The City fat-cat culture is being reined in, with 14 per cent fewer people receiving any kind of bonus in the past year than did in 2011-12, research published yesterday reveals.
In the previous financial year, 82 per cent of City professionals were awarded a bonus, but that dropped to 68 per cent last year, according to the recruitment firm Morgan McKinley.
Hakan Enver, the operations director of its financial-services arm, said: "It seems from these results, and also from our regular conversations with City professionals, there is a much greater acceptance of the downward pressure on cost management and the knock-on effect on overall reward." That was also reflected in the fact that just 36 per cent of City workers received a pay rise last year, down from 47 per cent in 2011-12.
In addition, the research revealed that the imposition of a bonus cap by the European Union would have remarkably little effect, with 83 per cent of respondents saying they would not consider working outside London. Mr Enver said: "The underlying theme from all of this research is the culture change across the City which was synonymous for a long time with high rewards. Those receiving bonuses are now fewer in numbers, the amounts being paid out are dropping and individuals are less satisfied."
Only 36 per cent of those asked said they were satisfied with their bonus.