Senior City workers expect increase in bonuses.
M2 EQUITYBITES-December 23, 2014-Senior City workers expect increase in bonuses
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Recruitment company Astbury Marsden has found that senior workers in London't financial services sector are anticipating an average 21% increase in their bonus payouts for this year, the BBC reported on Monday.
According to Astbury Marsden the increase in bonus payouts would take the average bonus to GBP124,680. Director at the company Adam Jackson, said that increasing confidence was translated into rising expectations of bonuses amongst the 1,500 senior City staff surveyed.
Increases in bonuses comes despite both public and political pressure to curb bonuses with Jackson commenting "Despite shareholder and public pressure to limit bonuses and with the EU bonus cap now set to be introduced at the start of 2015, City staff clearly feel that their employers are in the position to reward them well."
The European Union is scheduled to introduce a new law which limits a bonus to a maximum of 100% of a banker's fixed salary, or twice the level with shareholder approval although the survey found that employees of private equity investing companies were expecting the highest bonuses in 2014, ahead of other sections of the City.
Of respondents who were asked if they would change jobs and move to a different employer as a result of a poor bonus some 54% said they would, compared to 45% who responded the same way last year, the largest proportion since the survey began, which is said to reflect the increasing confidence in the City jobs market.
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