Big Fat Wall Street Bonuses Imperiled

The debt market's summer swoon could hit Wall Street's high rollers where it counts.

Normally, by late July, bankers at JPMorgan (JPM Quote), Citigroup (C Quote) and Bear Stearns (BSC Quote) are busy jockeying for morning tee times. But with their firms stuck holding billions of dollars in loans they had hoped to sell, hard-hitting investment bankers suddenly have a more pressing concern: Will I get my bonus this year?

For years, the Wall Street banks have pulled down fat fees for financing private equity's corporate buying spree. Those fees fed record bonus pots that lined the pockets of bankers who worked on the deals. ...