Wall Street bonuses will fall roughly 30% this year, with even the most productive employees facing a pinch, as big banks and investment managers try to preserve profits during the coronavirus recession, a leading compensation expert said on Wednesday.

The predictions by Alan Johnson are closely watched by financial professionals, especially during times of stress. The global coronavirus outbreak has already hit markets hard as politicians have ordered huge swaths of the population to stay home and non-essential businesses to close, putting millions of people out of work…

“Now is the time to get rid of the people you probably should have gotten rid of before,” Johnson said in an interview. “The industry has been carrying some extra weight for a while.”

Reuters / March 25, 2020