Almost half of UK bankers to see bonus increases in 2010, survey shows

26 January 2011

Nearly half of Britain's bankers are to see an increase in their bonuses for 2010, a new survey has revealed.

A study by recruitment website eFinancialCareers.com showed that the average bonus for UK workers within the financial services industry is to rise by five per cent.

In the US, where the survey was also carried out, the average bonus was expected to fall by five per cent.

Front office staff who responded to the survey said they expected an average bonus of more than £84,000 while decision makers and deal makers anticipate receiving a higher figure.

James Bennett, director at eFinancialCareers.com, said: "Retention of key staff is going to be a dominant theme during 2011 as financial institutions tackle the challenge of meeting compensation guidelines set by regulators and the earnings expectations of employees.”

Bonuses are a current topic of debate, particularly in the UK where politicians have argued over how to restrain pay outs as the government looks to introduce cuts to public spending.

David Cameron, British prime minister, said it would be wrong to financially penalise the banks too much, as the UK’s economic recovery is also dependent on the sector’s performance.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development