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Business News

Bankers prepare for massive pay rises

More than half of Britain's bankers expect to see substantial rises in their bonus payouts this year, according to a survey by eFinancialCareers, the City recruitment agency.

Nearly a fifth think their payments will increase by a fifth or more, while half of UK-based bankers expect to receive at least half their payments in cash, despite calls from regulators and politicians for bonuses to be paid largely in shares, and deferred.

The firm warned that if bankers' expectations are realised there will be a political storm.

The survey questioned 5,671 bankers from major financial centres, including 537 from the UK. It found half of British bankers and finance professionals do not expect any element of their bonus to be deferred, while just 28 per cent are aware of their firms having clawback policies, allowing employers to take back the bonuses of bankers whose work is later found to damage their companies.