• Insights

Conflicting Signs on Bonus Prospects in UK Financial Sector

United Kingdom
Written by
Lewis Silkin, widely recognised as the UK’s leading specialist employment law practice.
Conflicting Media Reports on Bonus Prospects in UK Financial Sector

The Guardian reports that the UK government is urging investment bankers to demonstrate restraint on bonuses, as the major US banks with big operations in London prepare to report healthy third-quarter profits. At a meeting with 11 of the highest profile and biggest payers in the City, government minister Lord Myners is demanding they adopt the G20 principles which require payouts to be spread over three years and “clawed back” if performance declines in subsequent years.

Meanwhile, the Financial Times reports on a survey by financial recruitment specialists Morgan McKinley which suggests that four-fifths of workers in the City of London expect their bonuses this year to be higher or similar to those last year, despite public concern over the role the payouts played in the banking crisis.

Related Insights