Wall Street firms are expected to pay heftier bonuses for this year, the first increase since a bumper year in 2021, according to a report by compensation consultancy Johnson Associates.

Investment bankers in the debt-issuance business could see their bonuses rise by as much as 35%, as Wall Street banks are expected to increase bonuses for most for the first time in three years. A surge in corporate debt issuance has fueled increased revenue for bankers,