Wall Street compensation consulting firm Johnson Associates is flashing a caution signal to fund managers, bankers and brokers not to expect anything like last year’s bonus when the time arrives for those annual cheques.

Payouts for private-equity fund managers could drop as much as 15% this year compared with 2021, while public equities investment managers could endure cuts of as much as 25%, the firm said Tuesday. Investment bankers at the largest institutions stand to absorb the sharpest cuts of as much as 40%.