This year’s bonus pool for “City” bankers in London is not going to be pretty, according to a report from the Centre for Economics and Business Research. [via FT]
According to the CEBR, the bonus pool is expected to shrink by around 38% to just £4.2 billion — the lowest level since 2002-2003.
Weaker earnings results, the prospect for tighter regulation, market volatility and the ongoing eurozone debt crisis are the main factors for the dismal bonus pool outlook this year.
What’s more is CEBR foresees low bonus payouts until 2015-2016 and doesn’t see the bonuses returning to pre-financial crisis levels anytime soon.
Still, those who are receiving a bonus might breathe a sigh of relief that they still have a job.
That’s because the CEBR has also revised its City job outlook. Initially they projected 2,000 jobs would be added this year and 3,000 more in 2012. Now they are projecting a loss of 27,000 jobs this year alone.
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