City bonuses start to recover as job market at nine-month high

THE CITY’S bonus culture is back on the rise, with three-quarters of financial services staff receiving pay-outs in the last year, according to London job market data released today.

Morgan McKinley’s London employment monitor report shows that 70 per cent of City employees received a similar or higher bonus in 2011/12 than the previous year, and one in six were awarded pay-outs above their expectations.

The report also said that more than one in three employees expect bonuses to return to their previous highs once the financial services market improves.

Jobs in the Square Mile continue to show signs of recovery, with the number of newly available positions rising 17 per cent from April to May to 3,915 - the highest since August last year.

“Earlier this year, there was a lot of discussion of ‘limited’ bonus payments, however, our results show that the majority of professionals still continue to get bonuses and 29 per cent at a higher level than last year,” said Morgan McKinley’s chief operating officer Andrew Evans.