In an effort to reduce its costs in a difficult market, J.P. Morgan Chase & Co. is expected to cut year-end bonuses for many of its staff, including investment bankers, traders and money managers, by an average of 20%, according to a Reuters report.

Staff could see their bonuses decline by as much as 40%, partly because the bank’s technology mergers and acquisitions, asset management and equities operations have all had relatively dismal years. Those who work in the company’s derivatives and bonds businesses, meanwhile, are likely to pocket the largest bonus checks.

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