The biggest bonus increases in banking for 2024 are expected in Asia

It's the time of the year when predictions for banking bonuses rain from the sky like brimstone. We have our own predictions, based on our bonus expectations survey, and they are coming soon. Here already, though, are the predictions for front office bonuses from international search firm, Options Group. 

Get Morning Coffee ☕ in your inbox. Sign up here.

Options Group's bonus report, which is based on data gathered from managing directors and 'product team leaders', suggests the 2024 bonus round will vary widely depending upon both the area of banking you work in and the location in which you do it. 

It says some of the biggest increase in bonuses will occur in Asia, with Asian equities sales and trading professionals expecting a 13.1% increase in bonuses compared to last year, and Asian cash equities professionals expecting an even larger 16.7% increase. The report doesn't comment on individual banks, but the Asian equities optimism follows big trading gains at banks like JPMorgan when Chinese stocks jumped in October. 

By comparison, Options Group suggests one of the biggest bonus falls will come on US rates desks, where a decline of 6.1% is expected. At banks like Goldman Sachs, rates trading revenues were "significantly lower", both in the third quarter and in the first half of 2024. Credit trading bonuses are likely to be stronger. 

Across all product areas, Options Group suggests US and Asian bonuses will see the best increases this year, of 4.4% each on average. European bonuses are only expected to increase by 2.7% by comparison. 

Outside the main markets, the report says India's quants, technologists and compliance professionals can expect a nearly 25% increase in their bonuses year-on-year. This may, however, be from a low base. 

Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, WhatsApp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)