Wall Street Average Bonus Fell 9% in '15, State Comptroller Says

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Goldman Sachs Group Inc. plans to eliminate more than 5 percent of traders and salespeople in its fixed-income business, a person familiar with the matter told Bloomberg News last week. Bank of America Corp., which cut more than 10,000 jobs last year, will dismiss about 150 trading and investment-banking employees this week as part of the firm's periodic cull of low performers, people familiar with the matter told Bloomberg News last week.

Investment banks are also still dealing with the consequences of misconduct in the years leading up to the financial crisis. A group of 15 global investment banks will probably see higher legal expenses over the next two years after already setting aside a total of $219 billion in costs between 2008 and 2014, according to a survey by Moody's Investor Service.