Bonus Payouts Season Begins: Here’s When Major Banks Announce Their Figures

Today marks the beginning of the much-anticipated bonus season on Wall Street, with expectations running high for substantial payouts.

Morgan Stanley is ready to inform its staff about their 2025 bonuses starting today, according to insiders familiar with the bank's procedures.

Being the first among major financial institutions to reveal bonus numbers, Morgan Stanley's announcement will set the tone. The performance-based bonuses can greatly uplift some employees, while others may feel dissatisfied enough to consider career changes once they receive their payments.

This year seems favorable for financial professionals, as bonuses are predicted to rise nearly across all sectors, based on a report from compensation experts Johnson Associates. Traders are projected to receive up to 25% more, with advisors in mergers and wealth management also seeing significant gains.

Despite a rocky beginning to 2025, an uptick in mergers and acquisitions toward the year-end has enabled banks to finish strongly. This favorable trend is expected to be reflected in this year's bonus allocations.

The top-tier banks plan to disclose their fourth-quarter financial results next week, and expectations are high for these figures to exceed previous estimates. During 2025, global revenue from investment banking reached over $100 billion, marking its second-highest level since 2021, according to data from Dealogic.

Conversations with insider sources and recruiting experts have provided insight into when employees at major banks will be notified about their yearly bonuses. Banks play their cards close to the vest regarding such information, and the schedule for announcements remains somewhat fluid.

Morgan Stanley

Morgan Stanley is anticipated to make its bonus announcements first, on January 7, as shared by individuals informed of the plan. The bank reported $2.1 billion in earnings from investment banking during the third quarter.

Goldman Sachs

Goldman Sachs will start rolling out bonus information from January 16. Those in the know have revealed that the bank’s third-quarter net revenue reached $15 billion, marking its third-best quarterly result.

JPMorgan

As the largest bank by assets, JPMorgan is set to announce its bonus figures during the week of January 20, according to a source informed about the timeline.

Bank of America

Bank of America plans to reveal its bonus numbers starting January 26, as indicated by those privy to the bank's plans.

Citi

Bonus announcements at Citi are expected in late January. The company's investment banking arm has shown increased ambition under its new leader, Viswas Raghavan, previously a notable figure at JPM.