NEW YORK: Bank of America’s, bonus pool for investment bankers will probably rise 10% for last year, a source familiar with the matter told Reuters.

While the average increase will be 10%, some investment bankers will get smaller payouts in the mid-to-high single digits, while other top performers would exceed the 10% range, two other sources told Reuters.

The bonuses will be paid out in February after the bank announces its fourth-quarter earnings on Jan. 16, one of the sources said.

Global banks have benefited from an increase in dealmaking last year led by mergers, acquisitions, and a surge of underwriting for bonds and equities.Bloomberg earlier reported on the BofA increases.

BofA Securities ranked third on the global deals for investment banking fees in the fourth quarter, earning $1.4 billion in revenue, up sharply from $958 million in same period in 2023, according to Dealogic data.

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Compensation consultancy Johnson Associates said in November that Wall Street firms are expected to pay heftier bonuses for 2024, the first increase since a bumper year in 2021.

Payouts will probably rise after financiers benefited from several factors in recent months: a recovery in transactions, the Federal Reserve cutting interest rates and equity markets surging to record highs, said the consultancy’s founder, Alan Johnson.