London financial workers eye bonus
Source: Agencies |
October 17, 2012, Wednesday
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Print Edition
Print Edition
MORE than 80 percent of workers in London's financial services industry expect a bonus for 2012 with almost half saying it will likely be higher than last year, according to a survey released yesterday.
Four in 10 felt less confident about their performance-related pay compared with 2011, and more than half saw industry bonuses falling in the next three years, eFinancialCareers said.
Of those expecting an increase, 39 percent said it would be due to their personal performance, 19 percent said it was down to the company's results, and 13 percent said it was due to an employer change.
"Pay for performance is still ingrained in the culture of financial services in the City," said James Bennett, global managing director at eFinancialCareers. "If people have performed well they still expect bigger bonuses."
Banks have been under pressure to limit bonuses to end a high-reward, high-risk culture blamed for the financial crisis.
A tough market environment and public and political pressure were the main reasons given by those expecting bonuses to fall across the industry.
The survey said 18 percent of respondents did not expect a bonus this year.
Four in 10 felt less confident about their performance-related pay compared with 2011, and more than half saw industry bonuses falling in the next three years, eFinancialCareers said.
Of those expecting an increase, 39 percent said it would be due to their personal performance, 19 percent said it was down to the company's results, and 13 percent said it was due to an employer change.
"Pay for performance is still ingrained in the culture of financial services in the City," said James Bennett, global managing director at eFinancialCareers. "If people have performed well they still expect bigger bonuses."
Banks have been under pressure to limit bonuses to end a high-reward, high-risk culture blamed for the financial crisis.
A tough market environment and public and political pressure were the main reasons given by those expecting bonuses to fall across the industry.
The survey said 18 percent of respondents did not expect a bonus this year.
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