Wall Street cash bonuses are set to increase by about 40% 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% to 30% 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.