According to the Johnson Associates report, some of the deepest cuts in bonuses this year will be among investment banking underwriting, hedge fund and equities professionals.

Equity underwriting bonuses could be more than 20 percent lower compared with 2015.

Within sales and trading, Johnson Associates said that there were lower levels of client activity, especially in equities, meaning bonuses could be from 5 percent to 15 percent lower than last year.

Johnson Associates expects merger advisory bonuses to be about 10 percent lower.

Nevertheless, there are more deals in the wings. Research by PitchBook found that through the third quarter of 2016, there was a record number of transactions valued at $10 billion or more. During the first nine months of the year, 31 such deals were signed, compared with 23 in all of 2015 and 16 in 2014. If this year’s deals have better luck with regulators, banks could enjoy a payout later this year or next.

Private equity bonuses will be little changed this year, according to the report, as firms were able to increase their assets under management but experienced “mediocre returns.”

Retail and consumer banking was not quite as bleak. There, bonuses could actually gain as much as 5 percent over the previous year. That area of finance has benefited from deposit and loan growth as the economy recovers.

Johnson Associates has been publishing its report annually for about 15 years. The consultants pore through public filings and interview from 30 to 50 clients to produce the results.

Some of the challenges facing banks could soon reverse if interest rates go up meaningfully. With near-zero rates for almost a decade, banks have been able to lend money inexpensively but with lower returns than they received historically. If that dynamic reverses, it could be a boon to the industry, as long as the broader economy remains intact.