Reuters/IFR conducted a global poll of bankers which revealed that from Wall Street to the City of London to Hong Kong's Central District, bankers are bracing for bonuses to be down 7 percent on average from a year ago, and higher salaries will only partially cushion the hit.

A number of the industry experts expect 30% decline after weak trading results that are depressing bank profits and shrinking the bonus pool.

Bankers are known to rely heavily on year-end bonuses for a large portion of their yearly compensation.

While most banks have not yet reported to their staff about the actual state of their bonuses for 2010 such expectations mean that generally bankers, traders, and salespeople have been told to be ready for a low payout.

A London-based investment banking analyst said, "You would have to live in cuckoo land to expect bonuses to be up on last year. Even if you're a star performer you're going to be down."

This is a sharp turnaround from last year, when Wall Street bonuses jumped 17 percent on average, according to a report by New York State's comptroller.