A few points to add here.
FS - the bulk of work is regulatory change related, there have been recent pushes to diversify but not sure how successful they have been to date. Recent internal restructuring has bought more work under he FS p&l from sevice teams I.e. people and change / IT etc.
PE investment effects are still taking hold, much bigger focus on progress vs sales targets means senior ranks are under more pressure. Carlyle are also opening doors to their network. Appointment of MA has not really influenced FS work.
Not sure there is any truth to pay and bonuses being better now than before. Pay has probably always been under market rate, with the potential to match / exceed it with your bonus.