Bank of America has cut bonuses for its dealmakers by around 30% this year, as Wall Street banks squeeze pay after a year of tumbling investment banking fees.

The US bank communicated staff bonuses on 25 January. Dealmakers and headhunters told Financial News that the pool was down by around a third. In areas where performance has dropped further, notably equity capital markets and leveraged finance, bonuses were down by 50% compared to a year earlier, people familiar with the matter said.