The Truth Behind FICC Bonuses in Q4 2025
If you’re a fixed income, currencies, and commodities (FICC) salesperson or trader, the recent bonus announcement may have left you feeling disappointed. However, before you blame external factors, it’s essential to understand the underlying reasons for the bonus adjustments.
Insights from Compensation Consultancy
Data from compensation consultancy Johnson Associates provides valuable insights into the FICC bonus landscape. Initially, the firm predicted a potential increase of up to 15% in FICC bonuses for the year. However, the final numbers revealed a more modest 10% rise compared to the previous year.
The primary reason behind this subdued growth can be attributed to the performance of FICC traders in the last quarter of 2025. Only a few banks, such as Goldman Sachs and UBS, managed to achieve significant year-on-year revenue growth in Q4. Most other banks saw varying degrees of decline or marginal growth, leading to tempered bonus expectations.
Divergent Trends in Investment Banking
While FICC bonuses faced challenges, predictions for investment bankers in M&A and Debt Capital Markets were more optimistic. Johnson Associates revised their forecasts for these sectors, projecting a higher bonus increase range of 10% to 20%.
For a comprehensive analysis of how FICC bonuses have evolved and what trends have emerged, stay tuned for our upcoming annual compensation report. The detailed insights from the report will provide a clearer picture of the bonus landscape in the financial industry.
For more information on FICC bonuses in Q4 2025, you can refer to the original article here.
