Wall Street’s Bankers Brace for Big Pay Cuts, but Bosses Don’t Want Whining

Big Wall Street banks are cutting bonus pools sharply—including by as much as 40% at Goldman Sachs Group Inc.—to contend with a dealmaking slump, according to people familiar with the matter.

Executives across firms including JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Jefferies Financial Group Inc. are moving forward with plans to cut their own bonus pools by some 30%, according to people familiar with the banks.