I work in banking. For trader, M&A and other related positions, the contractual bonus rate is/was(?) often 100%. A lot were fired, they hired back, then fired

I work in banking. For trader, M&A and other related positions, the contractual bonus rate is/was(?) often 100%. A lot were fired, they hired back, then fired again. Not sure what the overall impact had been, but for the ones I know, after the crisis it has been like a continuous Christmas. Lot of cash/cheap money to buy cheap flat/houses all around, kids and early retirement at 32.