INDUSTRY NEWS

City bonuses keep on rising

City workers have received bigger payouts than last year, according to new research.

Recruiters, Morgan McKinley found 80 per cent of financial services staff received a similar (43 per cent) or higher (37 per cent) bonus and more than seven in ten said they were happy with the figure.

Robert Thesiger, chief executive officer of parent company, Imprint, said credit difficulties did "not appear to have affected bonus payouts by London’s financial services institutions as strongly as predicted".

"However, putting the impact of the credit crunch aside, 2007 was still a strong year for financial services and for the majority, bonus payouts in middle and back office functions appear to reflect this."

The research found that despite improved payouts, market uncertainty led to less hiring and new job vacancies fell by one fifth in January.

Graduates taking jobs in city offices will be hoping the bonus rates continue to increase, before they collect their first payouts next Christmas.

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