A third of City workers in the financial sector were paid reduced bonuses, continuing the downward trend.
Early reporting of City finance professionals who had their 2011 bonuses revealed to them found that in 36% of cases bonuses were lower than in 2010. This compares to 21% of bonuses in 2010 that were lower than in 2009.
Twenty-two per cent of bonuses reported this year stayed the same. This is similar to 2010 when 19% of bonuses reported early were static.
The findings are in the eFinancialCareers 2011 Bonus Survey.
Despite bracing themselves for bonus decreases after a turbulent year in the markets, the majority of respondents still emerged disappointed from the bonus season, the research found. Nearly five in ten respondents (47%) said they were somewhat dissatisfied or very dissatisfied with their bonus, compared to 34% in 2010.
A similar proportion (48%) of respondents said their bonus was beneath their expectations. This compares to 36% in 2010.
At the opposite end of the spectrum, one in ten (11%) City professionals said their bonus exceeded their expectations.
James Bennett, Global Managing Director of eFinancialCareers comments: “The high level of disappointment among City’s professionals may come as a surprise to many, but should not be ignored. Disappointed City professionals are likely to quit their current job as soon as a global growth picks up again, or a better opportunity comes along.”
The survey took place between January 16 and February 17, 2012, with 292 financial markets professionals who are bonus-eligible and know the amount of their annual bonus responding.
©2012 funds europe