Money management employees can expect lower incentive payments in 2020 compared to last year, said a report released from compensation consultant Johnson Associates released Thursday.
The firm's analysis of third-quarter compensation trends showed that overall year-end incentives (combined cash bonuses and equity awards) generally will decline for the second consecutive year. In 2019, Johnson said bonuses overall generally were down 5% or flat.
"The pandemic is wreaking havoc on many parts of the U.S. economy this year, and the financial services industry is no exception," said Alan Johnson, managing director of Johnson Associates, in the report.
"While many industry segments have bounced back, the majority of professionals at traditional and alternative asset firms … will see smaller bonuses," he added.