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Bonuses cut as bank claims increase

Banker bonuses have tumbled this year, as pressure builds on the industry to curtail excessive payouts to staff.

As the number of bank claims for mis-sold payment protection insurance soars, the proportion of employees receiving bonuses in London's financial district fell to 68 per cent.

This was down from 82 per cent in the previous year, according to the study from recruitment firm Morgan McKinley.

Similarly, pay rises have become less common across the sector, with 47 per cent of respondents having received a salary increase in 2011/12, but only 36 per cent in 2012/13.

"There is a much greater acceptance of the downward pressure on cost management and the knock-on effect on overall reward," said Hakan Enver, operations director at Morgan McKinley Financial Services.

The research comes as pressure mounts on banks to cut excessive payouts to staff and the possible introduction of a European bonus cap.

Meanwhile, with over £12 billion already put aside to cover PPI claims, banks are feeling the financial squeeze.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate financeADNFCR-2776-ID-801592564-ADNFCR

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