City workers voice optimism on bonuses
London (PRWEB UK) 29 October 2014 -- Amongst those who expect a bigger bonus, a third (33%) anticipate a bonus increase of between 11% and 30%, and 2 in ten (19%) bargain for a raise of between 31% and 50%. Unsurprisingly, most cited personal performance (42%) for the main reason they will receive a bonus increase.
The Bonus Expectations survey also questioned respondents about framework surrounding bonus structures, including deferral and clawback policies. Seven in 10 (70%) of respondents don’t expect any of their bonus to be deferred, and a similar proportion (68%) believe that over 71% of their bonus will be immediately available as a cash payment.
Asked about their main concern about the potential downward influence on total compensation, half of respondents (51%) cited cost cutting across the industry in general. As regards the possible UK exit from the EU, over half (55%) of respondents said they were not concerned. Should it happen, however, nearly two thirds (64%) feel it would weaken the City's standing as a leading financial centre.
Speaking about the results, James Bennett, Managing Director of eFinancialCareers, said: “It's been a strong year for M&A and equity capital markets this year, and although it hasn't been great in fixed income trading, it's certainly been an improvement on last year when most banks saw big drops in their revenues. Combined with a perception that the global economy was improving, this has created more optimism. Bankers expect that banks will be prepared to reward them a bit more generously for their work in 2014 and want to retain them for an anticipated upturn in 2015. However, the recent big stock market falls suggest things aren't quite as clear cut as had been assumed. There's the potential for bankers' hopes to be disappointed if the market turbulence continues and economic growth stalls.”
For further figures please see attachment.
About the survey
The eFinancialCareers Bonus Expectations Survey was conducted in October 2014. It polled 587 professionals working in banking and finance in the UK, 978 in the U.S. and 696 in Singapore.
About eFinancialCareers
eFinancialCareers, a Dice Holdings Inc. service, is the world’s leading financial services careers website, and the place to go for financial careers and talent.
eFinancialCareers provides finance professionals with the latest job opportunities, career information and invaluable industry insights they need to maximise their potential. The site connects them to roles within many of the world’s most respected financial organisations.
Through its recruitment solutions eFinancialCareers provides financial services recruiters a vital competitive edge by enabling them to source the highly qualified professionals they need to achieve their strategic ambitions - quickly and efficiently.
eFinancialCareers offers local websites in 19 markets across North America, Europe, Asia-Pacific, and the financial centres of the Middle East. http://www.efinancialcareers.co.uk
Anne Bourgeois, eFinancialCareers, +44 20 7997 7910, [email protected]
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