Wall Street cash bonuses are set to increase by about 40 percent this year, the Wall Street Journal said citing a report by compensation consulting firm Johnson Associates.

In a report to be released later on Thursday, Johnson Associates projects that the biggest increases in year-end cash bonuses and equity awards will go to employees in rebounding businesses such as fixed income and equities, the paper said.

However, those working at hedge funds, private-equity firms and prime-brokerage operations would see a decline in their incentive pay to the tune of 15 percent to 30 percent because of lower return on investments, the paper said citing the report.

Bonuses typically comprise the bulk of annual compensation for the highest-paid Wall Street employees.

Johnson Associates' compensation report would come at a time when huge pay packages for banks and other financial firms have ignited public anger.

(Reporting by Sakthi Prasad in Bangalore)

Investment Citigroup