MORE than a third of bankers are picking up extra work as a result of cutbacks in their teams, according to a survey published yesterday.
Redundancies made during the financial crisis meant 40 per cent of people questioned by Badenoch & Clark, the recruitment agency, were putting in more overtime than usual. More than two thirds of bankers expected their working hours to increase further in the coming weeks as the nascent recovery fuels a gradual resurgence of takeover and corporate activity.
But longer work at the largest lenders in the City will not mean bonuses. The report found almost half of the employers plan to slash payouts in 2010 following political and popular pressure.
Many were concerned their reduced bonus pool would make it difficult to attract and keep hold of top talent. Around a quarter also said their inability to raise underlying salaries was a problem.
Guy Emmerson of Badenoch & Clarke said: “The financial crisis has seen the banking landscape change forever and, despite the sector being notorious for its long hours culture, it now has to work harder than ever to rebuild the reputation of the industry and restore confidence.”
He added: “Until sector confidence is fully restored, employers will be reluctant to return to the high salary and bonus levels of the past, not only from a financial point of view, but just as importantly from a PR point of view.”