Boutique banks feel the benefit of bonus row, City recruiters say

MAJOR City banks are increasingly losing talented staff to boutique rivals as a result of the bonus row and the flood of more negative sentiment towards larger institutions in the banking sector, recruiters warned yesterday.

City headhunters have seen a marked jump in the volume of enquiries about smaller players recently, after the official crackdown on bumper bonuses caused many bankers to rethink their options.

“Larger institutions are definitely having to fight their corner to attract the best talent,” said Philip Marks, managing director of Hamilton Chase recruitment. “There’s a feeling that boutiques are more nimble in their offering, and the bonus row and increased redundancies have left a gap which they can exploit.”