Global Bank Bonuses Rise 29 Percent

The average bankers’ bonus globally was 29% higher than a year ago, with those in the City of London higher than in other parts of the world, according to a survey by a leading careers website.

More than 2,660 financiers in the UK, US, Hong Kong, Singapore and Australia were asked about their bonuses by eFinancialCareers, and the 700 who responded from the UK were found to have higher payouts.

In the UK nearly half (49%) of respondents reported higher bonuses, compared with 47% in the US and Hong Kong. Yet 41% said they were disappointed with the size of their bonuses.

“While the results of the survey may seem surprising, a deeper look finds that banks are dividing their bonus pool more ruthlessly, with a priority placed on rewarding top performers,” said James Bennett, global managing director of eFinancialCareers.

“Banks argue that they need to pay large bonuses to keep their top talent. It would appear that a handful have been awarded handsome bonuses, while the majority did not necessarily see a huge increase,” he said.

Although the size of bonuses increased, the degree of satisfaction among the recipients increased only one point to 39%, compared with 38% a year ago.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza