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By Steve Slater
LONDON, Jan 16 (Reuters) - London and Wall Street bankerslook set to get slightly lower bonuses for 2014 than the yearbefore, based on pay details released this week by big U.S.banks and expectations in the industry.
Goldman Sachs said on Friday its staff were paid$12.69 billion in compensation and benefits for 2014, up 0.6percent on 2013. That equated to an average of $373,000 for its34,000 employees, down 2.6 percent after it added staff in theyear.
JPMorgan said pay in its corporate and investmentbank (CIB) for 2014 fell 4 percent from 2013. It reduced staffduring the year, so average pay for the 51,129 CIB staff was$204,000, down 1.5 percent on the year.
Citigroup is expected to reduce the bonus pool fortraders by about 5-10 per cent and its advisory bankers canexpect a modest increase, a person familiar with the mattersaid. The bank, which told staff their awards on Friday, did notbreak out pay for its investment bank in its results.
Bank of America said its total personnel costs fell2.7 percent last year from 2013 but did not break out pay forinvestment banking.
Industry sources said the pattern for bonuses was likely toreflect the performance of businesses: bond traders will seebonuses fall by up to 10 percent, pay for M&A advisors andcapital markets bankers has generally gone up, and bonuses inequities are near flat.
Emolument, a salary benchmarking site, said bonuses foradvisory and origination staff in London could jump by 25percent on average, payouts in equities would dip by between 3and 5 percent and in fixed income, currencies and commodities(FICC) bonuses would fall by 5 to 7 percent. Its estimates werebased on data from 360 front office bankers working in London.
At JPMorgan, ranked the number one investment bank, 2014FICC revenues were down 13 percent on the year, investment bankdivision fees were up 4 percent and equities revenues were up 1percent.
Sources said some banks were likely to have scaled backbonuses after a weak performance in December hurt fourth-quarterprofits.
Bonuses are typically awarded when banks release full-yearresults or shortly thereafter. European banks, includingBarclays, Deutsche Bank, Credit Suisse and UBS, typically pay less than their U.S.rivals and report results between late January and early March. (Editing by Greg Mahlich)
