Half of bank staff say they will quit if their bonuses are reduced

ALMOST half of bank employees expect their bonus to be bigger this year than last, according to a survey – even as regulators impose draconian new bonus rules.

Around the same proportion (48 per cent) say they will consider quitting if their variable remuneration is cut.

Meanwhile, basic pay has gone up by an average of 17 per cent this year as financial services firms adjust their remuneration structures to compensate for tougher bonus regulations, the survey by recruiter Astbury Marsden found.

“This year bonus expectations are much more at odds with reality than usual,” said Astbury Marsden managing director Jonathan Nicholson.