Dealmakers are set for bonus cuts of up to 25% this year as M&A volumes have remained depressed throughout 2023.

Bankers working on M&A deals will receive the biggest cuts to their bonuses of any sector this year, according to a closely-watched projection from Wall Street compensation consultants, Johnson Associates. The 25% reduction for 2023 follows a drop of 20% for dealmakers last year, capping a miserable 24 months for bankers working on M&A transactions.