Half of finance staff get higher bonuses

Nearly half of financial services professionals in London have received higher bonuses than the year before, according to a new survey.

However, although 47% did better than previously, when comparing 2008/09 payouts to 2007/08, only 16% got a higher bonus, reflecting the changes in market conditions over this period

In 2009/10, a quarter of respondents said they received a lower bonus than the previous year, according to recruitment consultant Morgan McKinley’s bonus survey.

This compares to 60% who received a lower payout in 2008/09 versus 2007/08.

Nearly three-quarters were satisfied (38%) or somewhat satisfied (35%) with their bonus this year.

Just over a third indicated that the structure of the total package had changed in the last 12 months. When it came to bonuses being paid in cash or having an element deferred, 33% said part of it was deferred. This was up from only 13% last year.

Andrew Evans, managing director, Morgan McKinley financial services, said: ‘We are likely to see a greater variation in the structure of employee compensation among different institutions as they find new ways to reward the brightest minds in the industry.’

Additionally, the financial services hiring market in London saw a growth in 2010, with a 13% month-on-month rise in job numbers from 4,646 to 5,254 in the first full working month of the year.

Compared to the same month last year, there was a 67% increase in job numbers from 3,150 to 5,254 in February 2010.