- Goldman Sachs is set to announce 2025 bonuses on Thursday, January 16 (Asia may hear Friday), while JPMorgan plans disclosures in the week of January 20.
- Bank of America is expected to boost investment banking bonuses about 20% for top performers but keep mid-level payouts flat, with numbers shared on January 26.
- Citi is expected to announce bonuses in the second half of January, typically about a day after earnings.
- Stronger trading and dealmaking performance is pushing bonus pools higher, and earlier announcements may influence peers’ final allocations.
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Bank of America stands out for a sharp increase in bonus pay for its top investment bankers—approximately 20% versus last year—with mid‐level performers likely seeing flat allocations. Bonus communications are expected from BofA on January 26. Meanwhile, Citi is set to follow in late January.
The drivers of these higher payouts reflect stronger-than-expected investment banking and trading revenue during Q4 of 2025, coupled with growing deal volume and market volatility. Notably, the overall bonus pool across Wall Street is expected to be among the largest since 2021.
Strategically, the timing of announcements matters: banks announcing earlier—like Goldman—may set internal benchmarks and influence rival banks’ decisions. JPMorgan’s delay could be tactical, allowing for comparative adjustment of bonuses in light of peers’ disclosures.
Key risks remain, including possible constraints from board approvals, variance in individual performance, and macroeconomic pressures. For mid‐level and non-top performers, rising expectations may not translate into materially higher pay. Also, the projected increases may be moderated if deal momentum falters or if expenses escalate—as noted for Bank of America.
Supporting Notes
- Goldman Sachs bonuses are to be announced Thursday, January 16, with Asia possibly Friday; JPMorgan bonuses to follow in the week of January 20, with communication likely Tuesday, January 20.
- Bank of America top dealmakers may see ~20% bonus increases; mid-level performers likely to see flat payouts.
- BofA generally, and for insiders, will communicate their bonus numbers on January 26.
- Citi’s bonus announcements scheduled for the second half of January, typically about one day after its earnings release.
- The bonus season is expected to reflect strong performance in advisory, trading, and dealmaking, driving larger bonus pools across major U.S. banks.
- Bank of America’s deal volume and investment banking fee revenue surged, contributing to expectations of higher payouts.
- JPMorgan’s delay may allow it to adjust its bonus structure in response to rivals’ announcements.