Top New York firms look set to slash bonuses for the second year running following the announcement this week by Wall Street leader Cravath Swaine & Moore that it has once again cut its annual bonus.

An internal memo sent out on Monday (18 November) confirmed Cravaths will this year pay associates bonuses of $15,000 (£9,484) to £25,000 (£15,807) depending on seniority, a further reduction on 2001 levels where the maximum pay-out was $50,000 (£35,420).