City bankers will be enviously eyeing their colleagues across the Atlantic this bonus season. Though payouts are shrinking everywhere, they are getting smaller faster in London compared with Wall Street, according to the latest forecasts.

“The investment banking business in the US did better [in 2019], and fundamentally the environment in Europe remains very difficult, which will be reflected in this year’s bonuses,” said Alan Johnson, managing director of Johnson Associates, which advises investment banks on their pay.