BNP Paribas has told senior management that this year’s bonus pool for staff in its corporate and investment banking division will shrink in line with falling profits, as employees at top-tier banks prepare for a year of reduced pay incentives.

Jacques d'Estais, BNP Paribas' Paris-based head of corporate and investment banking, sent a memo to senior management on November 13 asking them to "start managing your teams' bonus expectations now", according to Bloomberg.