The eFinancial Careers Global Bonus Survey takes a sample of 700 UK bankers, asking them about their bonuses compared to previous years. Almost half (49%) say they received a higher bonus than the previous year, up from 40% in 2012.
The majority of financial workers (51%) attributed the increase in their bonus to their personal performance, with only 19% saying it was down to the bank's overall performance. Despite the increase, 41% say the bonus missed their expectations.
Global managing director of eFinancial Careers James Bennett told HR magazine that financial workers often overestimate their financial remuneration. He also pointed out that while it's easy to get carried away with the overall rise, many workers who are not top performers may feel left behind. "These results reflect the fact that the banks are being more selective and ruthless in their bonus distribution," he said.
The global survey showed that London has the highest bonuses of any financial centre. Some are surprised by this, given the EU cap on bonuses. However, Bennett said that given the global nature of the employers in the City, it's not as strange as it might seem.
"There are plany of Asian and American banks based in London that are not affected by the cap," he explained. "London has always been near the top of the bonuses offered throughout the years. Banks will continue to pay the highest bonuses they can or people will start to go elsewhere."
