Probably as expected, London banker bonuses are.... not up! IFR is reporting expectations of lower bonuses on the back of data provided by www.emolument.com which predicts more so-called doughnuts this year, or zero bonuses. The report indicates that London banker bonuses are down on lower investment banking revenues, which have taken a hit since the pre-crisis heydays. For example, with MS expecting IB industry wide revenues coming in at $82 billion, falling 6% lower, expecting bonuses to be down up to 10% in FICC groups. However, the report also indicates that so-called doughnuts will increase dramatically in number as division heads seek to protect as much as possible rain-makers at the expense of nearly everyone else. What a change from pre-crisis periods where larger bonuses were the rage!
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