Mumbai: The banking, financial services and insurance (BFSI) companies are likely to limit their compensations to single digit numbers this fiscal due weak economic environment, experts have said. "BFSI sector doesn't look buoyant at all and compensation hike would be marginal and likely to be in a single digit, and that too, to offset inflation," Symbiosis Management Consultants CEO Vinay Grover told reporters. He further said that salary cuts though wouldn't have happened as of now, but the hefty bonuses or variable component seemed to be a thing of past and have almost vanished from the compensation package. "Last year, on an average, the salary have come down by average 20-40 per cent depending on the seniority of the professionals," he pointed out. TeamLease Services General Manager, Team BFSI, Ajay Shah said, "On an average, it has gone down to single digit hikes this year. We are yet to witness the actual as the Performance Management System (PMS) for India Foreign Investors (FIs) will be rolled out by next month. However, even there, it will not be encouraging." He, however, said the current scenario seemed like mixed sentiments, as there are large Indian FIs, which are clear on their expansions and the small ones are looking at consolidation this year, he said. The sector is facing a turmoil largely due to factors that are a combination of Indian economic environment and global recessionary economic conditions, particularly in the US and Europe. Foreign banks and investment bankers have been struggling to keep afloat and the recent reports that a lot of employees are made redundant is clue that all is not well within the sector, Grover said. "Volatile stock market would keep investors in equities and bonds at bay, thus bringing down the overall sentiment. The layoffs would seem to be more prudent decision in front of the companies to save their sagging bottom lines," he said. Last year, foreign banks like HSBC, Citibank and investment Banks like UBS, Nomura laid off employees ranging from 100 to 1,000 in the Indian context, he said. However, the domestic banks and FIs refrained themselves from showing pink slips, but were cautious on hiring, he added. This weakness in the financial sector would have a direct bearing on real estate, infrastructure and the sectors, which need massive investments like power, he added.