The average London-based senior M&A banker landed a bonus of £80,000 this year, according to new research.
But only 40 per cent were happy with their sweetener. And no wonder – the average was down 20 per cent from £100,000 in 2015.
However, it was a different story for those working at the big banks. Average bonuses at Bank of America Merrill Lynch, Goldman Sachs, JP Morgan, Lazard and Morgan Stanley were up 25 per cent, from £100,000 in 2015 to £125,000 this year.
The overall average reduction came despite 2015 being a record year for global M&A. But salary-benchmarking site Emolument.com, which carried out the research, said a bonus increase is expected next year when deals close and fees are paid.
The study, based on 648 bankers at vice president level – those with between five and 10 years' experience –in London investment banks, also took a look at those working in trading, sales, origination and research divisions, where bonuses were smaller.
The average trading bonus was flat between 2015 and 2016 at £65,000, while sales sweeteners were up 16 per cent, from £43,000 to £50,000.
Origination bankers had a bad year, with bonuses down 30 per cent, from £64,000 to £45,000, and researchers enjoyed a 12.5 per cent lift, from £40,000 to £45,000.
Needless to say, non-M&A bankers were even less happy with their bonuses.