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PPI Claim News - 26/1/2010

Bank Charges: Bankers still 'expecting' big bonuses

The vast majority of bankers are still expecting big bonuses this year despite efforts to curb payouts, a new survey suggests.

A survey by found that around 92 per cent of Wall Street professionals will receive a bonus this year, compared to only 79 per cent last year.

Investment bankers are among those "expecting" the highest payouts, according to Bloomberg news.

The figures come despite international efforts between the US and Europe to impose reforms on the current "failing" banking system, which lead to a taxpayer funded bailout.

John Benson, founder and chief executive officer of in London, told the news provider this bonus season demonstrates the pay-for-performance nature of Wall Street compensation.

"Lost in the uproar is how a responsive compensation structure does modulate based on firm and personal performance," he added.

However, some banks have started to bow to public pressure.

Last week Goldman Sachs announced it will limit the salary and bonus packages awarded to its highest earning London staff to £1 million.

This is still considered by many to be a generous wage when compared to the average UK salary of £25,800, according to the Office for National Statistics.

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