Volatile markets and huge stock offerings have been fueling profits on Wall Street. Traders and investment bankers are reigning supreme, as year‑end bonuses are expected to rise as much as 30% from a year ago, according to a report from compensation consultant Johnson Associates.

The outsize rewards for traders and investment bankers appear almost guaranteed, with big banks raking in bumper profits this year from volatile markets and sizable IPOs, including the market debut of Elon Musk’s SpaceX and Google parent Alphabet’s $80 billion equity financing.

Year‑end bonuses for the wider group of investment and commercial bankers are projected to climb 10–15% from a year ago, the highest increase among broader finance categories such as wealth and traditional asset management. Private‑credit incentive payouts are expected to be flat to down 10%, reflecting a surge of investors pulling money amid loss concerns.

“Banks are leading the way for the first time in a while,” said Alan Johnson, founder and managing director of Johnson Associates.