Although offset slightly by the market recovery in the second quarter of 2020, bonuses across financial services firms are set to decline as a result of the devastating impact of the coronavirus.

Asset management, hedge funds, private equity and advisory investment banking could see staff incentives fall by up to 15% in 2020, according to research from US pay consultancy Johnson Associates, published on 11 August. Meanwhile, retail and commercial banking divisions are on track for a 25%-30% drop.