hurricanemaxi
Joined: 04 Nov 2011
Posts: 120
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 Posted: Mon Nov 28, 2011 8:41 am Post subject: London Bankers See Bonuses Shrinking: Survey |
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Bankers in London’s financial districts expect bonuses to shrink by about a fifth from last year as the sovereign debt crisis crimps revenue.
The average worker in the U.K. capital’s Square Mile and Canary Wharf expects to receive a bonus valued at about 19,920 pounds ($30,854), or 24 percent of their base pay, according to a survey by recruitment firm Astbury Marsden. That’s down from about 35 percent of base pay, or 25,570 pounds last year. The estimate is based on an average salary of 83,000 pounds.
“That is a real shift in sentiment on bonuses from previous years,” Mark Cameron, chief operating officer at Astbury Marsden, said in the statement. “In the pre-credit crunch days bonuses were talked about in many multiples of base pay. This year the expectations are for fractions of salary.”
Lenders are reducing staff as the European sovereign debt crisis roils markets, crimps revenue from trading stocks and bonds, and deters companies from takeovers or stock offerings. Banks are struggling to reduce fixed costs after the raising base salaries of investment bankers by as much as 100 percent to cushion bonus cutbacks after regulators, including those in the Britain, imposed limits on bonuses.
Managing directors are expecting a bonus equivalent to 70 percent of their base pay, or about 166,000 pounds, based on a salary of 237,000 pounds, Astbury Marsden said.
The firm polled 1,380 City professionals, from analysts to senior bankers. The biggest bonus expectations came from merger bankers, while those working in fixed-income had the lowest bonus expectations, Astbury Marsden said.
Investment banks set aside revenue throughout the year for compensation and tend to decide bonuses at year-end, with most paid out in February and March.
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