Almost two thirds of London's financial community expect their bonus this year to be the same or higher than what they received in 2008, according to a new report. The report by recruitment consultants Morgan McKinley also found that only one in four workers said their employer was restructuring their compensation package, suggesting that banks were not revising the structure of their pay policies despite regulatory pressure to do so. Eighty-two percent of the 200 financial service professionals who participated in the survey said they expect to receive a bonus for 2009/2010 and of these, 79% said they expect this payment to be similar or higher than the amount they received for 2008/09. This means that 64%, expect a similar or larger bonus.
Meanwhile on the other side of the pond - we have - Bankers at
Goldman Sachs are set to pocket a Record Breaking $20bn - Having recently repaid its $10bn bail-out from the US Treasury, thus releasing it from government compensation legislation, the bank is on track to produce a total compensation pot of $20bn this year, according to analysis of analysts' estimates by the Wall Street Journal...
If
Goldman manages to deliver the figure, it would mean an average compensation of $700,000 per employee. Although the pot covers health-care and other costs including share options, as well as pay and bonuses, the figure is still almost twice the average $363,000 paid out last year. In addition, it is slightly higher than the average $661,000 received in 2007. The averages are somewhat meaningless, however, given some bankers will receive substantially more than the average and many will receive a lot less.
But the expected announcement by
Goldman Sachs will do little to reassure the public that the world of finance has changed its ways since the economic meltdown. Others including JP Morgan and Barclays are expected to follow suit by announcing staff bonuses at the end of the year..
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