Traders and bankers hoping a better-than-expected third quarter would boost their year-end pay are likely to be disappointed.

Bonuses across Wall Street are poised to drop in 2019, according to a report Tuesday by compensation consultant Johnson Associates Inc. Equity traders will probably fare the worst, with a drop of as much as 15% from a year earlier, while debt and equity underwriters may see a 10% decline. Fixed-income traders may do slightly better, with their bonuses falling only as much as 5%.

“Pay is down in a healthy market—that just tells you how much competition there really is,” Alan Johnson, managing director of Johnson Associates, said in an interview. “We’re clearly in the new normal.”