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MUMBAI: With $336 million of total revenue in 2016, the lowest for investment banks in the last five years, million-dollar annual bonuses have all but vanished. Shrinking business has not only taken a toll on team sizes, but annual payouts as well.

Global banks such as Citi, JPMorgan, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley among others have announced annual bonuses — none in seven figures, according to bankers and head hunters.

Annual payouts for most global banks take place in January and February. Domestic banks announce annual bonuses in June. “The payouts this year have been a reflection of the decelerating business,” a senior banker said. “The million-dollar bonuses that were doled out earlier have vanished.”