Bonuses to be cut as bonds slow down

Almost half of financial professionals are expecting to have their bonuses cut or to receive no bonus at all this year as share and bond trading volumes fall.

Some 27% of people surveyed by Bloomberg say they are braced for a lower bonus in 2014 than they received last year. Another 18% said that they do not expect any bonus at all.

But 32% of the global professionals said they do expect their bonus to rise this year. They may work for areas such as mergers and acquisitions and underwriting, where business has been growing.

The survey comes a week after Wall Street banks on average reported a 2% fall in revenues and trimmed back the amount they set aside for bonus pools.

The major UK banks are also expected to reveal muted second-quarter performance when they start reporting next week.