Wall Street bonuses could decline by as much as 20 percent this year according to estimates from compensation consultant Johnson Associates Inc.

While bonuses are predicted to fall across the board, the firm believes that fixed income trading and investment bank underwriting will be hardest hit, estimating that bonuses for those roles will fall as much as 15 percent to 20 percent from last year.

Johnson Associates also predicts that hedge funds may cut bonus compensation by as much as 15 percent as well, while other asset managers will probably see a drop of 5 percent to 10 percent. PE firms and high net worth managers are estimated to fare a little better, but still may see bonuses fall by 5 percent.

We noted that on average, Wall Street bonuses in 2015 fell to the lowest level since 2012, and we also showed that layoffs are increasing as of late on Wall Street as firms try to make up for weaker revenues. In the face of the recent layoffs and the slowing economy, we suspect that those still lucky enough to be gainfully employed by the end of the year will be happy with any bonus that is received.

And besides, Wall Street has had a good run relative to Main Street for a few years…