BlackRock, the world’s largest money manager, reduced annual employee bonuses by an average of 2% to 4% for 2016 – its first such cut since 2011. Bonuses were flat overall one year earlier, although payouts necessarily vary with each individual and group, depending on performance.

Bloomberg reports that the asset-management business is under increasing pressure as money flows from active strategies into cheaper passive offerings. In 2016, BlackRock saw its first decline in annual revenue since 2009 as performance fees fell by more than half. Bonuses across the industry were expected to be down 5% to 10% at traditional firms and as much as 15% at hedge funds because of the profit squeeze.

Meanwhile, bankers in Societe Generale's fixed income division in London are moping. Their bonus pool was down by 5% for 2016, despite the department enjoying healthy revenues. Junior bankers are particularly miffed, after seeing their bonus shrivel by as much 40%.

Thisismoney.co.uk notes that things could be worse for these SocGen employees. They could be working for Deutsche Bank, where only one in ten of its London staff got anything, or for RBS .