Half of bankers in UK, US see bonuses rise: Survey
Half of bankers in Britain and the United States have received a higher bonus for 2010 than the year before, despite sluggish investment banking performances, according to a survey released on Tuesday.
January 27, 2011 / 10:59 IST
Half of bankers in Britain and the United States have received a higher bonus for 2010 than the year before, despite sluggish investment banking performances, according to a survey released on Tuesday.
The survey by Efinancialcareers, a career website network for financial workers, said 49% of bankers in Britain had seen a rise in bonuses and only a quarter had seen a fall.In the United States, 56% of those surveyed said their bonuses were larger this year and 19% said they had fallen. The average US bonus was down 5%, however.Some 59% of bankers surveyed in Hong Kong, Singapore and Australia had seen an increase in their bonus, while 16% had seen a decrease.Bankers' pay has come under intense scrutiny after a political and public backlash following the financial crisis, when many lenders had to be bailed out by taxpayers.The British government said on Tuesday it was still seeking an agreement with banks to curb bonuses and boost lending despite reports that the talks had stalled. The issue is sensitive because the state has large stakes in Royal Bank of Scotland and Lloyds Banking Group after bailing them out and big bonuses enrage taxpayers. However banks have been fighting to maintain competitive bonus packages for staff, arguing that otherwise some banks might relocate overseas where they could face less regulatory pressure.Efinancialcareers said the survey was conducted this month and was based on 2,511 respondents who had had their awards revealed to them.The scrutiny on bonuses is particularly intense in Britain, where the average bonus for UK front office professionals was 84,409 pounds ($135,000), up 5% on the year, the survey said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
