Further proof that fixed income is the place to be this year – New York pay consultancy Johnson Associates is tipping the bonus pool to increase by up to 50% for this division in 2009. Equities bankers look like also look like doing very well and are expected to earn up to 30% more than 2008.

Johnson Associates also counters the argument that smaller investment banking revenues in the second half will mean a diminished bonus pot for the full year. It’s projecting that no major investment banks will reduce variable compensation and that it could increase by as much as 60%.

A breakdown of the reasons for bonus percentage changes are outlined in the table below (click for big):