Good morning. Big Wall Street bonuses could be making a comeback this year from a multi-year downward trend. An industry analysis released this morning by Johnson Associates, Inc., a New York-based compensation consulting firm, projects debt underwriters at investment banks will see their year-end 2024 incentives (cash bonuses and equity awards) increase 15%-25%, compared to 2023. Equity underwriters and fixed income trades could see a 10%-20% bump. “Most sectors will rebound on higher revenues year over year,” according to Christopher Connors, a principal at Johnson Associates.

Just weeks after losing one of its most powerful female executives, Goldman Sachs has promoted another woman to a top position: Carey Halio, who’s spent more than two decades at the firm, will be taking over as global treasurer. Halio, who will also join the bank’s management committee, has worked at Goldman since 2000, starting out in credit risk. She was named a partner in 2016 and most recently served as chief strategy officer and global head of investor relations. As global treasurer, she’ll work with Goldman’s divisions to manage...

Bond yields slid to fresh multi-month lows as investors continued to price in the Federal Reserve’s unexpectedly dovish pivot on Wednesday. The 10-year Treasury yield, which in October was trading just above 5%, fell at one point early Thursday to 3.93%, its lowest since July, as investors continued to absorb projections and comments by the Federal Reserve. The U.S. central bank on Wednesday left interest rates unchanged at a range of 5.25% to 5.50%, as expected, but surprised the market by suggesting it was done raising borrowing costs and would...

Apple has repeatedly trumpeted the success of its financial services, a product lineup that now encompasses the Apple Card credit card, high-interest savings accounts, and a buy-now-pay-later service called Apple Pay Later. But even if those products have proven reasonably popular with consumers, they haven’t been working out for the bank that Apple has partnered with to supply those services. Goldman Sachs’ consumer services have been losing the company billions of dollars, according to reporting from Bloomberg, CNBC, and The New York Times, among others.

Apple is putting an end to its credit card partnership with Goldman Sachs, yet another blow in the investment bank’s ill-fated attempt to push into the consumer banking space. The Wall Street Journal reports Apple has proposed exiting the contract in the next 12 to 15 months, ending Goldman’s work on both the credit card and savings account. That comes just one year after the two companies extended the program through 2029. The Journal said it could presently not be learned whether Apple has partnered with another bank. Goldman CEO...