Managing directors (MDs) at banks including Goldman Sachs Group, Morgan Stanley, and Bank of America have seen their total compensation drop by 40% to 50%, with payouts for senior MDs falling to between USD800,000 to USD1.5m and for first-year MDs to USD600,000-USD1m. Top bankers in Asia are having their worst payouts since the financial crisis more than a decade ago. While some banks had sought to narrow the pay gap among bankers rather than cutting jobs as deals may bounce back in the second half of this year, there could be more rounds of cuts in 2023. MDs were the hardest hit. Total compensation of directors fell about 30% to a range of USD400,000 to USD600,000, while vice presidents are less vulnerable with about 10-15% decline from last year.