Bank of America’s new tab bonus pool for investment bankers will range from stable to 3% lower for 2023, with top achievers receiving bigger rewards.

Traders should expect flat or slightly increased incentives, with the exception of standouts in the mortgage and credit industries receiving high single-digit percentage rises throughout 2022.

The bank started telling traders and investment bankers about their 2023 bonuses on Friday.

With $17.4 billion in trading income and record full-year sales, the company reported zero trading loss days in 2023.

Goldman Sachs’ chief financial officer Dennis Coleman stated that this year’s compensation costs will increase by a low-to-mid single-digit percentage.