Fixed income traders are in line for a 45% bonus increase this year, as investment banks face pressure to pay up for top performers in business units that have profited strongly from the market volatility sparked by the Covid-19 pandemic.

While the crisis is likely to mean most financial services professionals receive a smaller bonus this year, fixed income traders — who have enjoyed huge revenue increases during the second and third quarter — could get between 40-45% more, according to a closely watched analysis by Wall Street compensation consultants Johnson Associates.