London the top world city for 2014 bonuses
LONDON’S City workers won the highest bonuses this year compared to those based in the world’s other major financial markets, a new pay survey reveals.
A global survey, conducted early this year by eFinancialCareers, found that on average bonuses are up by 29 per cent on last year, with finance professionals here faring better than those on Wall Street, and in Sydney, Hong Kong and Singapore.
The survey polled 2,692 bankers and finance workers, including 728 in the UK. Of the UK respondents, 49 per cent received an increased bonus this year, while 18 per cent saw a drop.
James Bennett, of eFinancial Careers, said London’s top ranking – even after European Union bonus caps – reflected its importance as a financial centre.
“Banks are dividing their bonus pool more ruthlessly, with a priority placed on rewarding top performers,” he said.
“Banks argue that they need to pay large bonuses to keep their top talent.
“The world’s biggest financial centres all compete for the top talent, and banks will ensure they keep rewarding their best performers.”