Banker bonuses rise by nearly a third in 2013 - survey
LONDON: Almost half of Britain’s bankers and other financial services professionals to receive 2013 bonuses were awarded more than the previous year, with the average payout rising by nearly a third, a survey showed on Tuesday.
The increase comes against the backdrop of public and investor anger over excessive compensation and European Union efforts to cap payments.
Bonuses were unchanged from 2012 for 21 percent of 700 professionals surveyed by financial recruitment website eFinancialCareers, with only 18 percent of those surveyed receiving less than a year earlier.
The majority of workers picked personal performance as the primary factor in determining their bonus, while 19 percent said their award related to their employer’s results.
A series of banks have recently disclosed that payments are on the rise, upsetting shareholders who believe that bonuses should reflect company performance.
The European Union has sought to address that issue with a law that limits bonuses to no more than a banker’s fixed salary, or twice that level with shareholder approval. It will apply to awards from this year.