POLITICS

City Of London Bankers 'Disappointed' To Get The Biggest Bonuses In The World

11/03/2014 09:37 GMT | Updated 11/03/2014 13:59 GMT

City of London bankers were "disappointed" with the size of their bonuses this year, despite a survey finding that UK bankers enjoyed the biggest bonuses in the world.

The average bankers' bonus globally was 29% greater in 2013 than a year before, while bonuses in the City of London increased by 49% last year. Meanwhile, bonuses in the US and Hong Kong increased by just 47% and those in Sydney soared by 45% and SIngapore by 42%.

The findings came from a survey of more than 2,660 finance professionals in the UK, US, Hong Kong, Singapore and Australia by eFinancialCareers, suggesting that moves like the EU bank bonus cap have had little effect on bonus payouts.

Despite the bumper bonuses, the degree of satisfaction among the lucky recipients barely increased as it inched up by just one point to 39%, compared to 38% a year ago. Nearly half (41%) of those in the UK said they were disappointed with the size of their bonus.

David Hillman, spokesperson for the Robin Hood Tax campaign, said: "It's sickening that bankers' bonuses get more monstrous by the year while the economic catastrophe they caused has been left to everyone else to clear up.

"We are stuck in a vicious spiral where one bank dishing out grotesque rewards means that others do the same - what better evidence do we need that governments need to intervene to ensure these resources are put to better use."

This comes after some mid-level bankers complained they were "struggling" to live on salaries as high as £500,000-a-year.

"While the results of the survey may seem surprising, a deeper look finds that banks are dividing their bonus pool more ruthlessly, with a priority placed on rewarding top performers," said James Bennett, global managing director of eFinancialCareers.

"Banks argue that they need to pay large bonuses to keep their top talent. It would appear that a handful have been awarded handsome bonuses, while the majority did not necessarily see a huge increase," he said.