Coronavirus stress hits Wall Street's bonus pool, layoffs on the table
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NEW YORK (Reuters) - Wall Street bonuses will fall roughly 30% this year, and firms are considering layoffs to preserve profits during the coronavirus recession, according to industry insiders and bank executives. Alan Johnson, a compensation consultant whose predictions are closely watched by financial professionals, said on Wednesday that bonuses for 2020 could decline by as much as 40%, as the coronavirus outbreak hit markets hard and put millions of people out of work as non-essential..