64% of City workers expect a bonus this year

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Almost two-thirds (64%) of City worker respondents expect to receive a bonus from their employer this year, according to research by recruitment firm Astbury Marsden.

Its survey of 1,063 City workers also found that over a third (35%) of respondents expect bonuses to be higher than last year, and just 13% expect them to decrease.

The research also found:

  • Investment bank employee respondents expect bonuses to be £2,301 higher than last year at £24,461.
  • The average bonus expectation for managing director and partner respondents is 61% of their salary, the equivalent of £99,985.
  • Director and executive director respondents have the second highest bonus expectations, anticipating payments of 37% of their salary (or £47,195).
  • Just over half (51%) of respondents expect to receive a pay rise this year.
  • 60% of junior executive respondents expect a pay rise compared to 37% of respondents at managing director or partner level.
  • Respondents’ average base pay increased by 8% over the last year to £92,669.

Adam Jackson, managing director at Astbury Marsden, said: “City workers generally appear to be feeling buoyant about bonus prospects this year. Top level management are particularly bullish but this optimism is being severely tested.

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“With investment bankers predicting a rise to their bonus payments this season, the current state of the market suggests that such positivity may be unjustified.

“Future remuneration prospects are looking fairly mixed across job levels, with more senior staff pessimistic about a pay rise. Employers will have to manage the expectations of more junior staff carefully if they wish to avoid too high a level of staff attrition in spring.”