The boom in dealmaking has pushed bonuses to their highest levels since 2007, a time before the financial crisis when chunky cash payments had sellers of Maseratis, Porsches and luxury real estate rubbing their hands with glee.

But despite the proliferation of six- and seven-figure bonuses, many have been left disappointed. Raised expectations and key dealmakers getting bigger shares of the pool have damped the euphoria, say pay experts and senior bankers — not to mention exhaustion from the relentless boom in activity.