- Bonus season at the nation's largest banks is starting today, led by Morgan Stanley.
- Year-end bonuses are expected to be big and rise across almost every business line.
- Here are when banks like JPMorgan and Goldman Sachs are sharing the highly anticipated numbers.
The countdown to Wall Street's bonus season ends today — and the sums are expected to be big.
Morgan Stanley is set to start telling employees the size of their 2025 bonuses as early as today, according to people with knowledge of the bank's plans.
The firm is kicking off the announcements at major banks, which expect to communicate bonus numbers later this month. The results, often indicative of workers' performance, often leave some employees walking out of the office on a well-financed cloud nine. Others, however, might feel so snubbed that they decide to leave their banks for good once their check clears.
This year, financiers will probably be pretty happy, since year-end bonuses are expected to rise across almost every line of business, according to a November report by compensation consultancy Johnson Associates. Traders, who could see up to 25% increases, will likely come out on top, the report found, followed by mergers advisors and wealth managers.
While 2025 had a volatile start, dealmaking and M&A activity picked up in the second half of the year, helping banks close out a strong year. That momentum is expected to show up in bonus pools.
The nation's largest banks will begin reporting their fourth-quarter results, which are expected to be impressive, next week. Global investment banking revenue surpassed $100 billion in 2025, the second-highest since 2021, according to Dealogic.
Business Insider spoke with firm insiders and headhunters to learn when employees at the nation's largest banks are likely to learn their year-end numbers. Banks typically hold bonus intel close to the chest, they said, and the dates are subject to change.
See when the biggest banks are scheduled to tell staff how much they're walking away with in 2025 bonus money, in chronological order.
Morgan Stanley
Morgan Stanley is expected to announce first, on January 7, people with knowledge of the plans told Business Insider. The bank reported $2.1 billion in investment banking revenue in the third quarter.
Goldman Sachs
For Goldman employees, bonus numbers will start trickling out on January 16, people with knowledge of the bank's plans said. The bank announced $15 billion in net revenue in the third quarter, its third-highest quarterly total.
JPMorgan
The nation's biggest bank by assets is expected to start sharing bonus compensation numbers the week of January 20, according to a person familiar with the matter.
Bank of America
Bank of America will begin communicating bonus numbers on January 26, people familiar with the plans told Business Insider.
Citi
Citi will start sharing bonuses in the second half of January, according to a person familiar with the schedule. The firm's investment banking unit has become increasingly ambitious under its new chief, Viswas Raghavan, a former JPM veteran banker.
