Wall Street Likely to Cut Bonuses by 15-20% in 2020 with Massive Layoffs

Johnson Associates Inc., a compensation consulting firm, published a report on Tuesday saying that Wall Street is likely to cut bonuses this year by 15-20% and make significant layoffs.

 

Although, the financial sector are less severe than Johnson estimated earlier this year, but layoffs is somehow significantly to survive amid the pandemic, therefore, several jobs are need to be cut.

 

“Technology has shown us that we don’t need as many people, don’t need as many management levels…and in many places there is going to be job insecurity,” Johnson said.