Banks are holding back on paying bonuses to experienced City workers, according to new research from Hays.
A survey by the recruiter of more than 1,000 workers in the City of London found that over half (55%) had either got a smaller bonus than last year or they didn’t receive one at all.
Experienced bank workers were most likely to see a squeeze in their bonus, with 44% of who have over 10 years’ experience reporting a decrease. This compares with 27% who had notched up less than 10 years’ experience. As a result, almost half (44%) of all City workers said they would start looking for a new job.
When asked about satisfaction levels with their bonus payout, men were more likely to be dissatisfied with their bonus compared with women. Meanwhile, employees with 6-10 years’ experience were the most dissatisfied with their bonus.
Corporate governance professionals were happiest with their payouts, with 36% pronouncing themselves satisfied.
Geoff Fawcett, director of Hays Financial Markets, said: “With regulation top of the agenda in the banking industry, the demand for specialists in compliance, risk and internal audit remains strong as banks try to keep hold of key workers so they can meet their regulatory obligations and avoid fines.”
Sally Percy is editor of The Treasurer