to reflect the performance of businesses: bond traders will see bonuses fall by up to 10 percent, pay for M&A advisors and capital markets bankers has generally gone up, and bonuses in equities are near flat.
Emolument, a salary benchmarking site, said bonuses for advisory and origination staff in London could jump by 25 percent on average, payouts in equities would dip by between 3 and 5 percent and in fixed income, currencies and commodities (FICC) bonuses would fall by 5 to 7 percent. Its estimates were based on data from 360 front office bankers working in London.
At JPMorgan, ranked the number one investment bank, 2014 FICC revenues were down 13 percent on the year, investment bank division fees were up 4 percent and equities revenues were up 1 percent.
Sources said some banks were likely to have scaled back bonuses after a weak performance in December hurt fourth-quarter profits.
Bonuses are typically awarded when banks release full-year results or shortly thereafter. European banks, including Barclays, Deutsche Bank, Credit Suisse and UBS, typically pay less than their U.S. rivals and report results between late January and early March.