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

Wall Street’s banking revenue has never fallen harder than it has this year. Bankers are hoping their bonuses can hang on a bit better.

Fees from advising on deals, stock offerings and bond sales are down more than 40% from this time last year, wiping out more than $50 billion in revenue, according to data from Dealogic. That is the biggest year-over-year dollar decline on record, worse even than in the financial crisis.